| Kelly - 2/18/2021 20:36
It is my understanding that the person can remain in the nursing home and go on Medicaid after their cash reserves run out. Medicaid pays the bills at the home but is keeping a running total. Sometime after the person passes away, Medicaid will come after the estate and ask for what is due. If bill is ignored, I think they will take legal action to retrieve what is owed. The main point of all of this is the fact that the land is hopefully generating income for the person in the care facility and possibly the spouse remaining at home. Since Medicaid waits until death, capital gains would be the same as ordinary estate.
Some sort of Trust and and an attorney might be required to make all of the above happen.
Borrowing against the land has a cost also. Interest would start to add up after a while. know of a person who went into the nursing home at about age 70 with out a dime not one. was there for about 4 years with full care, and passed away this winter. He was half owner in a 200 acre sh-- box farm in crp with his sister. so what will- could happen now? thanks |
Selling land for nursing home?
