How the division of assets is handled, in regards to Medicaid eligibility, is important for many married couples facing one spouse entering a nursing home. This is one instance in which Missouri law and Illinois law is very different and that is the question of how much in assets the community spouse, the one not in […]
Does Gift Tax Affect Me?
One of the cornerstones of asset preservation planning is getting assets out of your name and out of harms way, which often leads to the question, “Will I have to pay gift tax?” This is a valid question. As part of the planning, assets may be moved into a trust, which is a great way […]
Married Couples and Medicaid: How Much Income Can the Community Spouse Have?
For a married couple applying for Medicaid, there are bound to be concerns regarding income and particularly how much income the community spouse (the one who isn’t in the nursing home) gets to keep. In Illinois, the base number is a set number that applies in all situations and that is $2,739. In Missouri, however, it […]
Married Couples and Medicaid: What Happens If the “Well Spouse” Dies First?
We can be very successful through various planning means in protecting assets for a married couple through the well spouse, or the one who is not in the nursing home (known in Medicaid-speak as the community spouse). But, what if that spouse happens to be the one who dies first? Most married couples have what […]
Married Couples and Medicaid: How Much Assets Can the Community Spouse Keep?
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 […]
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