S
Sheeplaughs Asked February 2018
My dad has been diagnosed with early dementia. I am his POA. Can I by the house at fair market value?
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He refinanced his home over a year ago. No equity in house, amount of 177,0000. I talked with Medicaid office he is financial guide lines to quality for Medicaid. We live in Alabama. I want to buy the house at fair market value. Can I do this without Medicaid placing a lien on the house. I would be totally buying house. No transfers, I would be buying the house at fair market value making the payments in my name, the house would then be owned by me not my dad. Help, I can't get answers
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1 Answer
gladimhere Feb 2018
Is dad already in a care facility on Medicaid? If you purchase the house at market value with a standard mortgage dad's care up to the time you purchased may be on a lien now. If the house is in your name through purchase and mortgage then Medicaid cannot place a lien. Maybe different rules if you live in a filial responsibility state. Call an elder law attorney for a free 30 minute consultation.
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