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Ray, Lawyer
Category: Legal
Satisfied Customers: 41043
Experience:  30 years in civil, probate, real estate, elder law
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My wife and I are in our 90s living in senior housing since

Customer Question

My wife and I are in our 90s living in senior housing since 2002. She has broken both hips and is in an assisted living unit. I have been able to pay our expenses but now the charge is $235 daily plus meds. At that rate our savings will soon be depleted. I have two life insurance policies plus about 50,000 from the sale of our house. Social Security and a pension bring in about $1600 monthly. Will I have to disburse all my money or is there an amount I can retain. I am a combat vet of WW2
Clarence Feltman
Submitted: 2 years ago.
Category: Legal
Expert:  Ray replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight. It is possible to shelter some of what you have left here.You need a NAELA lawyer to do that.The National Academy of Elder Lawyers specialize in such shelters.Here a medicaid qualifying annuity, a funeral trust or other shelter can make the wife medicaid eligible now while preserving what you have left.Medicaid is a minefield you need a NAELA lawyer to make sure she is eligible while sheltering remaining assets. You can find such a lawyer here.Put in your city. It is very likely you can have her made eligible now and shelter remaining funds for future needs. I appreciate the chance to help you tonight.Please let me know if you have more follow up.
Expert:  Ray replied 2 years ago.
Medicaid annuities are an option here.You purchase the annuity under the guidance of a lawyer, the payments back can be short term say a year or less and the payments are exempt as a resource.Ask the lawyer about hat option. This allows you to launder your $50k through an annuity and get the funds back in short timer and they are exempt then from medicaid.