[WSBAPT] father trying to preserve inheritance for children

[Heather deVrieze]

I’m afraid there are limited options available to single individuals in their 80s to preserve assets if long term care becomes a reality. Even if he hadn’t sold, and the “farm” could have been considered his home and therefor an exempt asset, there would have been a lien if he received Medicaid benefits.

It is quite straightforward for his estate to collect on the real estate contract if client dies, a Personal Representative can assign the seller’s interest in the contract to the heirs.

It is also possible that if long term care is needed, the children could buy dad’s interest the contract, shop it around, and have the kids pay fair market value, which may be significantly less then the total of the remaining payments.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01D013C2.30F35160]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<http://www.westseattlelaw.com/>

For your advanced planning, please note – Heather will have an extended time out of the office at the end of the summer. Leaving August 28th and returning September 17th. Please plan accordingly.
Click here to connect with de Vrieze | Carney on Facebook:   [FB Logo] <https://www.facebook.com/DeVriezeCarney>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jenna Brozik
Sent: Monday, August 20, 2018 10:43 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] father trying to preserve inheritance for children

Hello list mates,

I drafted a will for my client in 2015.  He has a farm and left the farm to his two children in equal shares in the will.

Since then he has sold his farm and has a owner held contract for 20 years.  He gets payment for the farm once a year until the farm is paid off.

My client is worried that he won't be around to collect all the payments.  He is in his eighties.  He is also afraid that when he goes into a nursing home, the nursing home will consider it income and it will ruin his chances of Medicaid.

Does anyone have any suggestions so that he can preserve the farm so that his children inherit it?

Thanks in advance,

Jenna Brozik
Attorney at Law
Prinz & Brozik PLLC
445 S Grand Ave
Pullman, WA 99163
(509)338-0908 / (509) 338-3527 (fax)
jennaprinzlaw at gmail.com<mailto:jennaprinzlaw at gmail.com>

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