
Hi. I am caring for my husband. We are 14 years apart in age and apart from some arthritis I am in good health. I’m 65 and on SSDI (car accident which messed up my spine) and husband is 79 and has just returned from his third trip to the hospital this year for CHF. He seems to be doing okay this time, but I’ve been down this road before with him.
My mom’s house is being sold (closing sometime next month) - and I will receive a third of the net proceeds. It looks like a lot of money to me, but it’s got to last; it’s the only major asset we have. My sister suggested holding the proceeds til my husband gets on Medicaid (if he does; we’re on the bubble, I think) because if my husband has to go into a NH the money will be exhausted in a few years. She is scaring me but maybe she’s right.
Does anyone have any experience to share? I trust my sister entirely. But I don’t want to get her into trouble and I don’t want to get into trouble either. I feel paralyzed with everything else that’s going on.
Thank you.
As for "holding the proceeds".... I am curious what your sister means by that. When a house sells and goes to closing, the equity [after closing costs] you will get your share. Can your sister explain who will be "holding" the proceeds? I never heard of a title/escrow company holding funds in this manner.
As Barb had mentioned, your best bet is to make an appointment with an "Elder Law Attorney" and let her/him explain what is the best route to take. In fact, this type of Attorney can help you and your husband with the maze known as Medicaid.