<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">Heather,<div class=""><br class=""></div><div class="">Why not gift (assign) the real estate contract to the heirs now? I understand there will probably be gift tax but if he doesn’t go into a nursing home for another 5 years he will miss the “look back” period for medicaid. </div><div class=""><br class=""></div><div class="">Thanks,</div><div class=""><br class=""></div><div class=""><br class=""><div><blockquote type="cite" class=""><div class="">On Aug 20, 2018, at 11:21 AM, Heather deVrieze <<a href="mailto:heatherd@westseattlelaw.com" class="">heatherd@westseattlelaw.com</a>> wrote:</div><br class="Apple-interchange-newline"><div class=""><div class="WordSection1" style="page: WordSection1; font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">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.<o:p class=""></o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">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.<o:p class=""></o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">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.<o:p class=""></o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">Heather<o:p class=""></o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 16pt; font-family: 'Vladimir Script'; color: rgb(31, 73, 125);" class="">Heather S. de Vrieze</span><b class=""><span style="font-size: 16pt; color: rgb(31, 73, 125);" class=""><br class=""></span></b><i class=""><span style="font-family: Garamond, serif; color: rgb(31, 73, 125);" class="">Attorney-at-Law<o:p class=""></o:p></span></i></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><i class=""><span style="font-family: Garamond, serif; color: rgb(31, 73, 125);" class=""><span id="cid:image003.jpg@01D43877.E4D78420"><image003.jpg></span></span></i><i class=""><span style="font-size: 12pt; font-family: Garamond, serif; color: rgb(31, 73, 125);" class=""><o:p class=""></o:p></span></i></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class="">3909 California Avenue SW<o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class="">Seattle, WA 98116-3705 <o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class="">(206)938-5500<o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><a href="mailto:heatherd@westseattlelaw.com" style="color: purple; text-decoration: underline;" class=""><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class="">heatherd@westseattlelaw.com</span></a><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class=""><o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><a href="http://www.westseattlelaw.com/" style="color: purple; text-decoration: underline;" class=""><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class="">www.westseattlelaw.com</span></a><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class=""><o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 10pt; font-family: Nyala; color: rgb(68, 82, 78);" class=""><o:p class=""> </o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 12pt; font-family: Nyala; color: rgb(192, 0, 0);" class="">For your advanced planning, please note – Heather will have an extended time out of the office at the end of the summer. Leaving August 28<sup class="">th</sup><span class="Apple-converted-space"> </span>and returning September 17<sup class="">th</sup>. Please plan accordingly.<o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><b class=""><span style="font-size: 9pt; font-family: Arial, sans-serif; color: rgb(0, 46, 138);" class="">Click here to connect with de Vrieze | Carney on Facebook:<span class="Apple-converted-space"> </span></span></b><b class=""><span style="color: rgb(31, 73, 125);" class=""> </span></b><a href="https://www.facebook.com/DeVriezeCarney" style="color: purple; text-decoration: underline;" class=""><b class=""><span style="text-decoration: none;" class=""><span id="cid:image004.png@01D43877.E4D78420"><image004.png></span></span></b></a><span style="font-family: Nyala; color: rgb(68, 82, 78);" class=""><o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 8pt; color: rgb(166, 166, 166);" class=""><o:p class=""> </o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-size: 8pt; color: rgb(166, 166, 166);" class="">CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information. If you have received this e-mail in error, please notify the sender immediately and delete all copies of this e-mail message and any attachment.</span><span style="font-size: 16pt; font-family: Cambria, serif; color: blue;" class=""><o:p class=""></o:p></span></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><b class="">From:</b><span class="Apple-converted-space"> </span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com" class="">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" class="">wsbapt-bounces@lists.wsbarppt.com</a>><span class="Apple-converted-space"> </span><b class="">On Behalf Of<span class="Apple-converted-space"> </span></b>Jenna Brozik<br class=""><b class="">Sent:</b><span class="Apple-converted-space"> </span>Monday, August 20, 2018 10:43 AM<br class=""><b class="">To:</b><span class="Apple-converted-space"> </span>WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com" class="">wsbapt@lists.wsbarppt.com</a>><br class=""><b class="">Subject:</b><span class="Apple-converted-space"> </span>[WSBAPT] father trying to preserve inheritance for children<o:p class=""></o:p></div><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><div class=""><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">Hello list mates,<span class="Apple-converted-space"> </span><o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">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.<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">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.<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">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.<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">Does anyone have any suggestions so that he can preserve the farm so that his children inherit it?<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">Thanks in advance,<span class="Apple-converted-space"> </span><o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><br clear="all" class=""><o:p class=""></o:p></div></div><div class=""><div class=""><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-family: Arial, sans-serif;" class="">Jenna Brozik</span><o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span style="font-family: 'Trebuchet MS', sans-serif;" class="">Attorney at Law</span><o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">Prinz & Brozik PLLC<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">445 S Grand Ave<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">Pullman, WA 99163<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class="">(509)338-0908 / (509) 338-3527 (fax)<o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><a href="mailto:jennaprinzlaw@gmail.com" target="_blank" style="color: purple; text-decoration: underline;" class="">jennaprinzlaw@gmail.com</a><o:p class=""></o:p></div></div><div class=""><div style="margin: 0in 0in 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;" class=""> <o:p class=""></o:p></div></div></div></div></div></div><span style="font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;" class="">_______________________________________________</span><br style="font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; 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