QUESTION
If one of us goes to a nursing home, do we lose all of our assets leaving the other with nothing?
Asked on Mar 15th, 2014 on Estate Planning - Missouri
More details to this question:
Our primary residence is SC. Our second home is in MA. We have a small mortgage on the SC home, $47,000. We owe nothing on the MA home. We have a loan on a car and we have about $150,000 in cash. My husband is disabled and gets social security disability and he has Medicare A and B and a med d plan. He is 57 years old and I am 51. He is concerned that if we don't have our assets in a trust everything will be taken by the nursing home leaving me with nothing.
8 ANSWERS
You need to see a qualified Elder Law Attorney to get your affairs in order. There are ways to put things into trust and still qualify for nursing home assistance. I have a partner who specializes in this area, and there are lawyers throughout the country who handle these matters, so let me know if you need a referral.
Answered on Mar 19th, 2014 at 10:05 AM
Edwin K. Niles
This is supposed to be a Cal. site. I am not licensed in any other state, so cannot advise.
Answered on Mar 18th, 2014 at 4:52 AM
2 Awards
You need special medical planning. See an attorney ASAP as there are strict rules for medical planning.
Answered on Mar 18th, 2014 at 4:52 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Medicaid pays for nursing home care, if the patient meets the asset qualifications. A spouse is allowed to exempt 1/2 of the joint assets up to $114,000 plus the individual has a $2,000 exemption. So if your joint assets are $228,000 or over your spouse will be able to retain $116,000. To avoid this, you can place all your assets in a Medicaid trust and they will be protected as long as you don't go into a nursing home for 10 years after you start the Medicaid trust.
Answered on Mar 17th, 2014 at 2:04 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
You posted in the Oregon portion of the website; you need to refer your question to an SC lawyer.
Answered on Mar 17th, 2014 at 1:02 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Suggest you contact an estate planning attorney to arrange a plan for future use of your assets and advise you of your options re future medical and care costs.
Answered on Mar 17th, 2014 at 12:24 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
Somehow, your question got posted on a Michigan part of this site and not SC. You should repost it there or in MA. The answer to your question varies a great deal from state to state. The basic answer is no, the community spouse will not lose everything. But the planning you need to do is highly specialized and you need to work with a qualified elder law attorney.
Answered on Mar 17th, 2014 at 12:08 PM
Probate Attorney serving St. Louis, MO
at
Edward L. Armstrong, P.C.
Update Your Profile
Your husband is receiving disability from Social Security. This benefit does not in any way relate to concerns over benefits that may be paid by a state for nursing home care (this would be Medicaid, not social security). In some states (actually an increasing number) if a person receives benefit in the way of a nursing home subsidy (one example) on that person's death the state paying the benefit may be entitled to assets from that person's estate. You should consult with an elder law attorney.
Answered on Mar 17th, 2014 at 10:11 AM