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Hooker Twp,Ne | Basicly that is in effect. Currently the gov allows the well spouse to keep up to $3900/ monthly for living expense. Also can retain appr $150,000 in assets. Also one vehicle is exempt and burial pay up to a certain amount. Now if there is business involved that business is exempt as long it helps the well spouse or partner of business. Now the business may have to kick in some for LTC assistance. Also the home that the well spouse lives in is exempt. Up to a value of appx $700,000. Now when the LTC resident passes those business assets have a Medicaid lien attached to them. Now if well spouse is still alive the business doesn’t have to be sold but there is a lien against it. In other words someday medicaid will get their money back. I believe government has done it in this manner so to keep or save face from the well spouse to have to go through divorce in order to keep them from ending up on government assistance also. Every situation is a bit different. These are the approximate rules and can vary from state to state. As always an attorney that specializes in the field is advised. | |
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Long Term Care
