Buying and Selling Real Estate

Real Estate can be problematic when planning for the elderly. A house that used to be ideal when the children were young may be too big to maintain. Land may be in disrepair, or subject to a reverse mortgage. After an elder dies, there may be too many children or other heirs to decide who gets the home, so selling it and splitting the money might make the most sense. Or it might be “legacy” land that has been in the family for generations and the family wants it protected.

Regardless of the situation, Elder Law Attorneys see many situations where it makes sense to sell land or purchase land. For example, under the current Medicaid rules, a home and all contiguous property is exempt when applying for Medicaid. What if the applicant had cash and the property next door was “for sale?” One way to plan might be using countable cash to purchase exempt land. Of course, you would want to speak with your Elder Law Attorney about any other consequences, such as estate recovery or tax consequences.

If you are thinking about buying or selling land, EZ Elder Law can put you in touch with a licensed real estate agent or attorney who can help you.