How does Medicaid rule protect family assets concerning selling .5% of ones property to his children?

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rufust59 Asked January 2016

How does Medicaid rule protect family assets concerning selling .5% of ones property to his children?

Under Assets protection, my 95 year old dad living in orange county NC, was told that he could sell a .5% interest of his farm (valued @ $346,000), to each of his 9 kids. Is this true and if so, where can I find that Medicaid rule and/or the NC stature? p.s How does this work? Thanks you in advance for your prompt response in this important matter.

Rufus

Medicaid

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score 3 · Answer 1

NC has very complex farm rules, but first and foremost it must still be a working farm that nets 6% of its value each year. 346000x6% is 20,760. There are special rules for tobacco allotments. Special rules for personal consumption of the farm products. Personally, I would want a good estate lawyer with farm experience to sit down with.

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As far as I know, Medicaid allows an applicant to sell 100% of their assets, to family or otherwise, at a fair market price. But then the applicant still has to use the proceeds of the sale for their own care before Medicaid kicks in.

I guess I don't understand what you are asking?

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score 0 · Answer 3

rufust59, you would need to contact the North Carolina Medicaid office to see if there is such a rule or set up a meeting with an Elder Law attorney.

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How does Medicaid rule protect family assets concerning selling .5% of ones property to his children?

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