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  1. #1
    Join Date
    Feb 2013
    Posts
    5

    Default Acquiring a Home from an Elderly Parent

    My question involves estate proceedings in the state of: Kentucky

    She owns the house and land i live on and have for years. The property is valued at 20-30k as far as property taxes are concerned. If someone thats been through this or knows a thing or two about this would give me an idea if she would have to give this up if she does go into nursing home i'd really appreciate it. This is the house i grew up in and really wouldnt like to give it up. If they did decide to take it have you all heard of them selling it back to the family for a reasonable rate? Thank you for any help.

  2. #2
    Join Date
    Oct 2006
    Posts
    15,516

    Default Re: My Mom May Have to Enter into a Nursing Home in the Not Too Distant Future

    Quote Quoting jefferson82
    View Post
    My question involves estate proceedings in the state of: Kentucky

    She owns the house and land i live on and have for years. The property is valued at 20-30k as far as property taxes are concerned. If someone thats been through this or knows a thing or two about this would give me an idea if she would have to give this up if she does go into nursing home i'd really appreciate it. This is the house i grew up in and really wouldnt like to give it up. If they did decide to take it have you all heard of them selling it back to the family for a reasonable rate? Thank you for any help.
    Why don't you just buy it from your mom if it looks like she is going to have to go into a nursing home? As long as you buy it at fair market value, you are fine.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: My Mom May Have to Enter into a Nursing Home in the Not Too Distant Future

    FMV and tax value are rarely the same.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Acquiring a Home from an Elderly Parent

    Does your mother live in the home with you? Will your mom be receiving Medicaid? If so, selling (or giving away) the home during the look back period would create an asset that could delay her eligibility.

    Who do you believe would be "taking" the home?

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