My 86-year-old husband has dementia and is getting worse fairly quickly. Other than his two annuities, all our assets are in both our names.

Medicaid allows splitting of assets. Husbands split will go towards his care and when almost gone, you apply for Medicaid. Once he is on Medicaid, u remain in the home, get a car and enough or all of the monthly income to live on. When DH passes, Medicaid will put a lien on the home. If you sell the home or pass then lien will be satisfied then. You will need an elder lawyer to split ur assets. I gave u the basics, the lawyer can go into it more.

Completely agree with previous advice to seek counsel of an elder care attorney, it will be a great guide for you. When my mom had to use Medicaid for nursing home expenses, dad stayed in their home. It was also in both their names. Mom’s SS check went to the NH and Medicaid paid the rest. Dad kept their home, all of his SS and retirement pension, all of their checking and savings (neither was huge) and only had to sell one car, keeping one car. Medicaid doesn’t force what they term the “community spouse” to sell or leave their home. I wish you well in caring for you husband

Lea is right. You need expert advice on legal and financial matters.
Opinions of a Forum are as diverse and sometimes misleading as any other social media.
You can't afford to be wrong.
I wish you the very best of luck.

Please sit down with a Certified Elder Care attorney who can guide you through the financial process of all this, including what to do about Medicaid and the 5 year look back, should you need to utilize it w/o impoverishing yourself. That's your best bet. You don't want to rely on internet advice in such important matters.

Best of luck to you.