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VIRGINIA MEDICAID ASSET RULES
When qualifying for Medicaid, Virginia law allows an individual to retain up to $2,000 in countable assets in addition to certain non-countable assets. If the individual is married and requires Medicaid assistance, the rules allows the well-spouse to retain a "Community Spouse Resource Allowance" (CSRA) of no less than $21,912.00 and no more than $109,560.00. (for year 2009)
Proper Titling of the assets is crucial to a Medicaid Estate Plan. Unfortunately, all too often improper transferring of assets in the hope of beating the Medicaid system occurs. (see Transfer of Assets). However, with the proper tools, much or all of your hard-earned assets may be legally protected and preserved for you and your family's continued benefit.
For example, one important aspect to consider when planning for Medicaid benefits is what will happen to the non-countable assets and/or the CSRA if the spouse living in the community passes away first or if they need nursing home care? Although it would be logical to believe that the spouse who is ill and therefore in the nursing home will pass away first that is not always the case. Nor can one overlook the need to plan for the possibility that the spouse living in the community may, at some point, require need long-term care. If the spouse in the community does die first or enters a nursing home the CSRA and Exempt Assets may be completely lost without proper planning. Speak to us about what options are available. See: Protecting and Planning for the Stay-at-Home Spouse.
This may be considered ADVERTISING MATERIAL under the Rules of Professional Conduct governing lawyers in Virginia. The information presented at this site should not be construed to be legal advice nor does the use of this website create a lawyer/client relationship. This website is designed for general information only and may not apply to your situation.
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