I have been having discussions with an elderly friend (not Internet saavy, so I’m posting the question) who seems to be in a precarious position. If their loved one enters a long-term care facility, and they apply for Medicaid, they may lose their investment properties.
Due to Medicaid laws, they can keep a sum of cash, one vehicle and their primary residence. However, they could lose their investment properties because they are considered assets above and beyond the state minimum for Medicaid. Unless the property titles have been out of their name for at least 5 - 7 years, it is considered to be an asset to be turned over to the state. Obviously, they can sell their property, but they defeat the purpose of holding the property, cash flow and sentimental value of their life-long investment properties.
What can they do to protect their property without waiting the 5+ year period? What possible means are their to protect the property?
Any suggestions or advice is greatly appreciated and welcome. Thank you.
Manny