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 the nursing home is entitled to keep the residence.
One of the key asset preservation planning points here is being able to get the name of the spouse who is applying for Medicaid off the title to the residence so that we can get it just into the name of the spouse who is not in the nursing home.
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses another topic from the video series Married Couples and Medicaid and explains a planning opportunity that makes it possible to protect the residence in the case where one spouse goes into a nursing home.
Married Couples and Medicaid: Your Residence
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another of our series of videos on Married Couples and Medicaid. Today I want to talk about your residence.
Now, we have some good news here, at least in terms of a planning opportunity, and that is that it is possible to protect the residence in the case of a married couple where one spouse goes into a nursing home. The spouse who is going to apply for Medicaid can only keep $2,000 worth of assets, but the spouse who is not in the nursing home is entitled to keep the residence.
So, one of the keys there is being able to get the name of the spouse who is going to be applying for Medicaid off the title to the residence so that we can get it just into the name of the spouse who is not in the nursing home. In another video, we are going to talk about the importance of not just stopping there, of protecting things against the possibility of that spouse who is not in the nursing home being the one to die first.
But, know that this is different from the case of a single couple where you really don’t have the opportunity consistent with Medicaid eligibility to protect the house, unless you’ve done some special planning in advance. In the case of a married couple, it’s just a matter of getting it in the name of the right spouse. Thanks.
For more information on planning for married couples, visit these articles:
- If You’re Married and Over 65, Your Wills are Probably Wrong
- Asset Limits – Married Applicants and Community Spouse Resource Allowance
- Do Transfers of Assets From One Spouse to the Other Affect Medicaid Eligibility?
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 or (314) 567-9292, or Contact Us and we will get in touch as soon as possible.