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In oklahoma how long does a home have to be out of an elderly persons name before
it is free and clear before the elder person has to enter a nursing home?
Asked on November 9, 2017 under Real Estate Law, Oklahoma
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
At least five years: that's how long Medicaid (or state agencies administering Medicaid) have to "look back" and undo a transaction which was made for less than then-current fair market value as fraudulent (designed to hide assets) as to Medicaid. A market value sale is safe right away, since in that case, Medicaid would have recourse the home's equivalent in cash (or rather: the cash would be spent down before Medicaid started paying).
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