Where should I put my father's inheritance if I don't want it to go to my husbands nursing home?

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my husband was not diagnosed yet, but I am sure he is getting alzheimer's. My question is I am getting an inheratince from my Father and affraid to put it in the bank if my husband should end up in a nursing home like his mother is. He never liked any of my family so I don't want it to go for his health. Any suggestions of where to put it safe or should I spend it?

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I'm not sure about this - a lawyer is a necessity in this case, I think. Can an inheritance be held as the separate and sole property of the person inheriting it, even if they are married? I know it would have to be held absolutely separate for marital joint property, never commingled, but I think it might be possible to keep it out of community property. But, I don't know how Medicaid would view these non-marital property funds.
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We have set up a trust with properties and life insurance in it. There is a look back of 5 years.....we are just keeping our fingers crossed. From what I was told by our Elder Care Lawyer, they can take anything in both of our names. Doesn't seem fair....bueaucratic mess!
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N1K2R3, I guess I am jumping the gun on putting him in a nursing home, I think he is starting with alzheimers but don't know for sure. I am conserned about what to do with the money right now. Also he has bin wanting to spend alot of money now, and I am 8 yrs. younger than him. So I need somthing put away for future. We are both on medicare and that doesn't leave alot to spend. or save.
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Hi Bill: I must have been asleep on the day they taught Trusts.... Also slept through Annuities. I can't say anything about the way trusts are handled for beneficiaries. I'd be a little skeptical about the way funds are distributed (or not distributed).
Potpot: Why do you anticipate putting your husband in a nursing home? Is he not able to function now?
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You really need a lawyer on this one. Check irrevocable trust -should be able to be written money goes 1st to you for your lifetime and then to your daughter.
Real estate at this time is kind of a bad investment, also ties up funds. Whatever you do put it in your name with daughter POD (pay on death) beneficiary if a bank account. You can be sure nursing home would go after it, (people with funds unfortunately are made to pay for those who don't have any)
Protect yourself with legal advice.
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I am lost, "getting" an inheritance? An inheritance is when a person dies isnt it? As far as I know, being a Trustee, my siblings have no rights to any inheritance until my Mother passes, if there is any left after her care. It would have had to enhave be in a Irrevocable Trust for 5 years to protect it.
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It appears that you not only need to see an elder lawyer for the medicaid process, but also one to help you write a will. With second marriages and step children you should make it clear where you want your assets to go. Without a will, if you die first, your husband will inherit your money and his heirs will be next. This can all be corrected with a will. It will be clearly spelled out.
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Attorney!!!!! His grown children could try to get a claim on that inheritence and you will be involved in all kinds of legal fights and costs. Please start securing an elder law attorney who can help you in the legal ways that you need.
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sorry for the spelling, I should of read it first
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I want to crect some things, My father passed away last year and we are just waiting for probate to finish up. Their are 5 of us and my Dad saved to leave us all this money. No problems with siblings, it is I went threw this with my Mother in law and her alzheimers. My husband is acting the same way,so I am thing ahead. I was the one that took care of her and his father and she turned on me. Take hurt alot and i see my husbands actions becoming the same way. So this is why I ask what to do with this money. Also this is a second marriage for both and I have a child and he has 3 all married. They don't bother with each other so I need to protect my daughter that she should get. Thank you all for your answers but I am still not sure what to do!
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