My mother sold her home a year ago and moved into an independent living apartment. She had early stage dementia. The money...Read more
No, there is no transfer penalty or waiting period if an applicant for Medicaid benefits sells property at fair market value and then spends the funds on her own needs (or if her agent does so on her behalf). But the applicant needs to be able to demonstrate that the property was sold for market value and how the proceeds were spent. For information on how to spend down assets, click here.
Medicaid Rules, etc