How would I go about getting my grandmother ( in the hospital) to sell me her house for a dollar?
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How would I go about getting my grandmother ( in the hospital) to sell me her house for a dollar?
She is in the hospital and both the staff and i believe she should go into a facility that way she is no longer living alone because she is incapable of being independant and living alone(its dangerous), i was informed that state atomatically would take over and take her home and funds if this were to happen, and for her to transfer deed to my name min of 2yrs is needed? What is she sold it to me? then would they take it? and how do i go about doing that since she is hospitalized?
Asked on May 16, 2009 under Real Estate Law, Pennsylvania
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You need to talk to a lawyer that handles Title 19 and elder care law. I had a similar situation like this. However, my client was able to live on her home. If you have someone that is willing to stay at your grandma's house to take care of her (i.e. a relative or pay a 24 hr nurse) you can sell the house, have grandma gift the proceeds of the sale to you, and make a deal with the new buyers (i.e. real estate investors) to let your grandma live there for the duration of the look back period. After the look back period expires, she can go to the hospital for care. This may be worth looking into but you may be too late depending on her age and your resources.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
It's probably too late to do anything now. If, for example, you want to get her on Medeicaid there is a 5 year look-back period. Any transfer of her assets now would deemed to be a fraudulent conveyance and would be undone by the courts. Not to mention that it could open you up to a charge of Medicaid fraud.
Unfortunately people wait too long to take care of these matters. At this point you should really consult with an estate planning attorney in your area, possibly he/she would have some other suggestions on how to handle all of this.
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