Elder Law Answers
Does Medicaid Count a 529 Plan As an Available Asset?
My mother established a qualified 529 College Savings program for her two grandchildren. She has terminal brain cancer but...
Read moreDoes Medicaid Consider a Rental Apartment an Asset or Income?
- December 13th, 2017
Q
I have a second apartment that I rent out. I need Medicaid to pay for a short-term (one month) nursing home stay. Is the second apartment considered an asset or is the rent considered income?
A
Generally, Medicaid treats rental income as income. Also, the property will probably be excluded as a countable asset if it is a business property that is essential for self-support. However, you should check with your local Medicaid agency because some offices may treat rental property differently from others. The more difficult problem may be getting Medicaid to cover the nursing home for a single month. The system is cumbersome and set up for long-term placements. That’s another issue you can check on with the local Medicaid agency.
Local Elder Law Attorneys in Ashburn, VA
Jeffrey Hammond
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
Bethesda, MD
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Margaret O'Reilly
Margaret A. O'Reilly, PC
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...
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Loretta Williams
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
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Jeffrey Hammond
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
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...
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