By skyforbes My grandfather recently died and was the primary caretaker of my grandma who has Alzheimer’s. She cannot live independently. My family is working to plan how to transition her to long-term care and eventually qualify for Medicaid. She currently lives in a home her and my grandfather built themselves. We would like to keep this home in the family, and think she will need to sell it to qualify for Medicaid as no spouse would still be living in the home. Also, if she does not sell it we are worried that there would be a lien on the home after her passing and keeping it in the family may be more complicated.
We are meeting with an elder attorney as well, but from what I have researched the house will need to be sold at market value and then that money will need to be spent down until she would qualify assets wise. Currently the plan, so long as the attorney approves, would be that someone in the family buys the house. Then the money from that sale would be used to get her in to a good nursing home and resolve the medical bills from my grandpa’s hospitalization prior to his passing. Once her assets are low enough, we would help her apply for Medicaid.
Has anyone done this before? Any tips or words of wisdom?
For context she lives in Iowa