Buying 3 flat property with daughter and its affect on Medicaid later in life
Good morning, a “what if” question please. What would happen if we get elderly (a good problem) buy a three flat in the city with daughter to live in one unit, us in another and rent out third? What implications might this have on Medicaid, if health/nursing care, ever created an issue? We are both 65 now, but would that be subject to the 5 year “look back”? And might the daughter have to sell?
Terry Says
First of all, you can avoid having to rely on Medicaid by purchasing long term care insurance, even at this late date, if that’s your worry.
Medicaid has income and asset limitations in every state. Here’s the link to the Illinois limits — but you can also search other states at this site: Illinois Medicaid Eligibility: 2024 Income & Asset Limits (medicaidplanningassistance.org)
If you think you will need state assistance, any assets — including those owned jointly with others, such as you describe –would be counted.
