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  1. #1
    Join Date
    Mar 2008
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    Default Life Estate And Medicaid In New Hampshire

    My mother put my name on the deed to her seasonal house in NH in 2002, reserving a life estate for herself. She sufferred a stroke in 2006. Since then, she has been unable to stay at the cottage, or pay the taxes and insurance, so I have assumed these bills. Last fall it became obvious I would need to sell the property to subsidize her care, as she was spending more than her modest income could support. She signed off her rights to the property in October 2007, so I could sell it. Since that time, her health has declined to point where she must now be confined to a skilled nursing facility. She will be out of money in about 6 months. The cottage has not yet sold.

    In order to realize the most profit from the sale, my husband and I have invested about $10,000 of our own money (in addition to the taxes and insurance.) Will the new medicaid rules require the entire proceeds of the sale be diverted to her care, or can I be reimbursed for the expenses I have incurred?

  2. #2

    Default Re: Life Estate And Medicaid In New Hampshire

    You can be reimbursed for the costs of the sale and repairs. You need to revise her sale of the life estate to show it sold for fair market value, otherwise she may have a problem with eligibility for Medicaid if that becomes necessary.

    There is also the problem of income taxes on the sale if the property is now in your name.

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