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Floyd County, Iowa | Sure about that? If it's sold for a fair market value, there is no difference than selling at auction or through a realtor. The seller is simply selling assets to cover living expenses, not trying to hide money to cheat the state out of state aid, while having adequate assets.
The "look back period" pertains to gifting (land, cash, and other large assets, including selling land at below market value), or quit claim deeds that are done to try and keep assets from being used for nursing home or such type bills, according to what our attorney told us when we were facing the nursing home dilemma.
The key words are fair market value. Does not have to go to auction or a realtor, but a licensed ag appraiser and an attorney would be needed for it to be on the up and up. I'm not either one, or related to one, but went through it. | |
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Rock in a Hard Place: Suggestions Please!!
