What is the name of your state (only U.S. law)? NY
In nursing home now. What can POA and HCP spend money on that is LEGAL and that medicaid will not disqualify for? Or do all purchases have to be made prior to placement?What is the name of your state (only U.S. law)?
Do you own your own home (which is your homestead) ?
Are you married to one who is living at home ?
Do you have a disabled chilld who lives in your home ?
Do you have a child who has lived in your home for the past two years & who has helped you stay independent ?
Do you intend to return to your homestead/home ?
Each state has slightly different rules about Medicaid qualification and assets (and their Medicaid Estate Recovery Program rules are a bit different).
I am not proficient regarding NY's rules. I offer only loose opinion:
The 'Community Spouse', in most states, is allowed to keep assets (well above the common $2000 limit; e.g.: TX for a married couple with one spouse 'ineligible' the resource limit is from 21,912 to 109,560; if both apply for Medicaid, it's 3000.) and may also have a generous monthly income. Check with an Elder Law attorney.
There are items, such as burial pre-pay funds, one principle residence, and one vehicle (house & car usually, regardless of cost) which are allowed.
You really need to talk to an Elder Law attorney, though. Putting funds in a trust can be in conflict with Medicaid's five-year lookback period. There are legal ways of avoiding (not evading) the rules, but they are complex, individual, and should be explained by an EL atty who will know what you might rightfully qualify for regarding benefits.
Ask the attorney about:
QDROs (Qualified Domestic Relations Orders) which can be used to switch income from the Medicaid spouse (IRA can be irrevocably assigned to the community spouse.)
Purchasing an annuity
Miller Trusts (qualified income trust) **that's for income.
Some specific 'gifting' is allowed
Asset trusts, if irrevocable
***be aware: many people lose their money to those offering to assist in qualifying them for Medicaid ... sometimes, it's just better to follow the rules.
This is an area where you REALLY need a good Estate Planning or Elder Law Attorney - the law is too complex.
