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I think that is a good question to ask an expert, a rural lawyer experienced in medicaid should be well worth the cost.
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Exempt from what? Medicaid?

I live in a rural, farming community. No first hand knowledge. From what I have heard, no it is an asset and not exempt. Not at all sure that is correct.
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I agree. This is something you need to sit down with a Medicaid caseworker about. If it gets too confusing, then you need a lawyer well versed in Medicaid.
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There are so many variables here. Is there a child caregiver involved? Is there a disabled child involved? Is IA a probate recovery only state? Has this happened or are you planning for the future 50 years from now. There simply isn't enough information here to even guess at an answer.
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In WV it is an asset.
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disabled child involved with a guardian .what does a hardship require
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If your Mom owns the farm land and she is receiving rental income every year from the Tenant who is farming the land either as Cash Rent or as a Percentage of the Crops (which your Mom then sells at the Co-op Grain Elevator), the money is considered an ASSET and as INCOME. It WILL affect your Mom's ability to apply for Medicaid.  It WILL NOT affect your Mom's ability to apply for Medicare.

If the farm was owned by her husband who willed the farm to a child while giving your Mom “Life Estate”, then your Mom will receive the farm income until she dies. Once she dies, then the original heir—who was named in your Dad’s Will--become the owner of the farm and receives the farm income. In some states, farmland that has a “Life Estate” attached to it CANNOT be sold by the original heir until the person given the “Life Estate” dies.

In regards to the disabled child with a guardian, you need to talk to an attorney who is familiar with this type of situation. 
Have you talked with your Mom’s attorney about your Mom’s situation and the disabled child's situation as they might be familiar with the business arrangements of the farmland?  You also need to talk with Medicaid about how the farm income can affect your Mom’s ability and the disabled child's ability to qualify for Medicaid.

My cousin is guardian for her younger sister who has Downs Syndrome and at one time, their parents owned a ranch and some farm land. The younger sister currently lives in a group home [AKA a Managed Care Organizations (MCOs)] in Cedar Rapids, IA, that she loves and her personality has blossomed and grown so much.
 
Here are a couple of websites to copy and paste to your browser:
 
http://www.kidswaivers.org/ia/
Iowa currently has five waiver programs that serve children. All are 1915(c) HCBS waivers. We are not sure if they waive parental income or not. General information about waivers in Iowa can be found on the Iowa Home and Community Based Services page.

Iowa places all recipients, including children with disabilities, into managed care organizations (MCOs).

Iowa also has two adult-only waivers, HCBS Waiver for Persons with Physical Disabilities and HCBS Elderly.

Iowa Advocacy Organizations:

*ASK Resource Center

*The Arc of Iowa

*Disability Rights Iowa

https://blind.iowa.gov/Support-Programs

A number of state and federal programs are available in Iowa that offer financial assistance, medical coverage, housing assistance, and more. Each program listed has its own rules and eligibility requirements.


Hope that this information helps.
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brea55 Jun 2019
I don't remember how dads will was wrote Since I was 17 at the time and I got 1 dollar . dads idea to adknowledge all of us kids . But my son happened to look and I see the land prices dropped in 2018 . Why who knows but I do have an instit bro too . Its always about making sure instit bro never goes without .
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