How is the contents of a house valued in Medicaid Recovery when the cost of the care exceeds the value of the house?
My mom has been on Medicaid for Nursing home for several years. The cost of her care has greatly exceeded the value of the house. Must all the contents of the house be sold to satisfy the bills? The house itself isn't that expensive $75,000 and needs work. I am looking to purchase the house. Nobody else is in the will or has any interest in the contents. There is a Buick Skylark that we can't get started parked in the garage, was running when parked 7 years ago. They value the car at $2,000 so I'm guessing they will require the sale - Not worth $2,000 to me. I'm not putting money into fixing it so I can send all the money to Medicaid so someone would have to buy "as is" and haul it away.
No way of knowing the exact value of the contents.. My guess, not very much. If I had an auction company clean out the house and sell everything at auction, maybe $300 to $500. I saw a brand new lawnmower sell at an auction house for $5. I don't want to go the garage sale route, I have a family here locally who is trying to sell an estate on a garage sale, so far they've had 3 sales and everything still hasn't sold. When there is lots of pressed wood furniture, forget it, it won't sell. I'd really like to take my time and sort through everything then sell off what I don't want. Could I just say make an offer of $300 for all the contents?
- Anonymous4 weeks ago
Speak to a lawyer. If your mother has not passed away yet, you may be able to protect the assets by establishing an irrevocable trust with title to the home. However, this needs done ASAP as there are time limits and opportunities to claw things back.
Many people will eliminate their wealth to protect it for their families, but you really need a lawyer to help you do it properly so that they don't come after you once it is over.
- SimplytheFACTSLv 71 month ago
they will take everything down to the used underwear and if you don't turn it over, you will go to jail
someone keeps asking a very similar ridiculous question and refusing to understand the answers...
which indicates its troll medicaid
- 1 month ago
They can't take the house till she dies. In fact, Medicaid will not seize a home occupied by a spouse or a dependent child of the late Medicaid recipient until they die or move. They want assets not valueless contents (personal effects), you can take them or share them with your siblings. If you are looking to buy the house, make an 'as is' offer.