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Real Estate question

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  • Gary
    I wouldn t count on that working if that quit claim was dated within the look back period. My step grandfather gave his three family house to his grandson
    Message 1 of 5 , Jan 25, 2010
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      I wouldn't count on that working if that quit claim was dated within the look back period. My step grandfather gave his three family house to his grandson about two years before he went into a nursing home. The state he lived in had a three year look back and they looked back and took the house from the grandson and sold it. In that state the transfer must be a fair market value sale to avoid the look back. It isn't the nursing home you need to convince, it is the state welfare department.

      Gary


      You have to move fast because a lot of states and federal program pay for
      nursing home care is based on liquidating assets. Most people think that is
      from the day of entrance-in other words they THINK that upon entrance at
      that point in time they look at the assets.
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