for an elderly married couple, how much can they keep in assets if one goes into nursing home?
413950
Well for my grandmother they took her home,car and her S.S. check to pay for her room at a nursing home. It hurt to see everything she had worked for just go. I would check into different nursing homes and their prices and would also contact your local S.S. office to find out more information pertaining to your certain situation.  Good Luck!
686422
depending on where you live you are entitled to some percentage of all shared or marital assets...there is more to this question that can be answered here, but you need a good lawyer. he cannot "hide" money, he can open and operate a business in which monies are not part of the marital assets...regardless, you need a lawyer
410668
A medicaid recipient cannot have more than $2,000 in "resources." Resources do NOT include a house in which the recipient lives.\n\nhttp://www.ssa.gov/notices/supplemental-security-income/text-resources-ussi.htm
807575
Social Security is not means dependent & doesn't "take" anything.\n\nIf she signed an agreement to pay the nursing home, she is responsible or they'll kick him out.  \n\nIf she is NOT liable she or they will have to find him a facility that will take medicaid.  Medicaid WILL impose a lien on his house if it is in his name. \n\n"He gave her the house. . . " is too vague.  If he deeded it to her that long ago it is probably safe from a Medicaid lien.  If he did not give it to her by deed, then it will either preclude his medicaid eligibility or be subject to the Medicaid lien.   If they try to deed it now, it is too late; he'll lose his Medicaid eligibility.\n\nThis is a case where she must talk to a lawyer who deals with wills & estate or an specialiizes in "eldercare" before she does anything.
911177
Well, at 55 she must have at least some assets right? \nYou don't need millions or even a million to retire. Speak to a financial planner.\n\nAnyway, would an old millionaire playboy type want to marry a 55 year old woman?
1024821
Joint Tenancy with rights of survivorship.
1025506
Do not stress because if your properties go to your husband they are spouse exempt for inheritance tax. So no tax to pay.\nAlso any gains on them for captial gains tax are also wiped out on your death.\n\nPlease get a will do not leave this the administration of estates act 1925.\n\nYou may worth getting advice about how to efficiently tax plan on your husbands if he dies first, spending money now will give you the peace of mind that if something should happen to you or your husband there would be the bare minimum liability to tax.\n\nYour husband may have to pay income tax on any rental income received so be wise this aspect aswell.
872121
Your story is very complicated i suggest that you see an AR lawyer specializing in estates.\nBelow is a brief outline of the law.\nThe property that each spouse brings into the marriage, that is, the property that s/he owned before the marriage, is considered to be "separate" or "non-marital" property. For the property to remain separate, the spouse must keep it apart from marital or community property; that is, s/he would keep it entirely in his/her name. Once the separate property has been commingled (mixed) with marital or community property, it becomes part of the marital property.\nFor example, consider a bank account with $10,000 in it owned by woman before her marriage. This woman then marries and both she and her husband regularly deposit their respective paychecks into the account and periodically withdraw money to pay for their living expenses. At the time of separation twenty years later, the bank account has $5,000 in it. Since marital property has gone into it (deposits of the paychecks and marital or community debts have been paid from it is impossible to trace the original separate property money from that of marital or community property. The result is that this bank account has changed from separate property to marital property.\nSome states, such as California, have a separate property rule that says that all property brought into the marriage, (including gifts and inheritance), that is kept separate and apart from community property remains the separate property of the spouse that owns it.
703863
I believe you have nothing to feel guilt or pangs from concience over. Here in Ar I have known several people who have done similar  The family often can't sell the house before the patient in Nursing Home dies or they may forfiet the money to the state related to nursing home medicaid coverage on the patient. If your lawyer says its legal and you want to buy this home in the long run. I would go for it. After all if you decide later you can find better deal else where all your out is rent. \nGood luck.
191327
On a federal level there are no affects to transferring assets between spouses.  Some states such as California are community property states, which means that all assets are considered to be owned by both spouses.
58540
Basically, any property that either spouse owns prior to the marriage becomes marital property upon marriage—-regardless of whose name in on the title.  The divorce court will equally divide all marital property before issuing a divorce order.  \n\nGenerally, the way to exclude a house from marital property is with a prenuptial agreement where the spouses specifically agree to exclude certain property from marital property.  Or if a spouse is able to prove that the property was completely separate from the marital home and no marital funds were used to maintain this separate property (this includes mortgage payments, taxes, utilities bills, maintenance).  Basically, even if Husband lived in the house and never paid any bills, he is-—generally-—entitled to half the equity of that house.\n\nThis is a very basic rule which may not be true in your state.  (But most likely this is the law in your state because you are looking for one exceptional case, instead of many cases).  So, I advise you to talk to a family lawyer licensed in your state.   You and your lawyer can devise an exit strategy.  You may have other bargaining chips, such as his retirement or pension, to negotiate for what you want.  Just because he wants half of your house, does not necessarily mean he will get it.  \n\nIf you really want to find that Morris Marsden case, try www.lexisone.com, www.findlaw.com, or www.lawguru.com .  Also visit your state-court’s website; some courts publish and archive their opinions on their website.\n\n\nGood luck.\n\nSharmil McKee, Esq.\nPhiladelphia, Pa\nhttp://www.mckeelegal.com
1071516
It is in the divorce decree that he shares a portion of his pension earned while they were married.  Considered both of their savings.
716363
I think we need a balance in walking with the LORD.  We are told to be wise stewards of that GOD has given us and I do believe this means preparing for retirement.  Many years ago, this would not have been as necessary because families took care of each other. they valued their elders.  Today, it seems like they can not put them in nursing homes fast enough (as long as they do not have to pay for it)  \n\nYes we are told to think of others and in doing so, would that not also include saving for our senior years so we are not a burden to them?
247632
any age as long as you have the money
515818
These are some primary reasons people buy Long-Term Care insurance. Do these apply to you?\n\nI consider it important to be able to leave my estate for my spouse or children when I die. If this is not important to you, then you could pay your own bills until eligible for Medicaid and would not need insurance.\n\nI have assets (investments or savings) which I would not want to use for my Long-Term Care. You would need at least $30,000 to $50,000 to pay your own Long-Term Care bills for one year. You have to decide for yourself whether protecting your assets are worth the premium you would pay to protect them.\n\nIf I had to go into a nursing home, I would not want Medicaid to pay the bills. You have to weigh how strongly you feel about this against the cost of buying insurance to take the place of Medicaid.\n\nI want to choose the specific nursing home or home care services that I would use and where to go to receive this care. Medicaid may not pay for home care services, and some nursing homes limit the number of Medicaid recipients that they are willing to serve.\n\nI am unwilling to ask my children or other family members to pay for my Long-Term Care.
988001
She will have to go through the court process to distribute the assets he has left.  Everything has to go through the state if there is no will.  I would suggest she call an attorney and a certified public accountant.  The attorney will be able to tell her how and where to file papers to the state.  The CPA will tell her what she needs to do to file his final tax return and the Estate Tax Return (if needed).  If he doesn't have much say maybe a house and a car or something small then she shouldn't have to do much.  If he has a lot of stocks, bonds, savings accounts, retirement, etc.  she should definately hire an attorney.  Check your state laws for more specific details of forms and steps to take.  I'm sorry to hear about her loss.  You are a good friend to help her anyway you can.
890837
I guess that would depend upon where i would be at the age of 95. If I had to spend 15 to 20 years in a nursing home when I didnt have much money I dont think I would choose that as many of the nursing homes that cater for people with little or no income are not places you would want to be.  At least if I was rich and died early my kids would not want for anything.