no power of attorney or living will or estate

[akhanmac]

What is the name of your state (only U.S. law)? VIRGINIA

Thank you all in advance for your advice and education

My father is 70, is in the stages of dementia, my mother is on her final stretch with her battle with cancer. She is however is in good mental health.

They have one asset their home. My mother has received medicaid and is now receiving medicare since she turned 65 this includes treatment coverage and home care. My father might receive medicare this year as well for long term home care.

We have the following concerns:

How can we protect their home against estate recovery after both my parents pass. We have 8 siblings who want to keep the house and not have to sell it.
If we have to sell the home, can we sell the home to one of the siblings at our own defined price?

How can we appoint a POA or guardian for my father under the assumption he will be the surviving spouse?

Once both parents pass who will be allowed to sell the house on behalf of my parents?

 

[Zigner]

Why shouldn't their home be used to pay for their care? It doesn't belong to the children, it belongs to the parents.

 

[Ohiogal]

What is the name of your state (only U.S. law)? VIRGINIA

Thank you all in advance for your advice and education

My father is 70, is in the stages of dementia, my mother is on her final stretch with her battle with cancer. She is however is in good mental health.

They have one asset their home. My mother has received medicaid and is now receiving medicare since she turned 65 this includes treatment coverage and home care. My father might receive medicare this year as well for long term home care.

We have the following concerns:

How can we protect their home against estate recovery after both my parents pass. We have 8 siblings who want to keep the house and not have to sell it.
If we have to sell the home, can we sell the home to one of the siblings at our own defined price?

How can we appoint a POA or guardian for my father under the assumption he will be the surviving spouse?

Once both parents pass who will be allowed to sell the house on behalf of my parents?

Medicaid has a five year lookback. If your parents were concerned about that, they should have taken steps YEARS ago regarding the house. You can sell the home to the sibling at fair market value minus the sibling's share if such is determined through probate.

 

[akhanmac]

Medicaid has a five year lookback. If your parents were concerned about that, they should have taken steps YEARS ago regarding the house. You can sell the home to the sibling at fair market value minus the sibling's share if such is determined through probate.

Thanks for the response. Will probate decide how much each siblings share is?

Can my mother create a will to define each siblings share? So if i have 65 percent share, can my siblings sell the house to me less my share value? ie
house is 100k my share is 65 percent, so the house can be sold to me for 35k.

how will estate recovery effect this scenario?

 

[Ohiogal]

Thanks for the response. Will probate decide how much each siblings share is?

Can my mother create a will to define each siblings share? So if i have 65 percent share, can my siblings sell the house to me less my share value? ie
house is 100k my share is 65 percent, so the house can be sold to me for 35k.

how will estate recovery effect this scenario?

I am not going to help you commit fraud. And the government will not allow you to do that. THEY will get FMV some way or another. You buy it less your share and you pay your share directly back.

 

[akhanmac]

I am not going to help you commit fraud. And the government will not allow you to do that. THEY will get FMV some way or another. You buy it less your share and you pay your share directly back.

Thanks for the info.