Should My Spouse Transfer All Of His Or Her Assets To Me To Qualify For Medicaid? | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






Should My Spouse Transfer All Of His Or Her Assets To Me To Qualify For Medicaid?

May 5, 2016

Filed under: Medicaid — Neel Shah @ 1:09 pm

It is a bad idea to have a spouse make a major transfer of assets if he or she is going into a nursing home unless you have consulted with an experienced attorney. All non-exempt assets held by the wife or husband are held together and then divided between the two spouses for Medicaid eligibility purposes. shutterstock_357404000

The spouse going into the nursing home could be disqualified from receiving Medicaid until his or her portion of the assets is reduced significantly. It is important to consult with an elder law attorney if you have questions regarding Medicaid. The lookback rule allows Medicaid to deny your application if you transfer assets for less than what would be considered fair market value within five years before your application for Medicaid benefits.

Remember that if you do give away your assets it can be impossible to get them back by legal action. Do not assume that passing on your assets to your loved one allows you to get them back in the future if your loved ones do not want to cooperate with this. Consult with an elder law planning attorney to learn more about your options.

Leave a Reply

Your email address will not be published. Required fields are marked *