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Tag: assets

22Feb

Medicaid Now Allows the Healthier Spouse More Assets

Posted by markelderlawon February 22, 2023in Medicaid
man and woman holding hands walking in winter coats

There is a tremendous cost associated with nursing home care for a spouse.  Most nursing home facilities charge approximately $12,000 to $13,000 each month for a semi-private room.  Medicaid will pay for nursing home care, but only after the family’s…

Read More Medicaid Now Allows the Healthier Spouse More Assets

03Jan

Custodial Accounts for Minors Should Be Exempt from Medicaid

Posted by markelderlawon January 3, 2023January 3, 2023in Medicaid
Mother and father pulling kids in sleds in the snow

According to the New Jersey Medicaid regulations, an individual is not allowed to own more than $2,000.00 of resources.  A resource includes any bank accounts, checking accounts or other investments that are in the control and accessible to that person. …

Read More Custodial Accounts for Minors Should Be Exempt from Medicaid

09Sep

Medicaid Has Two Snap-shot Dates for a Married Couple

Posted by markelderlawon September 9, 2022October 21, 2022in Medicaid
husband and wife sitting on beach with arms around each other

When a spouse enters into a long-term care facility, the cost of that care can be catastrophic.  Fortunately, there are federal laws that protect the healthier spouse from being impoverished.  According to the federal statute, there are two important dates…

Read More Medicaid Has Two Snap-shot Dates for a Married Couple

03Jun

Change in Medicaid Laws Protect More Assets for Married Couple

Posted by markelderlawon June 3, 2022in Medicaid
elderly woman with husband on bench

The cost of long-term care can be catastrophic.  Many families deplete their life savings and assets on the cost of this care.  Fortunately, there are federal and state laws that protect the healthier spouse from being impoverished.  These laws and…

Read More Change in Medicaid Laws Protect More Assets for Married Couple

17Oct

Problems When Life Estate Is Sold During a Person’s Lifetime

Posted by markelderlawon October 17, 2021in Estate Planning
client selling life estate

What happens if the property is sold during the lifetime of the parent?  Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …

Read More Problems When Life Estate Is Sold During a Person’s Lifetime

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