Real Estate and Nursing Homes
Should I sell my parents’ home if they are going into a nursing home? Consult an attorney. Selling the home may end up disqualifying an individual from TennCare (Medicaid) benefits. The home is usually an excluded asset when applying for Medicaid. However, if the home is sold, the proceeds would be expected to be used to pay for nursing home costs out of pocket in most scenarios. This is why individuals may want to seriously consider an irrevocable trust.