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Ray
Ray, Lawyer
Category: Legal
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Experience:  30 years in civil, probate, real estate, elder law
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My husband may soon be in a retirement home. He has an IRA

Customer Question

My husband may soon be in a retirement home. He has an IRA which includes my savings. The retirement home people told me that he will have to use all his assets til gone to pay for his housing and care. However, they use half of his assets and the rest would be for me to live on. My question: will I get to keep half of the IRA too?
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you tonight.

It depends on the value of all the assets here including the IRA.

The spouse who lives outside the nursing home is termed the community spouse

The spouse in the nursing home is referred to as the institutionalized spouse

. In Montana,the community spouse is allowed to keep one-half of

the countable combined resources up to a maximum of $119,220.

However, if resources total less than $47,688, then the community spouse may keep up to the minimum of

$23,844, even if that amount is more than one-half of the countable resources. The countable resource limits are for

the year 2015.

So assuming the resources including the IRA are worth up to $119,200 then you get to keep half as the community spouse.

Reference with examples..

http://store.msuextension.org/publications/FamilyFinancialManagement/MT199511HR.pdf

I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.

Expert:  Ray replied 1 year ago.

If the IRA is not in payout status, the IRA is a non-exempt asset, which means the total amount in the IRA will probably be counted as an asset, affecting your Medicaid eligibility.So here it depends if the total assets you have are over $119,220 as to whether you get to keep it or not.If you are under this limit you keep it, over you have to spend it down here.

Thanks again.

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