How can I avoid being impoverished by the high cost of nursing home care?
The answer usually depends upon your marital status, and whether you are already in the nursing home or you anticipate a lengthy stay in the nursing home. It is almost never a good idea for people who aren’t facing a lengthy in the nursing home to give away assets. Question 5: If my spouse is going into a nursing home, can he or she transfer all of his or her assets to me and qualify for Medicaid? Answer: Probably not. To determine the eligibility of the spouse who is going into the nursing home to receive Medicaid, all of the non-exempt assets held by the husband or wife are added together and then the total divided equally between the spouses. Of the half attributed to the spouse going into the nursing home, that spouse is disqualified from receiving Medicaid until his or her share of the assets are reduced to $2000. The spouse outside of the nursing home can retain half of otherwise non-excludible assets, up to a maximum (of around $100,000, an amount that changes annually), plus th
