Is there a way of protecting my assets if my husband has to go into a nursing home?

As an elder law attorney, I have helped many hundreds of clients qualify for Medicaid while protecting their assets. The goal is to preserve as much as legally possible, similar to good tax planning. While there are benefits to starting early (because of the five-year lookback rule others have discussed), it is never too late to take advantage of the laws that permit you to convert assets from countable to non-countable (i.e., exempt).

Because this is such a complex subject, I wrote a series of ebooks that cover the different areas of interest, as well as a print book that summarizes both the laws and the planning opportunities (including a section on how to find an elder law attorney in your area). good luck with your situation!

Talk to an attorney with expertise in this area. Medicaid has very strict look-back rules, going back 5 years I think. Also, if you get divorced and put most of the assets in your name, they will not accept that. I checked into this, because I am in a similar situation. If I put my husband in a nursing home, where will be the money to care for me when I need it? Home care is the same thing. It can cost more than a nursing home if you have it 24/7. This is a real dilemma. Please see an attorney. Maybe someone else can tell you the specific kind of attorney to see.

Agree with everyone, go see an Elder Attorney ASAP. I am in a similar position, my husband is 20 years older than me. He has been in a Long Term Care Facility for over a year and prior to that received home based care all paid for by medicaid. I was able to keep the house, in both names, and my IRA but his IRA needed to be spent down. Although it is a federal program laws are different in each state. A good attorney can help you immensely. Act fast but with counsel.

No offense, guys. But you know what would really help this person? In addition to being told 10 times to consult a lawyer, which is good advise, I'll bet it would help her to hear what YOU chose to do to protect your assets when you were in her position!

We just went through this with my mom and dad. You need to see a lawyer specializing in elder care asap. They can help.

Call a certified Elder Law attorney today! There is a 5 year look back for Medicaid and there are still some ways to protect more than half of your assets but you need to act sooner than later.

Take a deep breath, form a support system to help you with care giving, and consult an eldercare attorney.

I just went through this too. Same age difference. I am 71 husband is 80. I had to spend all my money on the house. You can't give a cent to your grandchildren if you hope to get on Medicaid. They did look back 5 years, but I heard it is going to 7 year look back soon. Start now.. See a lawyer and don't throw anything away....paperwork. The nursing home helped me do all the paperwork. It was so time consuming, worrisome and nerve-wracking. But I just had to trust in God to help me along. I have finally been approved after 5 months wait. The state of MD will pay for everything from now on. Of course I have nothing but my home, and car. No savings at all. Well a little in a Bank account that they let me keep. I can't apply for Medicaid for myself until 5 years now. But I am healthy. And I still have my own life insurance policy. I am beginning to get my life back in order. Bill has had AD for 11 years now and I was confined to the house with him for the last three years of his life here at home. He couldn't go out at all. It was pretty lonely! Please get a lawyer right away and start saving all your paperwork. Taxes, real estate taxes, bills, bank accounts (they will get that together for you) . You are allowed to pre-pay his and your funerals and count it as one of your expenses using up your money. It is a lengthy process.

1Rarefind- Medicaid law states that the community spouse can keep all of their own individual assets and 1/2 of the jointly held assets up to about 119,000$.
The primary home and one car are also exempt. The institutionalized spouse can also deem money over to the community spouse up to around $2800 a month.

No one should be homeless due to Medicaid for a spouse.

Uncle Dave, you need a trophy for your great helpful answers. Excellent!
And Brit38, you are so right! Yes, I felt the same way about applying for Medicaid for my husband. We were married for 57 years before we got the divorce to qualify him for Mediciad. We too have worked hard, got our IRA's and saved as best we could over the years. We've paid in for 60 years!
I don't feel the least bit guilty for using any loophole available to have him taken care of in a decent facility.
Bless you...I so agree!