Why Do I Need My Spouse's Assets When I Am Only Medicaid Planning for Me?
As you or your spouse age, you may start thinking about the possibility of needing Medicaid to help pay for healthcare. Medicaid planning can be a complex process, and it's common to have questions about why an attorney would need to know about both you and your spouse's assets.
The answer is simple: if you're married, your assets are now considered jointly owned, even if you haven't owned assets together in a long time. When submitting a Medicaid application, an elder law attorney will ask for information about not only the assets of the client applying for Medicaid, but also the assets of their spouse. This information must be submitted to Medicaid as part of the application process.
It's not uncommon for the community spouse, the one who's not applying for Medicaid, to feel indignant about providing information about their assets. However, this information is necessary for an attorney to properly protect both you and your spouse's assets. An attorney can use various legal and ethical strategies to help protect your assets and ensure that you receive the care you need without depleting your assets.
When going through the intake process with an elder law attorney, expect to answer a detailed questionnaire about your assets. This will include information about bank accounts, brokerage accounts, retirement accounts, real estate, life insurance policies, and the cash value of any life insurance policies. It's important to be specific and accurate in your responses, as this will allow the attorney to create the most effective strategy for protecting your assets.
The strategies recommended by an elder law attorney will vary depending on the amount of assets you have. Protecting $50,000 requires a different strategy than protecting $500,000. By providing accurate information about your assets, an attorney can create the best strategy for your situation.
In summary, it's essential to provide accurate information about both you and your spouse's assets when applying for Medicaid. An elder law attorney can use this information to create the best strategy for protecting your assets and ensuring that you receive the care you need without depleting your assets.
Don't hesitate to contact our team at Elder Needs Law if you have any questions about Medicaid planning.