In this Elder Law Minute, Wes Coulson discusses how to help a married couple protect their life savings if one of them needs nursing home care. ?????? Transcript: Hi! I’m Wes Coulson from Coulson Elder Law, proudly serving clients throughout the St. Louis metropolitan area and beyond. I’d like to welcome you to our Elder […]
In this Elder Law Minute, Wes Coulson, O’Fallon Illinois Elder Law attorney, discusses another topic from the video series Married Couples and Medicaid and discusses IRAs and other retirement assets with regard to establishing Medicaid eligibility for someone who is married. Married Couples and Medicaid: Dealing with IRAs and Other Retirement Assets Transcript: Hi, I’m […]
Married Couples and Medicaid: Establishing Eligibility is Much Easier and Can Happen Much Sooner than You Probably Think
With the help of a good Elder Law attorney, establishing eligibility for Medicaid for a spouse in a nursing home can occur much sooner and is much easier to accomplish than what you might expect. Within the Medicaid eligibility rules, there are plenty of opportunities for achieving this. Because of the way the income rules work […]
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 […]
For a married couple facing the possibility of one spouse having to go into a nursing home, the question that may be on their minds is: Should we consider getting a divorce so that we can protect things through the spouse who won’t be going into the nursing home? Not only could getting a divorce […]
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 […]
The Medicaid rules regarding cars, trucks and other vehicles are different for a married couple than they are for a single person. A single person is only allowed to have one vehicle in Illinois that is limited to $4500 in value (unless it is used or equipped for medical transportation), in Missouri without that particular […]
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 […]
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 […]
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 […]
One of the most central questions we get from married couples during Medicaid planning is also one of the most misunderstood questions: What is the effect of transfers of assets prior to application from one spouse to another? The common misconception is that married couples believe they can’t transfer assets between each other because of the […]
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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 (877)995-6876 or Contact Us and we will get in touch as soon as possible.