How does the caretaker survive after spending all investments on patient?

If you are in Florida as your posting name suggests, your husband will very easily qualify for Medicaid and all of your assets possibly retained if you exercise "Spousal Refusal". Florida is one of the very few states that permit this.

Believe it or not, it works essentially like this:
1. All assets are transferred to the Community Spouse (CS) - the spouse not applying for benefits.
2. The CS signs a form stating he/she refuses to support the Medicaid applicant. (This form can be found on the DCF website).
3. The non-CS applies for Medicaid.
4. As a result, all assets that now belong to the CS's are not subject spend down or qualification limitations.

The caveat here is that as a result of claiming "Spousal Refusal" the CS will not be able to receive any of the spouse's income for her own needs if she would have otherwise been eligible for same (Spousal Income Diversion).

The pro's and con's of this approach need to be weighed carefully if the numbers are close.

The information above is provided for educational and informational purposes only, is generally available public information, and should not be be considered financial or legal advice.

Basically, you are a "community spouse" and transfers between spouses are generally permitted under Medicaid and not subject to 5 year look back. Ask your lawyer about the rules regarding the community spouse. If he doesn't know what you talking about, leave. If he tries to sell you an annuity, report him to the state AG.

Are you talking to a certified eldercare attorney? One who actually understands Medicaid in your state ? There are others on this board more knowledgable than I , I'm answering this do the will see this and give you an answer.

MB, read this article, it sounds positive. https://www.agingcare.com/articles/medicaid-spend-down-for-spouses-158628.htm

MB, you need to check around for Long Term Care insurance, it varies from company to company. Example, I just pulled up one website that gave a list of health issues that would disqualify a person, didn't see cancer or back injury on their list. Of course now that your hubby does have Alzheimer's, that does disqualify him.

And I was shocked at other health issues from another company website that also would disqualify someone, such as Diabetes or having open heart surgery, both of which doesn't stop someone from having a long productive life.

Thank you. We are talking to a pro. In order to have a irrevocable trust we would have to sell assets and pay taxes of 300,000 plus. That would not leave enough for caregiving and maintaining the home we live in and my very basic needs of food, utilities and healthcare. I am only 63 and I fear the long term.

MBJ, the link freqflyer included above is very good. The state has no interest in impoverishing the spouse. A large portion of the assets will be considered as belonging to you and will not have to go through spend-down for your husband to qualify to Medicaid.

Life can be unpredictable, so you may find in the future your house is too expensive for you to keep. That is something to worry about when the time comes. I do hope you are able to keep a sizable piece of your retirement savings so you will have a nest egg to fall back on. Be sure to invest it wisely and let it grow. Wishing you much luck. I know that your life is challenging right now. I hope things fall in place soon.

You will never need Medicaid? Good for you!! Now quit complaining and enjoy every day to the fullest.

pamstegma Sorry you feel that way. A good man once said "Ask not what your country can do for you, but rather what you can do for your country." We have lived our lives taking care of ourselves and not expecting help. I would just like to know that half of what we have saved would be left to care for myself.
My husband is a veteran and has also worked hard his entire life. We will have the funds to take care of him. It just will most likely leave nothing for me.

I think u better check that selling a house to children. Medicaid looks back five years. The house needs to be sold for a reasonable price.

When having our wills drawn up in NJ we were told about something where if one spouse is inconpacitated, ex: a coma, the house would revert to the other spouse. Meaning, it could notbe touched to help with ill spouses bills. May want to see if Fla. has something like this.