What kind of assets can a spouse of someone in a nursing home keep?
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What kind of assets can a spouse of someone in a nursing home keep?
My father is in a nursing home and my mother is in great health. How much money can she expect to keep in their joint account?
Asked on January 2, 2011 under Family Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You really need to seek help from an attorney in your area that deals with asset protection and how medicaid law may in fact be able to help here. Is your Father on medicaid already? If he is over 65 and his monthly income level is under a certain amount and your Mother - known as the community spouse - has assets under a certain amount which in some states is approximately $85,000 - then our Dad would qualify for assistance and your Mom would be protected. Some states also allow what is known as QTIP trusts which can help to protect assets and allow the party in the nursing home to qualify for medicaid as well. Seek help. Good luck.
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