My father passed on years ago and the family home was put in a life estate by my mother with 7 children named, Mom was the life tenant and the property was to go to the 7 children upon her death.. My mother is now in a nursing home and on Medicaid. We have a buyer for the home. My mother has signed the papers to sell. What we do not understand is who gets the money for the property? Mom? All 8 of us? The 7 children? We understand that Medicaid may want a percentage. Who will receive the 1099 tax form and be responsible for the taxes?
If My mother gets the money she will loose Medicaid.
This seems to be a mess.
we live in NY.