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Take care,
Carol
So say you have 100K in investments in your name and SS# and you wholly owned it before you ever married - yes that is separate property - but the interest $ is put into a joint account. So you are co-mingling the $ and it could be viewed as a joint asset. You need good legal done to get it clearly separated. Another thing to think about - if your spouse is going on Medicaid - is what should happen if you die before him. If he inherits, then he will be off Medicaid and who is going to be his advocate or manage his affairs? This is a super sad situation and you can use "your" $ to set something up, like a special needs trust, for him if you die.
Spend "your" $$ on an attorney, really.
Transfer penalty could come months later after they are on the Medicaid program and they have been living at the nursing home. The NH will get a letter from the state indicating that they have found the resident has a penalty of X # of days. You or whomever is the responsible party will get the letter too. Penalty is based on what each state benchmarks as it's room & board day rate. For Texas the penalty is $ 142.92 per day. So if you transferred something worth 30K - like a car or savings - then that is 209 days that someone have to private pay to the NH asap or you will get the dreaded 30 day eviction notice from them and face a collection action. This is a total panic situation to be in. You don't want this to happen.
When you apply for Medicaid, you sign off to allow for any and all financial access for Medicaid to review, plus you have to provide all insurance, retirement information with the application. Medicaid is a needs based entitlement program that is tax payer supported, you have to have very, very limited resources in order to qualify. If everybody went and took all of their parents or spouse's $ and transferred the house on Monday and could apply for Medicaid on Tuesday, the system would collapse. You have 5 years to plan this out.
Your financial info is just a couple of keystrokes away, there really isn't a way to hide income and assets.
Also, I think even though you keep house, if it is sold, Medicaid can "recover" their costs for NH from your husband's half of sale price.
Make sure you get an attorney who specializes in estate planning and elder care.
-SS
so hidding money is not a good idea.
For many couples, the remaining at the home seems fine & dandy for a few years - especially if the at home spouse is younger & healthier than their mate. Let's say, Tiffany, is a 2nd wife and 20+ years younger. But if say 5 years later, Tiffany finds the house just too big or too much to deal with and Tiff sells the house and moves into a condo that is less money then she probably is going to have to pay part of the proceeds from the sale to the state's Medicaid program. If might be best to look at downsizing their whole lifestyle and paying off whatever debt before the entry into the NH so they are minimizing their exposure to Medicaid Estate Recovery. I bet there are quite a few Tiffany's in this situation too.
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