Long Term Care
My father in law is going to go on long term care. The house is in his 3 sons name for the past 12 years he does have a right to live in this house till death.
My question is can the house be sold due to the fact he is in a nursing home and no chance of coming home?
Re: Long Term Care
If it is sold now, the home will be divided between the life estate for the father and the remainder for the 3 sons. This means that a percentage of the value of the home will go to the father for his life estate. If the father is receiving medicaid, then that money will have to be spent in accordance with their guidelines until it is exhausted. For example the remainder interest under IRS tables @3.6% interest rate for a person who is 80 years old is 24.38% or put in English, your father in laws life estate if he is 80 would be worth 24.38% of the equity of the home.
If medicaid is not an issue, that is something else.
With respect to being able to sell the property absent a DPOA or the consent of the father in law, you still need the father in laws permission to sell.
If you have more questions, please call me.
