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Farm estate in 50/50 ownership
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Odin
Posted 11/26/2022 12:10 (#9950829 - in reply to #9950702)
Subject: RE: Farm estate in 50/50 ownership


southwest minn
2 owners: in most states either owner may bring a partition action for court to divide into 2 parts if feasible, or if not then court sells and divides money. Sometimes a split of land is done as closely to half each, and if any value difference made good with "boot". This could be enforced by a co-owner regardless of whether the other co-owner is receiving MA [see below].

Nursing home: this is called medical assistance [MA], a federal/state/county funding source, to pay for those who cannot pay themselves. Each state has somewhat different rules. In many states, particularly if the real estate was not homesteaded, MA benefits may not be made available until the recipient has "spent down" his assets to a minimal level, such as by selling his share of real estate. This legal field is called "Elder Law" and an attorney with MA experience is necessary since there are many details that vary.
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