Married couple... spouse going to assisted Living or Nursing Home..the cost?
So if the husband makes $4,000/month and his soon -to -be institutionalized wife makes $1,000/ month (disability check).. and the couple have a home, ~ $ 350 K in a retirement fund.. and $150K in CD's ( designated for kids college funds) .. what is the scenario ? What should be done to maximize asset protection? State is Massachusetts.
Answers: You want to speak with an elder law attorney, even if she is not an elder. You will own to pay the cost of the home from your assets. If you are asking what to do to get the state to foot you will first have to spend down the retirement fund and the CD's, neither will be protected and it doesn't matter to the state what the funds are intended for. The state frowns upon giving away assets 5 years prior to long residence care needs, which is why you involve the attorney.
The home will be protected as long as you or a dependent child lives there, but a lien could be attached at your death.
Too behind time to maximize asset protection now! You can't shift the burden to the working taxpayer and go on welfare - that's fraud.
The correct news is, if she does go onto medicaid, although they'll put a lein on the assets - close to the house - they won't through the husband out. He can live in the house until he dies.
See a "fee-only" financial planner (rather than someone who uses that title to sell things) or an "elder directive attorney" in your state. I would recommend talking beside a few before you decide which advisor to dance with.
The answer may vary depending on how your assets are titled.
With so much at stake and you conspicuously have some money and assets to protect, don't you think it would be learned to talk to an attorney? I agree you need to want the advice of an estate planner and financial planner.
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Answers: You want to speak with an elder law attorney, even if she is not an elder. You will own to pay the cost of the home from your assets. If you are asking what to do to get the state to foot you will first have to spend down the retirement fund and the CD's, neither will be protected and it doesn't matter to the state what the funds are intended for. The state frowns upon giving away assets 5 years prior to long residence care needs, which is why you involve the attorney.
The home will be protected as long as you or a dependent child lives there, but a lien could be attached at your death.
Too behind time to maximize asset protection now! You can't shift the burden to the working taxpayer and go on welfare - that's fraud.
The correct news is, if she does go onto medicaid, although they'll put a lein on the assets - close to the house - they won't through the husband out. He can live in the house until he dies.
See a "fee-only" financial planner (rather than someone who uses that title to sell things) or an "elder directive attorney" in your state. I would recommend talking beside a few before you decide which advisor to dance with.
The answer may vary depending on how your assets are titled.
With so much at stake and you conspicuously have some money and assets to protect, don't you think it would be learned to talk to an attorney? I agree you need to want the advice of an estate planner and financial planner.