When Mom sells her home can I get my money out of the proceeds?
Mom is selling the house she lives in and moving to a cottage on my brother's property. I paid 1/2 of the mortgage, insurance, taxes and repairs for the last 7 years. If she has to go to a nursing home, will I have to repay my half of the proceeds?
It is possible that if your mom gives you this money and needs medicaid within 5 years, that you may have to pay that amount for her care before medicaid kicks in. That's my understanding of this.
Did you have a written agreement with your Mom? Is she willing to give you some of the proceeds of the sale to compensate you for contributing to the expenses or was that presumed to be your contribution to household expenses? (Assuming you were living there 'rent free'.)
2 Answers
Helpful Newest
First Oldest
First
ADVERTISEMENT