Elder Law Update – July 2008
We recently handled a case where we successfully obtained an increase of the amount of assets that could be transferred from an ill spouse to a well spouse in order to keep the well spouse in the community longer and without suffering from the nursing home Medicaid spend down of the ill spouse. Background Facts:
- Husband and wife.
- Husband – mentally incompetent and residing in nursing home due to debilitating effects of a stroke. No Powers of Attorney.
- Husband – monthly nursing home cost out of pocket – $6,500 per month.
- Wife – healthy, living in the community.
- Husband does not qualify for Medicaid nursing home coverage.
- Ill husband’s separate assets: $56,000.
- The well spouse’s separate assets: $22,000.
- The joint assets of the ill spouse and the well spouse: $90,000.
- Real estate held by both spouses ½ each as tenants in common value: $275,000.
August 14, 2008 at 4:00 pm
August 28, 2008 at 7:00 pm•- Call (847) 292 1220 to make a reservation in our training room. •- You don’t want to miss this workshop!
The “3 Phase” Lawyers
Legal Counsel Assisting You in the 3 Phases of Your Life:
•- Maturing Years
•- Senior Years
•- Post Death Years
“Educate to Motivate”Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC Columbia Centre I 5600 N River Road, Suite 764 Rosemont, IL 60018 PH(847)292-1220 firstname.lastname@example.org https://abferrarolaw.com/ Note: Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230”), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.