Medicaid Planning When a Spouse Enters a Nursing Home: Avoiding Costly Pitfalls to Preserve Spousal Income
Navigating the Community Spouse Resource Allowance, Monthly Maintenance Needs Allowance, Exempt Asset Requirements and More
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will provide elder law counsel with the tools to assist their married clients in Medicaid planning when one spouse enters a nursing home. The program will discuss how to best leverage the community spouse resource and monthly maintenance needs allowances and how to comprehensively identify exempt assets and avoid spending down exempt resources. The program will discuss other approaches to adequately maintain assets and income for the healthy spouse.
- Community spouse resource allowance: determine snapshot date
- Avoid purchasing exempt assets before date of admission if that is snapshot date
- Case study—spouses with less than max CSRA
- Case study—spouses with more than max CSRA
- Monthly maintenance needs allowance: using nonexempt assets to protect the spouse’s income
- Avoid spending down exempt resources
- Identifying earliest date for Medicaid qualification
- Identifying all exempt transfers
- IRA/retirement funds
- Sufficient power of attorney
- Divorce as a strategy
- Pre-planning vs. crisis planning
- Revising the estate plan
- Disinheriting the sick spouse
- Removing the sick spouse from fiduciary roles
The panel will review these and other key issues:
- How can the CSRA be best leveraged for the married clients’ benefit?
- How can the sick spouse’s IRA/retirement funds be transferred to the healthy spouse and still be used to pay the facility costs?
- When is divorce a viable option in a spend-down strategy?
- How does the strategy differ between nursing home pre-planning vs. crisis planning?
Michael J. Keenan
Mr. Keenan specializes in elder law, estate planning, special needs trusts and probate law. He has written... | Read More
Mr. Keenan specializes in elder law, estate planning, special needs trusts and probate law. He has written articles for legal journals and periodicals on the topics of special needs trusts, estate planning and the termination of parental rights. He is a frequent speaker at professional organizations on the topics of elder law, estate planning and special needs trusts.Close
Ms. Dowell assists older clients, their children and other family members with Nursing Home, Medicaid, asset... | Read More
Ms. Dowell assists older clients, their children and other family members with Nursing Home, Medicaid, asset preservation, asset distribution, probate, guardianship, and other issues. In addition, she drafts legal documents such as Wills, Powers of Attorney, Trusts, and Health Care Surrogates.Close