Q: Can a home be rented to cover taxes and utilities while parents (who wish to return home) on Medicaid are in the nursing home?
A: The answer is yes. However you must be mindful that if rented the home is typically no longer an exempt resource.
Any income, after expenses, must go to the cost of their care. In any event, make sure the home is titled properly as to avoid probate and therefore Medicaid estate recovery at their demise. What a pain that would be, especially if it is the only asset!
Ralph S. Robbins, is a Certified Financial Planner, specializing in investment strategies, estate planning and public benefit eligibility for seniors.
Read his full biography