Mom owns a trailer in retirement park. Considering selling it to family member. What liability will there be (if mom has to go to nursing home) to that family member if this happens? Have heard there is a time period (3 years?) which allows the care facility to still attempt to procure money from that property once her insurance is depleted? Would Appreciate advice. Thanks D
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I'm no expert, but, I do know that she'll need to be aware that selling her property below market value can be problematic. And once she gets the funds from the sale of the mobile home, that will sit in her bank account, right? Will she be using those funds to live on? Will her expenses be documented, such as rent, utilities, food, clothes, appliances, etc? How long before she would have no more than $2000.00 in assets?
I'd look into how her home may be exempt for Medicaid eligibility purposes. But, a lien could be placed on it at her death. I hope some others who know a lot about this will chime in. Oh, and I think that the look back period is now 5 years, though state programs still may be 3 years for special programs for AL and MC facilities.
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