Because my husband doesn't qualify for assistance due to 'too many' assets, he thinks we should get a dissolution to our marriage. If it works, I'm okay with taking this avenue. Has anyone tried or done this? I'm a bit younger (10 yrs) than him and he doesn't want me to be left with nothing when he passes. He has MS and may live another 10+ years cause he is otherwise, healthy as a horse. He's 70.
Um. I'm almost too flabbergasted to comment other than that. Why not visit an elder care lawyer or specialist financial advisor together and take advice?
Take care,
Carol
One other issue---A spouse cant claim their disable spouse as a dependent-but a divorced spouse can-with all of the deductions associated with taking care of them. So my opinion is make sure that your state doesnt hold you to some sort of "number of years divorced" standard and do your homework as far as tax laws goes. I live in Illinois and I do know several couples that have been forced to have a "Convenient Divorce" due to one spouses disability.
On the other hand, which assets each spouse brought into the marriage or inherited or received as gifts from their relatives, all play a part in which assets each spouse can receive under the divorce laws. As you can see, it gets complicated, which is why you need two attorneys working together to accomplish this.
I address the issue of a Medicaid-planning divorce in my book. Good luck!
I went to elder care attorney....he told me there was something called Spousal Abandonement. Just leave the spouse at the hospital, say you couldn't take care of them anymore, and go. He told me the spouse would keep any moneys he had coming in (soc sec, or retirement) and that would be it.He said I would NOT have any say in my husbands care but that I could visit him, 'the home' or whatever could not keep me away. I thought this sounded rather strange. Of course I did not do this, and have not stayed with this attorney (I have NO attorney right now).
I also worked with people at the bottom rungs of income, who could not marry or the combined assets would disqualify them from medicaid (by very little income) even though their medical expenses were huge.
Keep in mind that hospitals are not above going after your home and other assets to cover bills. Again, potentially wiping out the surviving spouse.