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Westchester & Putnam County Estate Planning Lawyers > VIDEO FAQS > My parents live with me. Can they use their money to help pay for some of the expenses?

My parents live with me. Can they use their money to help pay for some of the expenses?

If your parents live with you, they can use their money to pay some of the expenses. Probably the better thing to do for Medicaid purposes would be to have them sign a lease at a fixed monthly rent, a fair market rent. That way, Medicaid will not look at that payment as a gift, but more for what it really is, a lease payment. A lease can be drafted and should be drafted with the aid of an elder law or estate planning attorney who can advise as to what the fair market value is.

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