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
Meet William Fralin
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William Fralin
The Estate Planning & Elder Law Firm PC
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
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Meet Margaret O'Reilly
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Margaret O'Reilly
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
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Meet Loretta Williams
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Loretta Williams
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
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