Ok I live in texas and have a question. My grandma is a widow and owns 5 acres and a house. I had wanted to buy one acre from her but was told by a lawyer that I could'nt because if they do they will stop her medicare or medicaid because she has money then. They say there is no way for me to buy it, is this true and also it is only like 2000 dollars that she wants for it? Does anybody have any idea of what I could do or do you know how excactly this works?
2007-06-25 13:08:28 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I forgot to say that yes she has it willed to all her sons and daughters but they say if she goes into a rest home they will take it still though without giving anything to the willed. I just think there has to be a way for me to buy it right now, just a little piece and not get her in trouble.
2007-06-25 13:29:10 · update #1
Also yes the acre of land is worth 2000 and that is what I am paying her.
2007-06-25 13:34:33 · update #2
If she goes into a home, the State will still take it to defer the costs. It will always be "not enough" to pay all the bills. Check and see what the legal State venue is, the length of time in Texas. Some States are as much as seven years, they can go back this far to claim the property.
What my sisters and I did, one sister is wealthy, the father passed away and his wife. The property owners were notified as to what the bill was, $340,000.00 for nursing home and hospital costs and doctors.
The rich sister bought the propery from the ones who now owned it, and, the State was paid at the same time along with all bills. This was the only way the peopery could stay in the family.
2007-06-26 01:15:51 · answer #1 · answered by cowboydoc 7 · 0⤊ 0⤋
yes, the whole medicaid thing really has some strict rules. I think, if I'm not mistaken, that she can only have assets (other than her home... which just happens to sit on 5 acres) of $2000. And I do think that the lawyer was correct that if she goes into a nursing home, then I believe they do take her property to help offset that cost to the state.
It seems unfair, doesn't it? Maybe you could contact an attorney and find out if there is a way for you to do it.
I really wish you luck and hope that you are able to find a way to do it.
2007-06-25 13:41:44 · answer #2 · answered by lady j 2 · 0⤊ 0⤋
If you are next of kin you will get it when she passes. Usually it goes to children, not grandchildren.
It is true that she will stop receiving public assistance if she sells her property now. You should talk to her attorney and make sure he signs off on the purchase. I don't know what land goes for there, but if you are not paying her market value it could look like you are trying to rip her off and you could end up charged with elder abuse.
2007-06-25 13:29:38 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
Lawyer may be correct. Any monies she received could count as income. I would contact a real estate attorney, and see if she could "quitclaim" to you, then you offer her "a life estate". You may carry the burden of tax implications. But it's worth asking a professional.
2007-06-25 13:25:35 · answer #4 · answered by Alterfemego 7 · 0⤊ 0⤋
Have her will it to you or set it up in a living trust for you, you can pay her in cash- off the books with no paper trail. Otherwise, the state will claim it when she dies or it will be sold and the money divided between all the heirs.
2007-06-25 13:23:19 · answer #5 · answered by sbyldy 5 · 0⤊ 0⤋
buy it before she dies or you'll regret it forever, some sell it for a dollar just to make it legal, talk to another lawyer, there's got to be a way!!?? good luck or have her will it to you?
2007-06-25 13:18:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Roger, you might want to go look at this link
http://www.tdi.state.tx.us/consumer/medsup.html
Good luck
2007-06-25 13:25:32 · answer #7 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋