As someone who had a house to get rid of, u use Moms money to do any sprucing up. The house has to be sold at Market value and any proceeds go to Moms needs and care. When Mom went on Medicaid, I was told there was no guarantee that I would get any out of pocket reimbursed if I sold the house.
OP says clearly in the profile that Mother is living in ‘my’ home. If M also owns her own home, it’s probably empty and deteriorating. Nursing Home is usually a one-way trip, so the house has to be dealt with.
OP, as you have POA you can sell M’s house. You can choose to have it done up, with the costs coming sooner or later from the proceeds of sale. Or you can choose to sell it ‘as is’. Or you can buy it yourself and sell the home you are currently living in, if you prefer M’s place. Letting it sit empty is probably only sensible if the house is in poor condition and its value is essentially land value. You make the decisions yourself, though it would be good to discuss the options with other family members who may be beneficiaries of the estate in due course. You don’t want them or any other authority arguing that you arranged it all simply to get the best profit for yourself. Having it end up in court is the best way to ensure that nobody benefits!
You should get more information about how this will affect M’s care costs. She will probably be private pay to start with at least. If she is likely to live long enough to get through the net proceeds of her house sale and so apply for Medicaid, I hope that some other poster will clarify what other options may be involved. I don’t have the local knowledge to help! Yours, Margaret
Details, please. Do you live in this home, or will it be without someone in it? Do you need funds from this home to pay for Mom's care? Does your POA include good language in it so that you can legally sell the home? Do you WANT to sell this home NOW; that is are you certain that there is no way your Mom will ever be returning to it?
If you are POA for your Mother and are legally able to sell the home then you will handle it as you would selling your own home. You will hire a realtor and sell. Then the funds from this home will be invested in a CD or other accounts so that they can go to pay for your Mom's facility.
What other questions do you have regarding this home that I haven't covered? Because on he face of it this is a simple question. You can choose to sell the home for your Mom if she needs funds for her care, or you don't need to sell it. She will get better care in a private pay facility, so I personally would sell. If, however, you LIVE in this home you may wish to defer sale of the home and use Mom's other assets for her care, or apply for Medicaid for her care. While she won't get the best care if she has to go on Medicaid, the home can remain in her name. There would be a lien then on this home and when in future it is sold, after her death, Medicaid would recover some of these funds.
If your questions are more detailed you might want to see and elder law attorney which is paid for as a POA by your mom's assets. Always get legal or expert help for important questions on which you cannot afford to be wrong.
OP, as you have POA you can sell M’s house. You can choose to have it done up, with the costs coming sooner or later from the proceeds of sale. Or you can choose to sell it ‘as is’. Or you can buy it yourself and sell the home you are currently living in, if you prefer M’s place. Letting it sit empty is probably only sensible if the house is in poor condition and its value is essentially land value. You make the decisions yourself, though it would be good to discuss the options with other family members who may be beneficiaries of the estate in due course. You don’t want them or any other authority arguing that you arranged it all simply to get the best profit for yourself. Having it end up in court is the best way to ensure that nobody benefits!
You should get more information about how this will affect M’s care costs. She will probably be private pay to start with at least. If she is likely to live long enough to get through the net proceeds of her house sale and so apply for Medicaid, I hope that some other poster will clarify what other options may be involved. I don’t have the local knowledge to help! Yours, Margaret
Do you live in this home, or will it be without someone in it?
Do you need funds from this home to pay for Mom's care?
Does your POA include good language in it so that you can legally sell the home?
Do you WANT to sell this home NOW; that is are you certain that there is no way your Mom will ever be returning to it?
If you are POA for your Mother and are legally able to sell the home then you will handle it as you would selling your own home. You will hire a realtor and sell. Then the funds from this home will be invested in a CD or other accounts so that they can go to pay for your Mom's facility.
What other questions do you have regarding this home that I haven't covered? Because on he face of it this is a simple question. You can choose to sell the home for your Mom if she needs funds for her care, or you don't need to sell it. She will get better care in a private pay facility, so I personally would sell. If, however, you LIVE in this home you may wish to defer sale of the home and use Mom's other assets for her care, or apply for Medicaid for her care. While she won't get the best care if she has to go on Medicaid, the home can remain in her name. There would be a lien then on this home and when in future it is sold, after her death, Medicaid would recover some of these funds.
If your questions are more detailed you might want to see and elder law attorney which is paid for as a POA by your mom's assets. Always get legal or expert help for important questions on which you cannot afford to be wrong.