When Your Spouse Is in a Nursing Home: Protecting Your Finances

LinkedIn

The question: When your husband or wife goes into a nursing home, do you have to pay for care until your money runs out, or can you keep some of your assets?

The answer, from elder-law attorney Craig Reaves at The New Old Age blog: You can keep some money, but the options to do so aren’t pretty.

Most states allow a division of assets, Reaves writes. But the working spouse may not be able to hold onto a lot, and after he or she dies, “Medicaid will want its money back, a process known as ‘estate recovery.’”

Another option: divorce. “These situations are heartbreakers,” he says. “The sessions in my office when we talk about this possibility are often full of tears.”

Read the details of all the options here. Below are a few ideas we’ve written about to help pay for care:

If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.

LinkedIn
Posted in Financial—General, Nursing Homes Tagged with: , , ,
0 comments on “When Your Spouse Is in a Nursing Home: Protecting Your Finances
2 Pings/Trackbacks for "When Your Spouse Is in a Nursing Home: Protecting Your Finances"
  1. [...] “When Your Spouse Is in a Nursing Home: Protecting Your Finances” from → Medicare, Medicaid ← Medicare Pay Cuts Postponed for One Month LikeBe the first to like this post. No comments yet Click here to cancel reply. [...]

  2. [...] The article hints at other ideas for people in similar situations. You can read it here: “When Long-Term Care Threatens Spouse’s Assets.” You may also be interested in our previous post, “When Your Spouse Is in a Nursing Home: Protecting Your Finances.” [...]

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Speak to a Care Advisor

Do you want to speak to a care advisor? Fill out the form below.

* These fields are required.

Follow us on Twitter!

#ElderCareChat

Subscribe to our blog

* These fields are required.

About Us | Blog | Link To Us | News | Jobs | List Your Community | Contact Us | Terms of Service | Take Down Policy | Privacy | Site Map
Copyright © OurParents 2014