As people get older, they often experience additional medical and other assistive care needs. Some elderly people eventually can no longer care for themselves. When people’s illnesses or conditions escalate to the point where their family members can no longer provide them with the care they need, they might need to consider moving to a nursing home.
Unfortunately, nursing homes are expensive and can quickly use up all of someone’s hard-earned savings and assets, leaving their spouse in dire financial straits. If your spouse has become disabled or ill, you might be considering what you can do to protect your family’s finances. A Frisco Medicaid divorce lawyer could help you review your legal options. Call today to work with one of our compassionate divorce attorneys.
Medicaid is a program that provides healthcare coverage for low-income families and individuals. The program also covers long term care services for seniors. Because nursing homes are so expensive, many families look to alternative solutions to be able to pay for their needs. One possibility is to have Medicaid pay for a family member’s longer term care needs.
However, not everybody is automatically eligible for Medicaid long term care. To qualify for long term care benefits under Medicaid, a person must meet specific criteria regarding their medical necessity and age.
People must meet a strict financial criterion as well, as applicants need to be below a certain financial level to qualify. In other words, they need to have a relatively low income to be eligible for Medicaid’s long-term care benefits. Although they might be eligible to hold onto their primary residence and a car, their other income and assets could exclude them from qualifying.
A divorce attorney in Frisco could meet with the spouse and family to discuss whether they might be eligible to apply for long term care assistance under Medicaid.
When a couple is married and one spouse becomes ill or develops a condition that requires them to have round the clock assistance and nursing care, the couple might need to figure out how to get the spouse access to the care they need.
If they pay for a nursing home with their existing assets, income, and retirement benefits, they might quickly deplete their economic resources, which could leave the spouse who does not need long term assistance without a means to protect themselves financially. Paying for the nursing home care would quickly take away the nest egg the couple has spent a lifetime building, as well as taking away any inheritance that they want to leave to their children and grandchildren.
To get around the financial eligibility requirements for Medicaid, some parties consider taking drastic actions to protect their assets, such as working with a lawyer to get a Medicaid divorce. When a couple gets divorced, they split up their assets. Under this grey divorce scenario, the spouse who needs long term care could receive Medicaid assistance, and the other spouse could keep their separate assets, preserving their nest egg and potential inheritance for their children.
A well-versed legal team could explain the advantages and disadvantages of a grey divorce.
When it comes time for one spouse to relocate to a nursing home, there are many things that a family needs to consider. One of the most important considerations is how to protect their assets. Some people decide to get a divorce on paper, just to protect their savings.
However, Medicaid divorces are not for every couple. A Frisco Medicaid divorce lawyer could consult with you to see what legal options would work best for your family. We could help you come up with alternative options to protect your estate, especially if you begin planning early. Call our office to meet with an informed legal team today.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
