May eventually need Medicaid. Should I sell income property owned free and clear or continue to use rent for living expenses?
I have no family except a nephew I seldom see. Have mild Alzheimer symptoms but still live independently. Trying to plan now for probable eventual care in a facility of some sort. Part, but not all, of my income comes from a rental property.
I agree, speak to an attorney well versed in Medicaid. You may want to take the nephew. Young people know nothing usually concerning Medicaid or Medicare until they are approaching retirement. And even then, Medicaid seems to be left out of retirement planning. I learned so much about it from this group. Helped me when I filed for Mom.
I will say, that if you do not reside at this rental property, that it will probably be counted as income and you will need to sell it for your care. But a lawyer will be better in explaining how this all works.
Dosmo13, I would contact your local area on aging and ask them to help guide you to the services you have available. Talk with someone at Medicaid and find out what your state rules are.
I have a professional as my POA that is a certified elder law attorney, that guarantees that my written wishes will be followed and everything will be done according to state law so that I am protected. I think that you should also have a list of facilities that you would be okay to live in, that way you know where you are going, may not remember when the time comes, but you know now.
You can do Google searches and get the information that is being offered about what you can and can't do, that's all she does, so do it for yourself so you have more information.
how many properties do you own? Because If you own the home you live in now and you also have a rental property, you won’t be eligible for Medicaid. The rental property is a non-exempt asset and will have to be sold. On the other hand, if the income property is the only property you own then you can keep it & be Medicaid eligible as long as you meet the income requirement.
Many thanks for your helpful answer. I'll sell the property eventually, but won't feel need to rush it. The rental is the only real estate I own now. The monthly income is helpful. I'll find an online source for Medicare/Medicaid information. But they have lots of info to plow through for a single question and can also be confusing. And elder law attorneys are expensive. May hire one later as other concerns arise. P.S. Nephew has POA, but doesn't accept that my mental status is anything but fine. His answer is always, "Don't worry". He knows nothing about Medicare or Medicaid.
This isn't something for you to ask on a forum, smart as some of us are (me NOT included). This is something to pass by an Elder Law Attorney. Are you the OP who asked if your Nephew could be your POA? I believe the OP I am thinking of told us that Nephew was more than willing but was out of the country? You should see an Elder Law Attorney who could give you the best answers about the proposed sale of rental property and investment for your future care. Many on Forum are quite smart on any given subject, but laws vary State to State. You are so wise in planning ahead. My bro, just prior to his accident which gave his early diagnosis was just in the process of hiring a Fiduciary to manage things for him. And Elder Law Attorneys often have great advice for Seniors without family. Laws vary state to state. Don't ask advice of friends and forums. Do go to someone in the know, explain your situation, and pay for a few hours of solid advice and forms all done.
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I will say, that if you do not reside at this rental property, that it will probably be counted as income and you will need to sell it for your care. But a lawyer will be better in explaining how this all works.
I have a professional as my POA that is a certified elder law attorney, that guarantees that my written wishes will be followed and everything will be done according to state law so that I am protected. I think that you should also have a list of facilities that you would be okay to live in, that way you know where you are going, may not remember when the time comes, but you know now.
You can do Google searches and get the information that is being offered about what you can and can't do, that's all she does, so do it for yourself so you have more information.
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P.S. Nephew has POA, but doesn't accept that my mental status is anything but fine. His answer is always, "Don't worry". He knows nothing about Medicare or Medicaid.
You should see an Elder Law Attorney who could give you the best answers about the proposed sale of rental property and investment for your future care. Many on Forum are quite smart on any given subject, but laws vary State to State. You are so wise in planning ahead. My bro, just prior to his accident which gave his early diagnosis was just in the process of hiring a Fiduciary to manage things for him. And Elder Law Attorneys often have great advice for Seniors without family. Laws vary state to state. Don't ask advice of friends and forums. Do go to someone in the know, explain your situation, and pay for a few hours of solid advice and forms all done.