Morris County Chamber Of Commerce: Graying Marriage And Divorce – Part 4: Divorcing To Protect From Medical Expenses

Press release from the Morris County Chamber of Commerce:

10/7/2021

Deirdre R. Wheatley-Liss, LL.M, CELA, Porzio Bromberg & Newman P.C.​Medicaid is governed by federal law. Marriage and divorce are governed by state law. When a married individual seeks to qualify for Medicaid in New Jersey, the couple’s house is an exempt asset. The person looking to qualify for Medicaid cannot have more than $2,000 of assets. The spouse cannot have more than approximately $125,000 in assets. In New Jersey, retirement plans are not excluded from that calculation. You can be forced to spend down your entire retirement security to get down to that magic $125,000 number. I am often asked if one can get around these limitations by transferring assets – between spouses or to children or others. Under Medicaid rules, you can’t qualify for Medicaid if you have given away any money within five years of applying for it.​ Porzio Bromberg & Newman P.C.​ . For more detailed information, please visit porzioplanning.com or contact us for a free 20 minute telephone consultation.

This press release was produced by the Morris County Chamber of Commerce. The views expressed here are the author’s own.