It’s a common myth that when one spouse goes into a nursing home, the remaining spouse must spend all of their income and assets to pay for care. However, the Federal Catastrophic Coverage Act of 1988 provides protections for the “Community Spouse.”
The following assets and income are protected:
- All Income belonging to the community spouse
- A home with equity under $688,000
- One car of any value
- Household goods
- Prepaid burial policies and plots
- One-half of the couples non exempt assets up to $137,400.
These are just the basic rules. An experienced elder law attorney can help protect even more of the couple’s assets. Proper restructuring of assets is required, but the well spouse can have unlimited assets as long as they follow Medicaid rules.
Even after the first spouse enters the nursing home, assets can still be restructured to maximize Medicaid benefits. The rules of Medicaid are complex and constantly changing, so seeking the help of a local elder law attorney is recommended.
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Jamison Bonds, VA Accredited Attorney
One of the many benefits of being an elder law attorney is getting to work with selfless clients who act not out of their own self interest, but out of a deep concern for the people they love. That’s why I love helping families enjoy peace of mind and protect their hard-earned assets.
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Over the course of nearly a decade, we’ve helped more than 1,200 of your neighbors with their estate planning and elder law needs. Now we can help you achieve the best possible outcomes for your family.