I am worried that if I am obliged to go into a nursing home when older that the payment of the fees will adversly effect my wife. All our assets are owned 50/50. Can the state take from her when my half runs out?
2006-10-21 10:50:26 · 8 answers · asked by loopy_legin 2 in Business & Finance ➔ Personal Finance
I am a financial adviser and have just taken CF8 the long term care exam. The answer is "no" a spouse cannot be forced to support their partner. The local council cannot take the house into consideration if she is living in it.
2006-10-21 10:55:44 · answer #1 · answered by Mr Politeness 2 · 1⤊ 0⤋
There are many things to consider when planning for retirement and structuring your estate. I would suggest calling an attorney who specializes in estate planning. They can help you restructure your assets to protect both of you in the future.
The keywords you'll want to use in your search, in quotes are:
"estate planning" attorney
"elder care" attorney
"elder law" attorney
There are ways you can structure your assets so you may qualify for government assistance. And often times, the fee you pay the attorney is saved many times over in the long run.
Good luck!
2006-10-21 11:04:39 · answer #2 · answered by TN_RealEstate 2 · 0⤊ 0⤋
The financial adviser guy above is correct. Give him 10 points now (before he takes it from your wifes Yahoo Answers account).
2006-10-21 11:01:31 · answer #3 · answered by mark_virgin 3 · 0⤊ 0⤋
Instead of going into a nursing home, you could go to Switzerland and get Dignatis to sort you out.
2006-10-21 10:59:08 · answer #4 · answered by peter noseman 2 · 0⤊ 1⤋
i work in a residential home and i do believe that can happen but can i suggest that you contact your local authority for more advice.
2006-10-21 10:55:14 · answer #5 · answered by jlryley 1 · 0⤊ 0⤋
Go see a lawyer, to ensure that you get this right.
2006-10-21 11:00:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I don't think they will make her sell off everything and live on the street to pay for you... thanks for the points.
2006-10-21 11:04:51 · answer #7 · answered by c0mplicated_s0ul 5 · 0⤊ 0⤋
i dont know that one depends on where you are etc...
2006-10-21 10:53:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋