Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
“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.
Question: 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.
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