What can I do.

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  • #3662

    Bessie
    Participant

    I want to buy some property. I am on SSDI. Turning 65 very soon. Medicaid helps pay Part B Medicare. I want the property for my children grandchildren in need. Can I buy property making my son naked owner and giving me full rights till I die and even being able to change my wishes till time of my death, this would be in case my son ever turned against me and treated me badly. Of course then I may prefer it go straight to my grandchildren. Because I would be paying for it would it make me ineligible for Medicaid help. Its really a good deal, not expensive but I don’t want to loose my Medicaid help. Should or can I do it. Since my son would be naked owner, do I even need to report it to Medicare or Social Security.

  • #3663

    Bessie
    Participant

    I have another son disabled. I would like to give him temporary usufruct possibly of above property. Its the only way he would ever have anything but he is not responsible enough for ownership. Its kind of 2 scenarios I am considering. I hope the situation is understandable. Thank you.

  • #3664

    Lex
    Keymaster

    There is never any way to tell for sure how the folks at Medicaid are going to consider a particular set of transactions.

    They could see the purchase of the property and subsequent transfer to your son as having been done without value and therefore a countable asset because it was a gift. There would be a 5 year look-back period -which may be extended to a 10 year period at some point.

    They could also see the usufruct as something that has potential ongoing income value to you.

    You really should consult with someone experienced in this area since it would be about an hour conversation exploring your exact financial position and the possible strategies that might be available.

  • #3665

    Bessie
    Participant

    Is it counted as valuable if I am making payments on the purchase of the property. If it is not Paid in full is it a countable asset?
    Thank you.

  • #3666

    Lex
    Keymaster

    Yes it is a countable asset to the extent of the equity value.

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