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Is There a Way to Shield Mineral Rights Income From Consideration by Medicaid?
My wife and I jointly own my inherited mineral rights and currently receive less than $2,000 a month in royalty income from these properties. If one of us needs to file for Medicaid, how would this asset be treated? How can we protect these assets?
You really need to sit down with an elder law attorney to get an answer to such a specific question. The answer may be as easy as transferring the mineral rights into the name of the healthy spouse or you might be advised to transfer them to a trust in case you both need care. Only a local elder law attorney who knows local practices and can look at this asset in the context your other assets and income will be able to advise you.
To find a qualified elder law attorney near you, click here.
For more on Medicaid's asset transfer rules, click here.
For more on how Medicaid treats income, click here.
For more on Medicaid's protections for the healthy spouse, click here.