My mother-in-law has recently been diagnosed with Alzheimer's disease. She owns two rental properties that bring in a good...Read more
You are probably right, but it depends on your state Medicaid agency. In general, the net income from the house must be paid to the nursing home (or half of the net income in your case, since you are a co-owner). You should be able deduct the expenses from the gross income to determine the net income. But check with your state Medicaid agency to be certain.
For more information on how Medicaid treats income, click here.
Local Elder Law Attorneys in Ashburn, VA
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Medicaid Rules, etc