My 99 y/o mother has a life estate in Iowa farmland which is in my name. DHS determined the value of the estate to be $100,000.
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Does she have to spend that amount on nursing home care before Medicaid begins to pay? If so, what are the options for coming up with that amount? Selling or mortgaging the land which has been in the family for 130 years?
It can be difficult to determine whether certain assets count toward Medicaid's $2,000 limit. As always, classification of countable and exempt assets varies from state to state, but retirement accounts can complicate Medicaid planning even further.