3 years ago, we bought a new home to accommodate my aging father with my family. He paid the down payment with some inheritance he received and pays a monthly rent for mortgage and utilities. How does this affect his Medicaid eligibility now that he is running out of inheritance, and needs care? Would these payments affect the look back period?
co-mingling of assets that need to get figured out with new documentation done and soon before he’s at impoverishment level. Not a DIY.
It’s good that he’s paying rent, but are you & hubs dealing with “rent” properly? Like having it done as income source for your taxes, etc? Rent based on market value? It’s stuff like this that trips up Medicaid applications. Really atty will have options for dad to do that are within Medicaid regs.
Medicaid will look at the past 5 years to see if Dad had "gifted" any money. Medicaid might decide that the down payment Dad made toward the house was in fact a "gift".