My Father gifted the 89 acre family farm to me 10 years ago but kept a "life estate" in the property. Will that prevent him from becoming eligible for Medicaid? He is 90 years old and we are now considering putting him in the local Veteran's Nursing Home. The property tax office will not take the property out of his name because of the "Life Estate" so when Social Services does a records search, they are going to see my dad as the owner of an 89 acre farm that he actually gifted to me 10 years ago. If it is a problem, is there anything I can do to fix it?
So...talk with a lawyer on Medicaid estate recovery....learn what he can do
Another complication is when the time comes to sell the farm/property. Some State laws would look at this as a "gift" from your Dad, thus gift taxes.
I would call an Elder Law Attorney and make an appointment to check to see what are the State laws regarding gifting and life estates... and qualifying for Medicaid.