What if both names are on bank accounts, and 50% is owned by spouse, does only 50% of all money in accounts count toward the applicant's total assets ? Does spouse's assets like CD's count toward the applicant's assets ? Do you know what max is for assets for one applicant or beneficiary ?
Medicaid planning is a very complex area of law. Generally speaking, Medicaid is going to count certain assets of both husband and wife. Income, however, is different. Medicaid will only count the gross income of the applicant-spouse (your husband in this case). If his income is over limit ($2,199.00), he can divest some of that income to you. To answer your question, yes, the joint bank account assets and the CD's will be counted. The theory is that the funds in those accounts are "accessible" and, therefore, you can use those funds to assist with the bills. You should contact an attorney to assist you through this maze. The attorney will have to go through all of your assets and income to determine how to best structure your finances so you can qualify. Best of luck to you and your husband.
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They look at the assets of both husband and wife.
Are you talking about one spouse going into a nursing home?
Many different types of medicaid exist.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
The Medicaid LTC qualification laws are very complicated and vary from state to state. I recommend you contact an experienced Elder Law attorney sooner than later.
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Generally the answer is yes. There are many exceptions and opportunities to make assets exempt and it is for this reason you should always speak with an elder law attorney or two and not look for answers on the internet.
My comments are not intended to establish an attorney-client relationship, are not confidential, and are not intended to constitute legal advice. Proper legal advice can only be given by an attorney who agrees to represent you, who reviews the facts of your specific case, who does not have a conflict of interest preventing the representation, and who is licensed as an attorney in the state where the law applies.
Medicaid treats a married couple as a unit. However, the 5 year look-back period for uncompensated transfers does not apply to inter spousal gifts. Medicaid provides a three month period AFTER application in which to transfer assets between spouses. Jointly held assets are treated as the applicant's asset. In Florida, the following assets are considered exempt for a married couple: a vehicle of any value; any additional vehicles that are 7 years or older which are not collector its, pre-paid burial, provided the arrangements are irrevocable; a separate $2,500 burial fund for each spouse in addition to pre-paid burial; term life insurance, life insurance with a cash value with an aggregate face value of $2,500 per person; $122,220 of other countable assets for the healthy spouse and $2,000 of other assets for the applicant. Basically, any married couple can qualify for Medicaid in Florida, even if they are over these limits, as Florida still permits the Spousal Refusal technique, among other planning techniques. There is also an income limit of $2,199 gross per month for the income the applicant. If the applicant is over this amount, you are required to have a Qualified Income Only Trust in place (which is a pass-through trust).
My first suggestion is to seek the advice of Elder Law Attorney with specialization in Medicaid application. Most of the time the assets of the married couple will be view by the medicaid agency as one singular. economic unit. However the asset and income criteria for qualification for nursing home and home care Medicaid differ as do the Medicaid qualification requirements for a married couple as compared to a single person. If you or a family member needs assistance from your local governmental agency that administrates Medicaid you really do need to seek out Elder Law Attorney, in order to avoid the traps and a delay in care.
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