A&A in process and home has sold!

Discussion in 'General Discussion' started by bumblebee, Sep 29, 2007.

  1. bumblebee

    bumblebee Newbie

    My mother-in-law lives in an assisted living and has been approved for A & A. We are now waiting the approval of an fudiciary. This has taken 6 months. Her money was running out and we had to put her house on the market. It has sold. Now - what do we do with the money from the sale of the house? It will be over the $80,000 limit, but she has to have the money to pay for the assisted living. Is there a special trust to put the money in to shelter it?
     
  2. veteranadvocate

    veteranadvocate Full Member

    I would recommend contacting an Elder Law firm to help you with this issue. Although the 'profit from sale of property' will not count as income, it does effect net worth. I am sure there are ways of investing some of this into a trust fund or other avenues. Sorry could not be of more help with this issue.

    38 CFR, Section 3.272

    (e) Profit from sale of property. Profit realized from the disposition of real or personal property other than in the course of business, except amounts received in excess of the sales price, for example, interest on deferred sales is included as income. In installment sales, any payments received until the sales price is recovered are not included as income, but any amounts received which exceed the sales price are included, regardless of whether they represent principal or interest.
     

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