Do 401k Assets Belong to Both Spouses for Purposes of Medicaid?

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“Are 401K assets considered to belong to both husband and wife for the purpose of qualifying for Medicaid benefits for an institutionalized spouse?”

[NOTE: Articles and answers on DearEsq., while written and published by lawyers, do not constitute legal advice, and no attorney-client relationship is formed by your reading of this information. You should always consult with an attorney for any legal situations.]

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):
Family Wealth--Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

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Author: Anne P. Mitchell, Esq.

Anne P. Mitchell, Esq. is a noted family law expert, Internet law expert, and Professor of Law at Lincoln Law School of San Jose. She is the author of "Surviving Divorce: the Single Father's Guide" and "The Email Deliverability Handbook"

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