Topic: Elder Law
Q: She is almost ninety years old and they have spent most of their savings on home care- sitters and supplies and such. We were going to inherit the home later anyway. (Donegal, PA)
A: If there is any potential of either of these people needing to apply for Medicaid funding for their hospital or nursing care within the next five years, you should consult with an attorney versed in Medicaid regulations before you do anything. If Medicaid is a foreseeable issue, the general rule would be that this home should not be gifted to you and only purchased a market value with careful documentation such as appraisals, photographs, repair bills, etc.
ELDER LAW, REALTY TRANSFER, MEDICAID, FAIR MARKET VALUE