What happens to your assets if you or your spouse need to go into a nursing home?

What happens to your assets if you or your spouse need to go into a nursing home?

| Written by Wendy A. Mara, J.D., M.B.A | Long-term care planning is key to protecting your assets should you or your spouse need to go into a nursing home.  In Florida, the Department of Children and Families (“DCF”) determines your eligibility for Medicaid Long Term Care (“Medicaid LTC”).  DCF looks at two separate things: your income and your assets.  The applicant would need to qualify both under the income limit requirements and under the asset limit requirements in order to qualify for Medicaid LTC.  If the applicant does not qualify, the applicant would need to engage in Medicaid LTC Planning in order to qualify for Medicaid LTC. With respect to income, the applicant’s income must be under $2,349.00 per month (for 2020).  Income for a spouse (called Community Spouse) can be unlimited.  If the Community Spouse has no income or little income and is in need of support from the applicant, the Community Spouse may qualify for a Spousal Diversion whereby...
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