Wondering the best strategy for my family. My mother could buy the house soon once we figure out its value? We may need to pay for the nursing home for a month with money grandma don’t have? Loan with promissory note? Timing?
Is there an option here for my mother to be gifted the house? Then give a loan to my grandmother for half its value? The Half loaf plan?
My grandmother owns a mobile home that is on a lot owned by my mother.
Has only enough money to prepay for the rest of the month then go on Medicaid.
Is in a nursing home in Indiana.
Home is in Kentucky and has lived there for her life.
Nursing home wants private pay until Medicaid is paid due to policy. She wants to stay in this facility.
Please see an elder law attorney or estate planner or Medicaid Planner for Kentucky to know what Grandma should or shouldn't be doing at this point in time. I would not risk getting advice from this anonymous global forum where there is no accountability. You don't want to do anything that will delay or disqualify her at this point. The money spent on a professional will be worth it.