I live with, and take care of, my elderly (82 year old) mom. She has title to the property that we reside in together. We are in New Jersey and I believe there is a Medicaid asset exception for a property transfer that takes place between a Medicaid applicant and a caretaking child who has lived with the parent for at least two years and who has provided care to the elderly person. In New Jersey, under these circumstances, the value of the real estate would not be considered when an asset elgibility determination is made to assess whether my mom is eligible for Medicaid to pay for a nursing home.
I want to purchase the property from her now, so that if she needs to enter a nursing home, the value of the real estate will not be included for Medicaid eligibility purposes. I have a couple of questions-
1. How does my mom transfer the property from her to me?
2. I have three siblings. My mom would like everything to be fair, so she wants them to each receive a quarter of the sale price of the house. If she had a will, the house would have passed to all four of us equally. What type of document(s) would the three other siblings need to sign, after they receive their 1/4 share of the property from me, so as to avoid any legal disputes after my mom passes away? Is there a release/acknowledgement of an anticipated inheritance document? Is there any other process or procedure that I need to be aware of in this regard? Do I need to have a real estate, estate or elder care lawyer in order to engage in this type of transaction? Could with handle this type of transaction without a lawyer being involved?
Also, New Jersey Administrative Code Section 10:71-4.10(d)(4) addresses this type of exempt transfer.
Thank you for your help.
I want to purchase the property from her now, so that if she needs to enter a nursing home, the value of the real estate will not be included for Medicaid eligibility purposes. I have a couple of questions-
1. How does my mom transfer the property from her to me?
2. I have three siblings. My mom would like everything to be fair, so she wants them to each receive a quarter of the sale price of the house. If she had a will, the house would have passed to all four of us equally. What type of document(s) would the three other siblings need to sign, after they receive their 1/4 share of the property from me, so as to avoid any legal disputes after my mom passes away? Is there a release/acknowledgement of an anticipated inheritance document? Is there any other process or procedure that I need to be aware of in this regard? Do I need to have a real estate, estate or elder care lawyer in order to engage in this type of transaction? Could with handle this type of transaction without a lawyer being involved?
Also, New Jersey Administrative Code Section 10:71-4.10(d)(4) addresses this type of exempt transfer.
Thank you for your help.
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