Asked in Elder Law and Estate Planning for Texas

Q: My siblings and I are about to sell my parents home. My parents moved to assisted living. We will net about $150K

the home we are selling is a life estate. So that we might file for medicaid, We are being advised to either reinvest the $ in a home for my mom and rent it out, or sell a portion of my sisters home to my mom for $150K. my siblings don't want to buy a rental type property. Can we legally sell a portion of my sisters home to my mom for $150K then invest that $150K in some type of managed investment account to be split among my siblings when my parents pass away?

If we can sell a portion of my sisters home for $150K how would my brother and I ever lay claim to my parents estate? ; which is basically the proceeds from this sell?

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2 Lawyer Answers
Terry Lynn Garrett
PREMIUM
Terry Lynn Garrett
Answered
  • Estate Planning Lawyer
  • Austin, TX
  • Licensed in Texas

A: Please contact an elder lawyer. What you can do and still let your parents qualify for Medicaid varies by state. You can use the Find a Lawyer function on the website of the National Academy of Elder Law Attorneys (www.naela.org)

Tammy L. Wincott
Tammy L. Wincott
Answered
  • Estate Planning Lawyer
  • San Antonio, TX
  • Licensed in Texas

A: Medicaid is a very specialized area and selling your parents house may cause them to not qualify for Medicaid or provide Medicaid the ability to collect from the house after your parents are deceased. There are things that can be done that do not jeopardize their care and the house. Speak with an estate planning lawyer who is familiar with Medicaid BEFORE you take any action.

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