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...
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Medicaid Rules, etc