Q: Would owning a farm (not a primary residence) be considered a sellable asset to medicaid in Michigan?
Prior to developing brain cancer a friend had been nursing his dying father. When his dad died the family home became his and so did the father's farm. Both properties are in the state of Michigan. Would medicaid require the sale of the farm to help with my friend's medical expenses? He's considering selling the farm which he currently rents to a local farmer for a nominal fee each year. He needs the money for a number of living expenses.
Business (and ANY non-homestead) property such as a farm that is rented out is not considered an 'exempt' property and needs to be liquidated in order to qualify for medicaid.
The PROCESS of doing that can be technical and complicated, so it is best to get local legal representation to insure it is done properly such that there won't be medicare disqualification, but yes, in general it needs to be sold and the money either held in someone else's name for at least 5 years, or the money needs to be 'accounted for' and the person applying for medicare needs to show it was used to provide necessary care since it was received.
Don't try to be 'penny wise' and end up being pound foolish here -- get local licensed legal representation!
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