Do 401k Assets Belong to Both Spouses for Purposes of Medicaid?
|
Summary
Are 401K assets considered to belong to both husband and wife for the purpose of qualifying for Medicaid benefits? |
“Are 401K assets considered to belong to both husband and wife for the purpose of qualifying for Medicaid benefits for an institutionalized spouse?”
To a large extent it will depend on the state in which you live, whether it is a community property state, and both the social service, retirement benefits, and marital property laws separately, and how they interplay with each other.
What all this means is that you will need to consult with a lawyer in your state. Your best bet is to consult with an estate planning attorney; they are the most likely to have all of the information you need in this complicated area of law.
Recommended reading (click on the picture for details):
|
Get notified whenever ANY new article is posted to DearEsq!:
*We NEVER share your email address with anybody! |
Does my Aunt Need to Liquidate her Living Trust in Order to Receive Nursing Care or is this Covered my Medicaid?
If my Fiance doesn’t Sign a Prenuptial Agreement, What Can I do to Protect my Assets?
How to Handle Issues with 401K and Divorce
For more on this subject check out these categories: Health Care, Social Services, Wills, Trust & Estate Planning
Anne P. Mitchell, Esq. is a noted family law expert, Internet law expert, and Professor of Law at Lincoln Law School of San Jose. Contact This Author
State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
