Q: My mother is on Medicaid. She and I co-own a condo that I wish to sell but without affecting her Medicaid. How can I?
In planning his estate, my father placed a Florida condo that he wished me to inherit, but, in order to have his wife use it when she could, placed it in joint ownership between her and me. She is now Alzheimic and in a facility and on Medicaid in Florida. I wish to sell the condo but concerned that the capital gain may be so imputed as income to her that it would jeopardize her Medicaid eligibiliy. I am her legal guardian with PoA.
How can this be done? e.g. a) Declare that her interest is < 1% of ownership? b) Have her "gift" to me her share of ownership (never quantified) or other option(s). Thanks.
A:
Simply put. This is a very complicated area of law. You need to get offline and go meet with an elder law attorney / Medicaid planning attorney ASAP to discuss options and to review how the deed into her was set up. All of that information is critical to what can be and should be done here.
Good luck.
A:
It depends on how the property is titled on the deed (I would have to review). But I suspect it's 50/50.
Before the property is sold, you will need a medicaid planning lawyer to explain how to shelter her portion of the proceeds to remain Medicaid eligible....She'll have multiple options. If you'd like to schedule a phone consult, let me know.
She cannot gift the condo to you - that will result in a period of Medicaid ineligibility.
Best of luck to you.
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