My Only Asset Is $200,000 In Ira’s. My Wife Is In A Nursing Home. I Have Been Told That I Have To Cash In My Ira’s And Spend Them Down To The Spousal Allowance Of $74,820. What Should I Do?
You have been given wrong information. By putting the IRA in payout status pursuant to the Medicaid authorized tables, you can keep the entire $200,000 of IRA’s. Your wife is immediately eligible for Medicaid. However, you may be subject to the spousal income support rules.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.