Q: My 78 years parents have a joint account for 1hundredand thirty five thousand are qualify for services
I am applying for long term manage care
A: You really need to seek the assistance of an elder law attorney before you take too many steps in this process. There are ways to properly do things and if mistakes are made it can be very costly or result in disqualification of benefits.
Lauren Nagel Richardson agrees with this answer
A:
Close - but not yet. If one spouse does not require care, the well spouse is entitled to keep $120,900 of their joint assets.
But you want to plan for the unlikely event that the well spouse predeceases the spouse who needs Medicaid - because then the Medicaid recipient would inherit what's left over and likely be kicked off of Medicaid.
If both parents need Medicaid - more planning is needed.
An elder law attorney who focuses on Medicaid planning can assist you with all scenarios. Good luck to you.
Lauren Nagel Richardson agrees with this answer
A: Please consult with an experienced elder law attorney before you take any steps. There are many questions and issues to be addressed. It is not as simple as looking at the asset cap for community spouse.
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