Kathy McNair, an Elder Law and Estate Planning Attorney, with Senior Solutions, in Boston, MA, discusses 4 tips for protecting assets if you are worried that your spouse may need nursing home care. She discusses the asset rules for the Medicaid program (called "MassHealth" in Massachusetts) for a married couple, when one spouse is able to continue living at home (or an assisted living facility). It is important to realize that even if your assets are over the limit, with the right advice, you can take steps to reduce your assets, by spending them down in a way to benefit you, so that you can still access this money. Timing is critical and you need to make sure that you get the right advice as soon as you realize that your spouse needs nursing home care. Planning in advance is always helpful, but there are many ways to protect your assets even if you didn't plan in advance.
