I expect that my husband will eventually need nursing home care due to his health conditions. Medicaid is likely to be needed. He is currently 62. I may be coming into some money from the sale of a house I inherited and a future inheritance from a relative. Could I set some of this aside for his future needs? He is not on SSI or any other government program except Social Security Disability and Medicare. He is not a veteran. Thanks for any comments.
Since this probbly would exclude him from Medicaid until he is down to $3000 - I would look into a long term health policy - they sure aren't cheap and watch all terms carefully - some are for 3 yrs some 5 years ,etc. some pay "in-home"
Also, in California there is something about a life insurance policy which you buy a lump sum and if his health care needs go over that state picks up cost.
Best bet to find estate lawyer who can explain your options.
If you are trying to save that money for husband (and keep kids out of it until after he is gone) a Revocable Living Trust stating how you want the money to be used (if you are not alive or incpicitated) would be a great option.Also, this type of trust is in my opinion a necessity - if one of you becomes incapcitated the other can act on their behalf (both of you need to be the trustees of the trust)
With just a will you would have to go to court and get guardianship (will only comes into play when person dies).
This trust if drawn up correctly also keeps family squabbles over care (and money spent for it) out of the picture.
While he is mentally/physically able - now is the time to take care of this.