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Do We Have to Sell My Mother's House for the Tax-Assessed Value to Avoid a Medicaid Penalty?
We are in the in the process of trying to sell mom's home to help cover her nursing home expenses. Our realtor told us that because of the home's dated condition, we won't be able to get the tax-assessed value. If this is the case, will there be an issue with Medicaid when my mom's money runs out? We are under the impression that we need to sell for no less than the assessed value.
Selling below the tax-assessed value shouldn’t be a problem. The tax assessment is just one measure of value. The better measure of value is what you can get on the open market. But check with a local elder law attorney to make sure your state Medicaid agency doesn’t have a perverse stance on this. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.