Oodles of folks bought timeshares in the 80's in the belief that they were good investments & made sense to do. Time (pun intended) has shown by & large not a good idea.
It will be viewed as an asset. You have ti show the value of the asset is nominal. What to do, well depends on what you need the time frame to be. You attempt to sale with a Realtor listing agreement and you sell it. Or You could do a "dash on" then deal with tax consequences & ruined credit. A lot of what is allowed will be dependent on the contract.
Whatever you do, you need a hard # as to it's value & done by appraiser with license in the state where Timeshare is to have a $ amount for Medicaid. Vegaslady is spot on that it's likely worth little to nothing.
I think as more & more boomers start hitting the medicaid applications, we'll see this issue coming up. It's not a asset problem a 80 -90 year old would have, but one their kids would have. It's resolvable but work on your part. Probably a learning curve for Medicaid staff as well. I'd bet that this is like oil, gas, mineral rights "asset" issue - like for TX, LA Medicaid is used to dealing with it and know value is small and not an asset to able to sell as you don't own something fixed or tangible; its so common that there is a line for O&G payments on TX Medicaid annual renewal. But for those in east coast states, medicaid staff & general population is clueless on O&G so more of an issue. Good luck and post what you find out.
We could not sell it and no one would want it so how can it be considered an asset? It is like a liability and someone has to help me pay of i don't have the money to pay the annual maintenance fee.
I disagree. It is an asset, but of little to no value. Try to sell it if you can, but it's likely worth next to nothing. The Medicaid people know this too. List it, try to get rid of it,but keep the value low.
It is not considered an asset. I've tried to sell mine for years and eventually turned it back into the timeshare company to avoid paying the monthly/annual fees.
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It will be viewed as an asset. You have ti show the value of the asset is nominal. What to do, well depends on what you need the time frame to be. You attempt to sale with a Realtor listing agreement and you sell it. Or You could do a "dash on" then deal with tax consequences & ruined credit. A lot of what is allowed will be dependent on the contract.
Whatever you do, you need a hard # as to it's value & done by appraiser with license in the state where Timeshare is to have a $ amount for Medicaid. Vegaslady is spot on that it's likely worth little to nothing.
I think as more & more boomers start hitting the medicaid applications, we'll see this issue coming up. It's not a asset problem a 80 -90 year old would have, but one their kids would have. It's resolvable but work on your part. Probably a learning curve for Medicaid staff as well. I'd bet that this is like oil, gas, mineral rights "asset" issue - like for TX, LA Medicaid is used to dealing with it and know value is small and not an asset to able to sell as you don't own something fixed or tangible; its so common that there is a line for O&G payments on TX Medicaid annual renewal. But for those in east coast states, medicaid staff & general population is clueless on O&G so more of an issue. Good luck and post what you find out.
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