He has Lewy Body Dementia and will probably require LTC. He is the owner of the policy and there is a cash value of over $2000.00.. Should we leave as is and only address it at the time we would need to do a Division of Assets and then transfer it to me?
really for coupls where you as the CS is likely to be on your own for years & years, getting options as to how to keep as much $ as possible is central. I'd suggest you get a NAELA certified atty to work with and you need to do this before you ever submit the Medicaid application. For couples the states seem to do a "snapshot day" in which you assets are fixed. So if you need to pay off a mortgage, or get a major expense done, or turn in both cars and get 1 newer & more dependable car, perhaps do a SPIA for those excess assets, perhaps change the ownership of his life insurance policy to one of you or a special needs trust for extra things for his care….well all this needs to be done and cleared through your bank before the application & snapshot is done. Comprende?
For couples, its just more complex and then add atop this is that you are rightly focused on his care. You can't do it all or know it all, & a good atty will be priceless in coming up with options and getting them done.
Also about the 2 cars….Medicaid allows for only 1 car. Often folks give the older car to their kids or grandkids….bad idea as that is considered gifting and has a transfer penalty placed.
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