For ALTCS planning, if you are a married couple, ALL of the marital assets are considered to be jointly owned. ALTCS does not abide by whose name is on the account, whether finances were kept sole and separate, or whether there is a premarital or postmariatal agreement.
ALTCS looks at the month and year when the “non-well spouse” first needed 30 days of continuous care. ALTCS assumes that a married couple had more money before care was needed. The amount of money a couple had during the first 30 days of care is often referred to as the “snapshot date.” ALTCS looks at the total amount of money owned by the couple during the “snapshot date” and says that the well spouse can keep half of that amount up to the maximum amount of $119,220. So… what do we do with the money over and above the amount the well spouse is able to keep?
One answer is that you can spend the money on prepaid burial, paying off debt, purchasing items needed for you and your spouse, etc. until you are under or at the amount ALTCS has indicated.
Another option would be to visit with an elder law attorney to discuss what other financial planning options might be available to get your loved one qualified and while preserving as much of your money as possible.
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