Medicaid Planning and Divorce: How to Divorce and Retain Medical Power of Attorney?
If you’re considering Medicaid eligibility for your spouse, it’s important to know which assets are countable and which ones are not. Also, it’s a good idea to talk to a lawyer about the best way to split marital assets in the event of a divorce. It can be a delicate issue and one that may require the services of an experienced practitioner.
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The best way to determine how much money your spouse is likely to receive in a divorce is to consult a qualified Medicaid planning attorney. A Medicaid planning lawyer will help you protect your assets. This is especially important if you’re a younger spouse who suffered a catastrophic injury. They can also help you decide whether you should divorce your spouse.
While a divorce can be amicable, the process isn’t always a pleasant experience. One of the first issues you’ll face will be guardianship. In some states, you’ll have to go to court before you can take legal action. However, if you can get a judge to agree to your terms, this can be a relatively straightforward process.
Another factor to consider is whether you can afford to have your spouse moved to a nursing home. For a married couple, the maximum amount of property that can be protected by law is $115,640. However, there are ways to maximize this figure, such as by transferring ownership of a residence to a community spouse. You can also transfer a small amount of other properties, such as art and collectibles. Ideally, a Medicaid planning lawyer can take care of most of your assets without you having to go through a messy divorce.
There are some other benefits of a divorce, too. For example, a husband who has been caring for his wife can keep his own assets, in case she needs future care. Likewise, the ailing spouse’s medical power of attorney can be transferred to a new healthcare agent. That’s a pretty powerful tool in the right hands.
A marriage is not necessarily the best way to protect your lifelong savings. If your spouse isn’t well, you’ll have to weigh the costs and benefits of staying in a committed relationship versus moving to a nursing home. Depending on your state, you can opt to retain your property as a single person, apply for Medicaid assistance, or get a divorce.
In the end, there is no definite answer to the question, “How to divorce medicaid.” All states have their own unique rules, however. Regardless of which jurisdiction you reside in, it’s a good idea to consult with an experienced estate planning lawyer to find out how to do it right.
The most important question is, “Is it the best decision for my situation?” Whether or not you should divorce your spouse is a decision you should consider carefully. Taking the time to learn how to do it the right way will pay off in the long run. Besides, a divorce can cause significant conflict in your blended family.