Estate Assets Protection
Father is in a nursing home and mother is at home. I am trying to preserve their assets. Mother has 2 CD's in a bank in her name only-Can these be made part of the state recovery process? Their value is $58,000 and I was told she is allowed upto $70,000. for her use?
1 Answer from Attorneys
Re: Estate Assets Protection
The at-home spouse (your mother), may keep assets ranging between $17,856 and $89,280 depending on which state you live in. In Ohio she can keep $17,856 automatically. This does not include the house and car and a few other assets. In determining Medicaid eligibility, the couple's assets are evenly divided. The nursing home patient spends their half down to the state's criteria which in Ohio is $1,500. The only way mother can keep the maximum of $89,280 is if half of their assets are equal to or exceed the maximum of $89,280. If this is not the case, the at-home spouse will get to keep 50% of their assets. In your mother's case she can retain $29,000. The balance must be "spent down" on your father's nursing home care before he will be eligibile for medicaid.
This outcome can be avoided with proper planning, if done before nursing homecare is necessary.
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