Trying to avoid losing all of my parents money in a spend down.

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Their married so all assets whether just his or just hers does not matter.

But Medicaid does NOT require dad as the community spouse to himself become impoverished. Only mom must meet Medicaids financial impoverishment requirement of 2k in assets and under whatever Medicaid has for monthly income max (abt $2,050). Dads income is NOT a factor in her Medicaid eligibility.

Grem - how much above 120k in assets do your folks have? 119k is kinda the overall standard in most states for the CS (dad) to have to totally keep as his CS asset. Now $ may need to be shifted out of mom’s own lil personal in just her SS# savings account or stocks or other investments over to Dads to beef it up to get to the magical 119k but they can do this if done BEFORE the Medicaid application filed. But doing stuff like this may be beyond what they can DIY. Your dad is probably overwhelmed with her care & she’s not competent / cognitive to do stuff and YOUR OVERWHELMED too. Really for CS situations an elder law atty is time & $ well spent.

theres stuff that nobody thinks about...... like most couples have each other as their beneficiary for life insurance. Bad bad idea cause if dad gets hit by a bus that insurance payout is $ to mom and she’s then ineligible for Medicaid. And you have that to deal with this atop his death...... Beneficiary may be best to put it into some sort of trust or have grandkids college funds or a UTMA type of fund as beneficiary. Really it’s stuff like this that a good atty know to do as SOP for couples
medicaid planning.
Grem, we can give you our ideas & experiences but really imo they need a sit down with an atty to come up with best plan for them that’s legal & legit for how Medicaid runs for thier state. Plus the atty can guide dad to get his CSRA / MMNA at the max level your state allows for from your mom’s monthly income if he can show the need for it.

really get their financials together and find an atty for them.
Helpful Answer (3)
Gremlin Sep 3, 2018
Where did you get this 119K figure? I seen everything from $24,720 to $123,600. I can’t seem to get a straight answer on that one. If the larger figures are right they will be absolutely no problem but if the smaller figures are true some property may have to be sold. I think the total value of everything wouldn’t break 60K.
If you mean you are planning on taking her off a joint account that is primarily hers this can't happen. Medicaid asks for statements back 5 yrs.
Medicaid is based on monthly income. Savings and checking accts will have to be spent down. Insurance policies, if cash value, have to be cashed in. So do stocks and savings bonds. Shevwill be allowed a home but not be able to keep it up, all her SS and pension will be signed over to the NH as payees.

If this an account of long standing that Moms name has never been on, then its not hers and Medicaid will not count it.
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Gremlin Aug 30, 2018
That's the problem. It's a joint account with my father. He will remain in the house. He knows she needs to go but is afraid of being left with so little that he can't even pay for the upkeep on the house.
The 5 year look back will want to see all accounts held jointly by her as those just held by her. You can't hide the money by it being in a joint account. I hope that you have not mixed any of your own money in with her's on an account that you have joint ownership with her.
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