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Forum Newbie
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Last Login: 9/6/2008 5:00:37 PM
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| My uncle is in a nursing home and is going to have to apply for medicaid. My uncle is a widower and has no children. He owns a house and we will probably have to sell it. Is there some type of law that says how much you have to sell it for? We are considering purchasing the house but wonder how little we can pay him for it without creating a penalty from Medicaid. The house is willed to us but he will probably need the medicaid for a while before that would become a reality. Any ideas out there? I am sure we will have to meet with an attorney at some point. We are just trying to gather as many facts as we can.
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Forum Member
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Last Login: 5/27/2008 11:04:45 PM
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In most states, your uncle needs to sell the property for fair market value. That may be established by a real estate appraisal or a tax assessment, depending on your state Medicaid agency's practice. Many Medicaid agencies would permit you to reduce the purchase price by 5 or 6 percent since no realtor is involved. To be certain as to your state's practice, you will have to consult with a local elder law attorney.
Harry S. Margolis
ElderLawAnswers
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