Their not a fixed asset like the property is. But they need to have a value as a part of the overall assets of her estate. It cannot be zero, that looks odd. In theory someone will buy at garage sale prices that Corelle butterfly pattern china & glassware collection.... for $5.
I’d suggest you take photos of each room and place a reasonable tag sale price on the sellable contents of each room. Most of what’s there is likely of low value. Also try to get rid of the stuff in storage unit(s) as a priority. Those monthly costs will add up. Often they fall off of someone's radar to be paid and will get padlocked.
If your putting property on the market, cull & get rid of as much as possible. Closets & cabinets especially need to be empty. If any of the furnishings could be used to “stage” the house so it might sell better, keep those pieces.
If place has a funky smell you cannot seem to get rid of, despite a good cleaning and Realtor expresses concerned on the odor, the culprit is dead skin cell build up. All matresss and whatever sofa or chairs they used the most need to go. Probably curtains in their bedroom too. If they had those 1950-60s era double hung draw draperies with pleats, those retain smell like a sponge. Pull those down and garbage bag. If smell keeps on being mentioned in walk-throughs, the Realtor may suggest you put in new cheap wall to wall as smell is embedded in carpeting. Yeah I know your trying to sell it “AS IS” but buyers nowadays are looking at comps that are probably renovated with granite countertops and sassy bathroom fixtures. You can get housefull of new wall to wall pretty cheaply. Please keep in mind that Every month it’s on the market will have costs that have to be paid. Now that they are dead, the property taxes will be higher as no more homestead exemption. The increase could be quite, quite huge. If you find that paying taxes are an issue, you can choose not to pay them. County will place a lien which has to get paid to release the lien for Act of Sale to go thru. You do need to be mindful that at some point of not paying property taxes, the property can be sold at tax sale to a bidder. Tax sale rules vary by state.
If your expecting to be reimbursed for whatever you or your siblings spend on the house, you will need to put a claim in against the estate. If you are expecting that Medicaid will allow a reimbursement to you for those costs from the $ paid to seller at the Act of Sale, you better get this in writing from the state and the MERP outside contractor if your state does that route for recovery. Opening probate may be whats needed if you fully expect to be reimbursed or you have exemptions or exclusions to Estate Recovery as probate provides a platform for all creditors, or claims to be entered into.
Actually it depends on your state’s MERP rules. Each state has their own rules. Some states will only go after real estate. Others will require personal property to be sold and cash in all accounts to be turned over.
No, thank goodness, We are in the process of clearing out my mom’s home. She has a lot of furniture that we can’t sell despite our very best efforts. Evidently no one wants floral sofas these days, despite being very clean & in a smoke/Pet free home. Same thing with bulky wood furniture from the 70’s. This stuff is going to end up being dropped off at a thrift store.
As mentioned, antiques are another story, but I’m not sure how it’s proven that the recipient had high end valuables if they weren’t purchased in the last 5 years, unless special insurance policies were in place. My mom had none of that, so we didn’t research it.
Thank u JoAnn29, yes, I know about them recovering the sale of the home. The furniture is in storage right now. I was mainly concerned about furniture..couches, love seats, kitchenware, bedroom sets, etc...nothing antique but furniture considered in good condition. Is this worth Recovery's time or can I get rid of this stuff?
I’d suggest you take photos of each room and place a reasonable tag sale price on the sellable contents of each room. Most of what’s there is likely of low value. Also try to get rid of the stuff in storage unit(s) as a priority. Those monthly costs will add up. Often they fall off of someone's radar to be paid and will get padlocked.
If your putting property on the market, cull & get rid of as much as
possible. Closets & cabinets especially need to be empty. If any of the furnishings could be used to “stage” the house so it might sell better, keep those pieces.
If place has a funky smell you cannot seem to get rid of, despite a good cleaning and Realtor expresses concerned on the odor, the culprit is dead skin cell build up. All matresss and whatever sofa or chairs they used the most need to go. Probably curtains in their bedroom too. If they had those 1950-60s era double hung draw draperies with pleats, those retain smell like a sponge. Pull those down and garbage bag. If smell keeps on being mentioned in walk-throughs, the Realtor may suggest you put in new cheap wall to wall as smell is embedded in carpeting. Yeah I know your trying to sell it “AS IS” but buyers nowadays are looking at comps that are probably renovated with granite countertops and sassy bathroom fixtures. You can get housefull of new wall to wall pretty cheaply.
Please keep in mind that Every month it’s on the market will have costs that have to be paid. Now that they are dead, the property taxes will be higher as no more homestead exemption. The increase could be quite, quite huge. If you find that paying taxes are an issue, you can choose not to pay them. County will place a lien which has to get paid to release the lien for Act of Sale to go thru. You do need to be mindful that at some point of not paying property taxes, the property can be sold at tax sale to a bidder. Tax sale rules vary by state.
If your expecting to be reimbursed for whatever you or your siblings spend on the house, you will need to put a claim in against the estate. If you are expecting that Medicaid will allow a reimbursement to you for those costs from the $ paid to seller at the Act of Sale, you better get this in writing from the state and the MERP outside contractor if your state does that route for recovery. Opening probate may be whats needed if you fully expect to be reimbursed or you have exemptions or exclusions to Estate Recovery as probate provides a platform for all creditors, or claims to be entered into.
As mentioned, antiques are another story, but I’m not sure how it’s proven that the recipient had high end valuables if they weren’t purchased in the last 5 years, unless special insurance policies were in place. My mom had none of that, so we didn’t research it.