Medicare Divorce May Help Protect Your Assets
For those elderly couples that have no choice but to divorce to enable their spouse to retain their lifelong accumulated assets, Green & Associates may perform what has been aptly named a “Medicare Divorce.”
For example, an elderly couple, both older than sixty-five years of age, had to unfortunately place the Husband in nursing home care as he was showing the first signs of Alzheimer’s. The parties had accumulated over a million dollars in assets, including their marital home, during the lifetime of their marriage. Any long term care of the Husband threatened to take 100% of all of the assets of the parties. By divorcing the Husband, the Wife could secure at least 50% of the assets and have the Husband pay her alimony as well.
The Husband recommended to the Wife that she divorce him. He wanted to preserve as much as he could for her. As painful as it was, the Wife took his advice. They had a lifetime together and would still be together for as long as possible, but the Wife knew she would likely outlive her Husband by many years and Medicare would take most of their assets without a divorce.
The case law supports the allowance of such a divorce.
At Green & Associates, we help couples who must face this difficult decision. As painful as it is, dealing directly with the realties of the situation makes life easier for all involved, including the children of the parties. Often the surviving spouse does not want to be a burden to her children and this may prevent that issue from affecting all of them.
Let us know if we can help you make a difficult situation better for your entire family.
Call us now at 732-390-0480 or 201-242-1119 to assist you.