Q: Have an elderly brother in nursing home needs to qualify for medicaid (no individual assets and meets income limit)
However, inherited 1/4 of a parcel of non-home land and 1/8 of home he has been living in prior to entering nursing home. Medicaid considers the perceived value of that 1/4 in considering monthly income! How can this be removed from his countable assets? Can one of the other 3 owners buy his share? How would the fair value be established? Can Medicaid just put lien on his share?
One of the other 3 owners, or anybody else for that matter, can buy your brother's share. Medicaid will expect the purchaser to pay 1/4 of the tax appraised value. Be aware, though, the cash paid for purchase will also be considered an asset or resource for Medicaid. If the purchase proceeds cause your brother to go over the $2000 resource limit, someone will need to spend down his funds so that he can remain Medicaid eligible.
Medicaid can (and likely will) put a lien on his share, but unless it's listed for sale or sold, he'll still be considered to be over resourced and won't qualify for benefits.
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