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Hi and welcome to JA. Ray here to help you today.
You really need some estate planning here to shelter these assets.You are above the resource limits and maybe income too.A NAELA lawyer, National Academy of Elder Lawyers specializes in such shelters.Gifting anything to relatives is an absolute no -no, there is a 5 year look back when you apply here.
NAELA lawyer for you here.
The Ombudsman can help you locate a facility when the time comes.
I appreciate the chance to help you today.Thanks again.
Medicaid covers elderly, blind, and disabled residents living in the community (at home or with friends or relatives) with income up to 100% of the federal poverty level (FPL). In 2014, that is $973/month for a household of one or $1,311/month for a household of two.
To qualify for AABD Medical, you must have less than $2,000 in resources. Resources are assets like money and property. If you have a dependent or spouse in your household, you can have $3,000 in resources together.
Some property does not count toward the resource limit. Your home is not counted as an asset for Medicaid in Illinois. Your personal belongings and household goods of reasonable value are exempt. One car is also exempt is someone in your family uses it to get to work or to get attend medical appointments, if it is modified to transport a disabled person, or if it is needed for essential daily activities.
If you have resources that exceed the limit but need AABD Medical in order to move into a nursing home, you can spend-down your assets and qualify.
If you are going to sell the house it needs to be sold for fair market value, medicaid will review the sale and no gifts here, they would penalize him eligibility wise for such gifts.