I need to know the best way to get a value placed on mineral rights owned by my mother in Laramie County, WY. She is in assisted Living, and running low on funds. In order to qualify for Medicaid, this asset needs a value placed on it, as that amount would need to be spent down before she will qualify. I have already contacted two companies that previously made offers to buy, but wondering if there is another avenue I might follow. I am not sure if it is best to sell outright, or buy her out at fair market value. Has anyone else been in this situation? I’ll appreciate and will benefit from anyone else’s experiences. Thanks in advance. Margie
Margie,
I've evaluated estate minerals for medicaid review. They have there own set of rules that vary from state to state and office to office but usually they can't argue with proven reserves evaluation with some evaluation of lease bonus potential discounted. Sales offers may not be the best backup for an appraisal as they start out as negotiation initiation and are not reflective of true provable value. You have several options that can be set by technically backed evaluations. It us usually takes some conversation with medicaid one you have an authentic appraisal. some professional help may be necessary.
Thanks so much for your response and suggestions. I am not sure how to get that authentic appraisal you referred to. This will have to become a liquid asset so the resources can be used for her care prior to her becoming Medicaid eligible. If this works anything like Real estate, an appraisal for more than I can sell it for will not do me much good. Time is NOT on my side. I have received one offer to purchase, but as of yet have nothing to compare it to, to even know if it is a fair offer. I realize I may need some professional help with this, I just don’t know where to begin. I did seek out an elder law attorney, and he is the one who suggested I start with the companies who had previously made offers. Perhaps I naively thought it would be as simple as liquidating the asset for cash, spending it down and then BINGO now she qualifies! Would you suggest I talk to someone at the local Medicaid office FIRST?
Margie, I've sent you a persona message request. Answer it and Ill give you the name of a lady in Hardin MT that made the mistake of contacting medicaid about her mother and volunteering info about mineral rights before she had them appraised. It was very difficult to unwind the misconception medicaid had in its files. If you have a medical power of attorney from you mother, you have several options. The local office will use anything you give them for the protection of their jobs not your mother. You can also send me a friend message through MRF and I will respond with help for you.
Margie Calder said:
Thanks so much for your response and suggestions. I am not sure how to get that authentic appraisal you referred to. This will have to become a liquid asset so the resources can be used for her care prior to her becoming Medicaid eligible. If this works anything like Real estate, an appraisal for more than I can sell it for will not do me much good. Time is NOT on my side. I have received one offer to purchase, but as of yet have nothing to compare it to, to even know if it is a fair offer. I realize I may need some professional help with this, I just don't know where to begin. I did seek out an elder law attorney, and he is the one who suggested I start with the companies who had previously made offers. Perhaps I naively thought it would be as simple as liquidating the asset for cash, spending it down and then BINGO now she qualifies! Would you suggest I talk to someone at the local Medicaid office FIRST?