A new strategy involving an "In Marriage QDRO", may help protect income for a spouse, when the other spouse needs nursing home care and receives MassHealth benefits or will be applying for MassHealth benefits.
What is an in marriage QDRO (Qualified Domestic Relations Order)?
It is a court order authorizing the transfer of a pension or 401K income between spouses, without causing a taxable event.
It may help you if your spouse:
Is in a nursing home or needs nursing home care
Is receiving MassHealth benefits, or applying for MassHealth benefits
Receives a pension
Is already on MassHealth and pays a Patient Paid amount or "PPA" due each month. This is the contribution from the MassHealth recipient's income to the nursing home each month.
How can it help?
It can reduce the amount of money that your spouse needs to pay toward his/her Patient Paid Amount (PPA), or the contribution from income toward the cost of care. It allows the spouse in the nursing home to transfer his income to the spouse still at home, so he or she will have more money to live off of. In some cases, it may bring the cost of nursing home care to $0.
Do you want to find out more?
If you are wondering if this is something that you may benefit from, or if you are worried about protecting assets if your spouse needs nursing home care, please call our office at 617-489-5900 or schedule a brief free consultation by clicking: https://seniorsolutions.as.me/FreeConsultKathy
Senior Solutions, Attorneys at Law, is an Elder Law and Estate Planning law firm, serving the Greater Boston, Massachusetts area, since 2001. We are ready to help you with Medicaid Planning, Estate Planning, Probate, Guardianship & Conservatorships, Special Needs Trusts, and Fiduciary Services. Our office is located at 30 Church Street, Suite 210, Belmont, MA 02478.