Is there a waiting period or penalty if I sell my mother's hous...Read more
Putting the money from the house sale into an account in your name may complicate things if your mother has to apply for Medicaid within five years of selling the house. On the surface, it’s a transfer of assets that could make her ineligible for Medicaid benefits for up to five years. You may be able to avoid this penalty by showing how you have used the money for your mother’s benefit. If, on the other hand, you had left the money in an account in your mother’s name you would not have to prove that you’ve used every cent for your mother. We would recommend moving the money from the account you have with your brothers back into your mother’s account. (Having your name on your mother’s account to help her is fine.)
As always, this advice is based on general principles. To be certain about its applicability in your state, you will need to consult with a local elder law attorney. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.