If you are married and looking at applying for Medicaid, there are bound to be numerous concerns regarding the “community spouse,” the one who is not going into the nursing home, and what assets they are entitled to keep. One important asset the community spouse is entitled to keep is the residence. In addition to […]
Who Needs An Asset Preservation Plan?
“In my mind everyone needs an asset preservation plan, especially as you grow older.” If you’re fortunate enough to make it to age 65, there’s about a 40 percent chance that you’ll eventually wind up in a long-term care facility. If you make it to age 85, that goes up to about a 70 percent […]
Should An Unmarried Couple Get Married If One Partner Needs Long-Term Care?
We occasionally get the question about whether or not an unmarried couple should get married if one of them needs long-term care. This question may seem unusual, but in the case of couples who have gotten together later in life and didn’t marry to honor a spouse they are widowed from, or in the case […]
Asset Preservation Planning and Financial Powers of Attorney: Why yours may not stack up at a critical time
What financial powers of attorney include and don’t include can end up making a tremendous difference at a critical time. For people concerned with asset preservation planning, this is incredibly important. Think of the financial power of attorney as a tool kit, one that you’re building for the person that you’re naming as agent to do things […]
Married Couples and Medicaid: Your Residence
The opportunity to protect your residence when one person of a married couple goes into a nursing home is different, consistent with Medicaid eligibility, than if you are a single couple. For married couples, while the spouse who is going to apply for Medicaid can only keep $2,000 worth of assets, the spouse who is not in […]
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