"I am already protected because Medicaid won't count the assets in my spouse's name" ... FALSE!
Sadly, no - Medicaid counts assets in both your name and your spouse's name. Likewise, most assets owned jointly with 3rd parties (adult children, for instance) are also fully countable to the elder in the Medicaid planning process. Asset Protection that yields real results requires the advice of a qualified and Certified Elder Law Attorney, as trying to protect assets yourself without the right help can have real and dire repercussions if done incorrectly. Also, an often little-known fact is that when it comes to Medicaid Planning and Asset Protection, a pre-nuptial agreement in Virginia will do ABSOLUTELY NOTHING to protect your assets from long-term care should your spouse need to apply for Medicaid!
Too often, elders and their families believe that they need to spend-down all their money on the nursing home before the elder may qualify for Medicaid benefits. For more information on how we can help your family plan for the future, call us at 855-503-5337 to schedule a consultation.To learn more about this process, be sure to check out our website: https://vaelderlaw.com/p…/medicaid-planning-asset-protection