Division of Assets for Medicaid

[Klockdoc]

Jurisdiction

Missouri

Hello. I have a spouse who recently had a stroke. Getting to a situation whereas they will need to have a nursing facility to provide care, I wanted to find out more about Missouri division of assets.

I do not want to go into a Medicaid annuity whereas Medicaid gets ALL our possessions and doesn't leave anything for our children but looking for an alternative.

Working all our lives to provide an inheritance for our children, I just don't want to give all of it to the state.

Is there a legal way to transfer all of our assets to my children whereas after paying for care for five years of nursing, the spouse would become eligible for Medicaid?

 

[army judge]

Working all our lives to provide an inheritance for our children, I just don't want to give all of it to the state.

You aren't forced to give your assets to the state.

If you FEAR the state will snatch assets from you, don't involved yourselves with any of their healthcare schemes.

If you CHOOSE to seek state assistance (funded by taxpayers not eager to have their assets taken, either), all you need to do is arrange for your spouse's care using private insurance or the assets you fear the state will snatch.

I'm sure your children would much prefer their mother or father receive medical care over any of them receiving an inheritance.

Is there a legal way to transfer all of our assets to my children whereas after paying for care for five years of nursing, the spouse would become eligible for Medicaid?

You're asking IF you can cheat or scam the state, get taxpayer funded healthcare for yoru beloved spouse and retain your assets.

Even if there was a way to cheat the biggest thieves on the planet (any form of government), it wouldn't be legal.

Remember, mate, the government creates the laws and schemes to tax your wealth.

It is never worth trying to beat a scammer or grifter at her/his game!!!

 

[zddoodah]

I don't entirely follow your post.

Your assets should be used for your and your spouse's care during your lives. I'm not sure why you'd want to have Medicaid provided care, but if you expect the state (and, by extension, its taxpayers) to pick up the dime for your care, you have to establish eligibility, and you won't be eligible if you have sufficient assets to pay for your care.

 

[Tax Counsel]

Working all our lives to provide an inheritance for our children, I just don't want to give all of it to the state.

But taxpayers don't want to fund paying for your wife's care while you give money to your kids. By doing that, you are in effect having the public fund the kids' inheritance. That's why the rules are the way they are.

My suggestion is to use the money you have first for the care of yourself and your wife and stay away from Medicaid funded care as long as possible because the kind of care your wife can get on just Medicaid is generally not that great. Have you actually looked at the kind of care available in your area for Medicaid recipients? If you haven't, go do that now. You may not like what you see. A lot of my clients when I tell them to look at the care they'd get on Medicaid decide to use their assets to pay for better care as long as they can because they don't want to be in a Medicaid care place any longer than absolutely necessary.

Is there a legal way to transfer all of our assets to my children whereas after paying for care for five years of nursing, the spouse would become eligible for Medicaid?

There are lots of ways to do that if you do it at least 5 years before she needs the Medicaid. Once she needs the Medicaid you're pretty much stuck. See an elder law attorney for advice, the sooner the better because time is not your friend with this.

 

[welkin]

See an elder law attorney for advice, the sooner the better because time is not your friend with this.

Best advise so far. There are also elder care advisors that know the law of the state, what you can keep and still qualify for Medicaid.

My mother used an elder care advisor that reviewed all the assets and what she had to do to qualify for Medicaid for my father. She did what they told her and got my father into a brand new nursing home. He only live 2 years more. This was 20 years ago.

Point being that not all Medicaid funding puts someone into a hellhole.

 

[Klockdoc]

There are lots of ways to do that if you do it at least 5 years before she needs the Medicaid. Once she needs the Medicaid you're pretty much stuck. See an elder law attorney for advice, the sooner the better because time is not your friend with this.

When working, I had a HSA whereas I could transfer funds from my IRA into the HSA to pay for unexpected medical expenses, tax free. Once on Medicare, the ability to have an HSA, no longer exists.

Is there another method to pay for medical expenses whereas one could avoid the taxes on the withdrawal from an IRA?

As I stated in my original post, I am looking for LEGAL methods. Sorry if I came across wrong, Certain provisions are constructed so as not to leave both spouses broke whereas the state has to provide for both. I just didn't want to go the Medicaid Annuity route.

Looking at approx, $72000 per year for nursing facility, Is there a medical provision that allows withdrawal tax free or at a lower rate?

 

[army judge]

Is there another method to pay for medical expenses whereas one could avoid the taxes on the withdrawal from an IRA?

Has your spouse filed for (or is she receiving) Social Security?

Is your spouse at her SS retirement age, or three years before that age?

She can apply for (or you can assist her) Social security and Medicare.

Even IF she doesn't have enough credits (and is otherwise eligible) she apply under your account as your spouse.

Not to worry, IF she qualifies under your account (and receives MORE money that under her own), you won't lose one dollar you are receiving.

You can call SS at: 1 (800) 772-1213

Email SS: Email Our Support Team, Comments And Questions, Social Security

Contact SS by snail mail: Contact Social Security By Mail | SSA

Contacting SS you can ask all the questions you desire, or you can even make an appointment to visit the SS office nearest YOU: Social Security Office Locator, SSA Office Locator Social Security Office Locator, Social Security

I almost forgot, you can begin (perhaps complete) the arduous process online:

Online Services | SSA


Good luck.

 

[Klockdoc]

Yes she has applied. There used to be an MSA, Medicare Savings account, which would have helped but they discontinued that.

Insurance has a similar high deductible plan, a Lasso Plan whereas the company places $2-$3K in the saving plan and that is used to pay for medical expenses but hardly accounts for the total expense needed for nursing facilities.

Looking for something that covers more expense.