My parent is 88 and will be heading to a nursing home shortly. He owns a home that will be sold netting him $60,000 after expenses. He is living with us and is on our deed and mortgage. With the sale of his home, if we look at his portion of the new mortgage, he will have a net worth of about -$35,000.
Or Dad can "self-pay" for the first few months at the nursing home, then Medicaid will kick in after that.
Now that Dad is on your Deed, Medicaid would put a lien on 1/3 of the house assuming both you and your spouse are both on that Deed, along with Dad.
Are you asking about medical assistance -- like health insurance? Or long term care for the nursing home? Can you clarify how the $60,000 net from the sale of his home went to $35,000? If he owns a piece of your home, then that is an asset of his as well.