In short if I were on Medicaid and inherited a rental property is there anyway I could retain both the property and remain on Medicaid? Or would I have to give up one or the other? Thanks.
You don't say whether or not the person who owns the property has died or is still living, and if living, if competent to make a Will or incompetent.
There is a way to receive benefits and still have the potential to benefit from the rental property, and if the owner is still living, it is not all that difficult to achieve. Any expert trust lawyer or medicaid attorney should be able to do it. Even if the owner is deceased, if they have a living trust, there is a way to get the trust modified to accomplish the same thing.
There is no short cut here. The person who owns the property--or someone on his or her behalf--needs to contact a medicaid or trust specialist.
You asked if there is any way you can retain the property and remain on Medicaid. One obvious way will be to live in the property. A residence is a "non-countable resource," but a rental property is countable. Secondly, it may be possible to retain the value of the rental property by selling it and placing the sale proceeds in a special needs trust. The earlier suggestion that you consult with local experienced elder law counsel is wise. If you do not know such a lawyer, seek a referral at www.naela.org.
Best wishes for a favorably outcome, and please remember to designate a best answer.
Your inheritance would ultimately disqualify you from Medicaid benefits. Once you become entitled to the inheritance (the owner dies), there is nothing you can do to prevent disqualification. A disclaimer will not work. So, you might consider having the owner modify his/her estate plan to direct your inheritance elsewhere or to put a supplemental needs trust in place.
You need to consult with a Medicaid attorney. The home may be entitled to an exemption fir 13 months, but I am not sure about that when it comes to inherited property. Besides, than exemption merely postpones the inevitable. Do not delay is consulting with an experienced Medicaid attorney.
I agree with most of the comments provided by my colleagues. Of course, I recognize that you are in Ohio and should consult with a local elder law attorney. I suggest that you ask the attorney whether Ohio allows individuals receiving Medicaid nursing home benefits to own rental property. In Florida, if an individual owns rental property that generates rent commensurate with its fair market value, the net rent will be countable income and the rental property will not be treated as a countable resource. It is even possible to arrange for the property to pass outside of probate, thereby avoiding Medicaid estate recovery upon the death of the individual on Medicaid.