Are my retirement funds at risk to pay for a nursing home? Yes. With limited exceptions, any assets which you own are “available” under Medicaid law to pay for your nursing home care, and retirement funds are not protected. If you are required to tap into your retirement accounts to pay for nursing home care, you must pay income tax on those withdrawals, which just makes matters worse. Prevent this from happening to your family by planning now. See an experienced Elderlaw attorney in order to have peace of mind.
-Attorney Jack N. Alpern