[WSBAPT] Medicaid Asset Recovery for Life Estate

[Josh Grant]

Life estates have to be created prior to 7/1/05 in order to be excluded.

From: Susan Spuller 
Sent: Wednesday, July 22, 2015 12:54 PM
To: wsbapt at lists.wsbarppt.com 
Subject: [WSBAPT] Medicaid Asset Recovery for Life Estate

PC’s mother is no longer able to live alone safely, and he wants to move her into his home so that he can provide care.  There is an unfinished portion of the house that will require remodeling to accomplish this.  Mom has said that she will sell her own house to pay for the remodel so that can happen.  If mom purchases a life estate in his home in order to provide him with the funds to finish the basement, I believe that should avoid a transfer penalty (assuming that she makes it her legal residence and resides there for at least a year).  Am I correct?  Also, is a life estate that is purchased in this way, as opposed to retained in the applicant’s own home, treated any differently for asset recovery purposes?  I don’t think they will want to go the life estate route if there is a potential for a lien on their home for the value of mom’s life estate.  Thanks for any assistance. 

 

Susan E. Spuller

Of Counsel

 

Law Office of Paulette Peterson, PLLC

7869 Hansen Road

Bainbridge Island, WA  98110

206.855.9293

Fax: 206.855.9295

 

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