My sister's father-in-law sold his condo to her husband at then significantly under market value in April of 2007. He may soon need long term care and I believe he may have exhausted his assets.
My question is: what is the Florida lookback period NOW for gifts from 2007. I've researched the Deficit Reduction Act of 2006, but am still confused about the Florida implementation. Is it three years or five ? When did it change?
Will that property transfer in April of 2007, then worth about $150,000 now about $75k, cause a refusal of benefits for him ? If so, for how many months
( at which valuation) ?
Thanks for all responses.
My question is: what is the Florida lookback period NOW for gifts from 2007. I've researched the Deficit Reduction Act of 2006, but am still confused about the Florida implementation. Is it three years or five ? When did it change?
Will that property transfer in April of 2007, then worth about $150,000 now about $75k, cause a refusal of benefits for him ? If so, for how many months
( at which valuation) ?
Thanks for all responses.
