Neither of your life insurance policies or your income should be a problem. The life insurance policies have no cash value since they are term policies. You may want to transfer ownership into your name. In addition, you will not need to apply your income to your wife’s cost of care once she receives Medicaid coverage. Just her income would go to the facility. And, yes, it’s important that you consult with a local elder law attorney who can advise you on the best planning strategies and local application of the rules.
This article was reprinted with the permission of ElderLawAnswers.com. If you have any questions regarding the material in this article and how it applies to you, please contact Pearson Bollman Law at 515-727-0986.