divorcing spouse with Alzheimer in order to protect my assets
Wife has Alzheimer's disease and lives in a memory care facility. Presently she is paying rent out of her savings. It is expensive staying in this facility. I'm afraid that when she runs out of funds that I will have to start paying her rent with my assets. My health is not great and I'm afraid in the next year or so that I may need to reside in a similar facility like the one she is living at. If she exhausts her fund and starts on my assets there may not be much, if any left to care for my health. I have been told that Medicaid would not pay if there are assets to support payments. Our assets are mostly in IRA's, which cannot be moved into a trust unless we cash in the IRA's. This could be costly because of taxes. Seems that the only path for me to investigate is that of divorce. I understand that after divorce, Medicaid cannot hold me liable to pay for her needs. Not what I wanted to do but because of the rules our government have created about Medicaid is forcing me to look at divorce as being the only way to keep my assets safe. I will continue to take care of my wife in all other ways. Like to know if divorce is the only avenue for me to persue concerning protecting my assets.
SEE ALSO: Find Memory Care Near You
Hello, Thank you for posting your question on Caring.com. I am sorry to hear of your current situation and your need to look at all your options. If you are reviewing your housing options for both you and your wife, you may want to contact Caring.com's Family Advisors. They are able to help guide you on a path that will be helpful in your decision making process. Family Advisors can be reached at 866-824-8176.
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