If your spouse is in the nursing home, with the right advice you can protect nearly all of your assets, according to Elder Law Attorney Dennis Toman from Greensboro, North Carolina.
Well, when you’re caring for a spouse who’s in a nursing home, of course, it’s a very difficult time. One of the things going through your mind is going to be, you know, what’s going to happen if we’re going to keep spending six, seven, or eight thousand dollars a month on that care. What am I going to live on for the rest of my life?
And unfortunately, there are lots of misconceptions as well as some bad advice. Some people will spend thousands and thousands, even tens of thousands of dollars.
When one spouse is at the nursing home, the other spouse is living at home, the Medicaid rules allow the healthy spouse to keep one half of the accountable assets for the community spouse’s resource allowance.
In addition to that, because of the way Medicaid rules work, generally what will happen is that if the spouse gets the right advice, they’re going to be able to protect pretty much all of the assets, most of the savings, all of the real estate in North Carolina and keep their income.
So with the right advice, the spouse living at home is not going to have to worry about their own finances. All they have to worry about is how to take care of their loved one in the nursing home.