real estate sale profit
My 75 year old mother recently sold her home. What can she legally do with the money so that in the event she needs to go to a nursing home in the future she and her family do not loose the profits from the sale?
Re: real estate sale profit
Their are extremely complicated laws, regulations and governmental policies, both state and federal, governing this issue, and you will need both extensive legal and accounting advice. Many people gift their property to their children or put it in a trust, but if they need the services of a nursing home within 5 years of making these transfers, they will become ineligible for medicaid nursing home payments for a period of time, which is a very bad outcome. There are a few possibilities, such as "medicaid annuities" and "medicaid trusts", but your mother should talk to an attorney to determine what is best for her, which will depend on her unique circumstances.
