I live in Texas and retired in 2006. My only asset is my IRA. Since my retirement, no additional funds have been added to it, and I take my RMD, plus more, each month to supplement my expenses. We have no other assets such as life insurance, real estate, or any other source of income except Social Security. We have only been married 10-years and my wife has no access to my IRA. She is currently in a memory care unit of a nursing home, but the monthly cost is to me is a problem. Her only source of income is considerably less than $2000, coming from Social Security and a very small pension. Her only expense is her health insurance premium. I am going to have to move her into a long-term care facility that accepts Medicaid, An elder law attorney told me that I can probably retain my entire IRA and that Medicaid would probably rely only upon her small monthly income. Is that correct? Before moving to the nursing home, I paid everything; rent, utilities, food, etc. Has anyone experienced a similar situation and would be willing to share their thoughts?Thank you!
You’re in RMD mode right? That RMD $ will probably be considered “income” and it will mate up with whatever you get as your own SSA income + any pension you maybe also get. For a CS their own income - unless it really high cotton $$$ each month - probably will not be taken into consideration for your brides own income situation for her own LTC Medicaid eligibility. She - for LTC Medicaid in TX - has to have her own income under $2,901.00 & her own nonexempt assets at 2K maximum. If she is at these points then is financially at need for LTC Medicaid eligibility. fwiw A home that is a primary residence and 1 car are exempt assets. If y’all have a ranch or have O&G/mineral rights, they are real common to have and probably will not be an issue.
But there’s all these other things that couples have that will need to be dealt with. Imho never ever a DIY. You need an elder law atty who is used to NH/CS situations and know how to segregate joint assets that are compliant for how LTC Medicaid looks at financials for her eligibility. A lot of Estate attorneys are all about tax sheltering and avoiding probate. That not what you need so clearly ask their expertise with TX LTC Medicaid. It’s impt that you get on this now because TX does the snapshot approach to determining assets. The date she files for LTC sets the snapshot day to which the assets are affixed. It’s easier if things are segregated before this. Like if y’all have 2 cars, 1 gets sold or both get sold and you get 1 better newer car with a car payment. That car payment may be tight for your own solo monthly income and gives a rationale as why you do need some of her income waived over to you. Comprende?
There’s other lil things….. like everything that has her as a “beneficiary of” should probably be has changed. For example, If you have her as the beneficiary of your 50K sm life insurance policy, and you get hit by a bus, what then??? That 50K kicks her off LTC Medicaid and you’re gone so who’s going to deal with this for her? This is an example of one of the many things that can be an issue for CS / NH situation.
Couples stuff is way complex. Not a DIY. Work with an atty. Find a Medicaid savvy atty.
The financial is what folks get all wadded about. But the finances involved things that you have control over. It’s things you can deal with. Most States have the SNF/NH applicant at a max of $2,901 a mo in income and 2K max of nonexempt assets.
The “medically at need” aspect is equally as important. And in many ways it can be harder to do as you have to work with the applicants healthcare providers to establish in their health chart that they absolutely are at need for skilled nursing care in a facility. Just being old, or having some dementia or needing help bathing may not be enough to establish skilled nursing care required.
The majority of NH admits are that they are hospitalized and then are discharged to a SNF/NH for rehab. Both the hospitalization and rehabilitation are health insurance benefits. Then at some point they stop being eligible for rehab and segueway from a rehab patient on health insurance to a custodial care resident at need for skilled care in a NH. This resident will have a nice fat health chart that clearly shows “need”. Plus They have been at the facilty for the 30 days that TX nowadays wants to have happen before a LTC Medicaid application can be done.
Financial is important but medical is also.
I thought this was a third post of the same question. I don’t see those posts now.
Not sure what is happening with your posts BigBear.
If you don’t have confidence in your elder attorney, perhaps find another?
I personally believe any non commingled property you owned before marriage is exempt but there could be factors I’m not aware of. Each case is unique and as Medicaid is state specific I would find a certified elder attorney as soon as possible who you have researched. It’s a great stress reliever to have a professional assisting on such important matters.