Protecting Assets From Medicaid

Summary

Medicaid may seek payment from a spouses assets for care costs. Strategies like spousal refusal, Medicaid-compliant annuities, and spend down can help protect assets. Consulting an elder law attorney is advisable for personalized guidance.

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My * yr old Dad's wife is in memory care with dementia. They have separate banking/saving accounts. We have been told that once her private pay money runs out they will come after my Dad to pay her bills when her daughter applies for medicaid. Is there a way to protect his money from medicaid w/o divorcing her? There is no prenuptial agreement.
Hi ****! Here are some general strategies that might help protect your father's assets:
- Spousal Refusal: In some states, a "spousal refusal" can be filed, where the healthy spouse refuses to use their own assets to pay for the care.
- Medicaid-Compliant Annuities: Purchasing an annuity that converts assets into an income stream for the healthy spouse.
- Spend Down: Legally spending money on exempt assets, such as home improvements or a new vehicle.
- Consulting an Elder Law Attorney: An elder law attorney can provide specific advice tailored to your father's situation.
Would you like to be connected with a local elder law attorney to discuss these options further?
Yes, I would like information on one. My zip is *
Great! I can help with that. Could you please provide your phone number for the referral?
*
Case Rating: *
It seems like this could be a high-value case for an elder law attorney. Would you like to be connected to local lawyers who can better assist you with your case?
What is your email address?
sippyswede@gmail.com
Thank you for all the details. We will have a top rated lawyer in your area contact you shortly. For your records below is the information I gathered
Name: ****
Email: sippyswede@gmail.com
Phone: *
Zipcode: *
Reason: Protecting father's assets from Medicaid for wife's dementia care
From: FreeLawChatCom
Is there anything else I can help you with?
No thanks
Case Rating: *
It looks like ****'s case involves protecting her father's assets from Medicaid, which is significant and likely to require professional legal advice. The information provided has been comprehensive, and **** has been connected with a local elder law attorney. No further assistance is needed.