My sister-in-law has a considerable amount in her IRA. Her husband is in an assisted living facility and she is concerned...Read more
Yes, you can spend the money as your propose. However, Medicaid's asset limit is significantly higher for you, so you can simply transfer the funds into your name and your husband will be eligible for Medicaid. You might also want to see if Medicare will pay for your oxygen concentrator.
Medicaid Rules, etc