Elder Law Answers
The Alzheimer's Advisor: A Caregiver's Guide to Dealing with the Tough Legal and Practical Issues
This book provides a guide to the legal and ethical aspects of caring for a family member with Alzheimer's disease. Read more
Will Medicaid Require Funds in a Wife's IRA to Be Spent Down?
- August 27th, 2014
Q
My sister-in-law has a considerable amount in her IRA. Her husband is in an assisted living facility and she is concerned that he will ultimately require a nursing home. Her main concern is that the state will take away her funds from the IRA if her husband applies for Medicaid. The IRA is only in her name. Can the state attach her money in the IRA?
A
First, I may be a stickler, but I’d like to clarify that the state doesn’t “take” anything. It simply doesn’t pay for nursing home care until the resident qualifies for Medicaid which can involve spending down assets. That said, your sister needs to consult with a local elder law attorney. States differ in their treatment of IRAs and, even if the money does have to be spent down, there are many strategies for protecting the assets of spouses of nursing home residents. (Fortunately, the IRA is in her name and not her husband’s.)
For more on how IRAs affect Medicaid eligibility, click here.
Local Elder Law Attorneys in Ashburn, VA
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Evan Farr
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
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Meet Judith Mitnick
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Judith Mitnick
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Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
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Meet John Laster
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John Laster
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John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
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