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Sara, it depends on how far advance the dementia.   If the elder is still able to understand the steps involved in selling the house, and is selling to lets say a grand child who is just starting out with a young family, then selling low is not uncommon.

It also depends on the elders financial portfolio, if the elder has enough money to tied him/her over for many years, and moving into Assisted living or a nursing home is no problem budget wise.

Now if the elder is far into their dementia journey and has only a few thousands saved up for their future care, then there would be an issue if Medicaid is needed with a 5 year time span.
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It certainly won't fool anyone like Medicaid or tax authorities. Bad idea, if that's the plan.
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Yes. Reportable to Adult Protective Services as financial abuse.
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Yes it can be,and it can disqualify the parent from Medicaid benefits with a transfer penalty equal to the amount below market.
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