By skyforbes My mother’s family has held a large plot of land for 100+ years. The asset holders included my mother and her sisters as well as two of their first cousins after my grandfather and his siblings passed. My mother died in 2020, her share passed as inheritance to myself, my two brothers and my father. My father has managed the taxes on our share with my mother’s two sisters for the last five years.
Recently, the land was sold, however an issue came up at the signing for sale that may lead to an updated land survey before final sale is approved. So it is not officially sold yet.
Here is my issue/question. I’m a single mother to a 2 year old and currently pregnant. We both qualified for Medicaid this year after I got pregnant (my son has qualified since he was born, I did not until this year.) My estimated share of the land sale is about $16,000, which shouldn’t impact my unborn child’s eligibility or mine while I’m still pregnant, but will my older son’s if it’s treated as straight income.
Obviously I need to consult our estate planning lawyer, but does anyone know if there’s anything I can do to prevent us, especially my older son from losing Medicaid? Without the assets from the land sale, all three of us would be eligible for straight Medicaid going into next year.
This is in NY