If I am married (retired pension & SS, own my home & car) what will happen to my property if my spouse accumulates huge medical bills or any other huge bills?
What will I be responsible for
Did you by any chance have a marriage contract separating the properties you owned prior to marriage?
Not sure what the answer will be but my Mom remarried and moved in with her new husband. A year later, he fell ill and ended up in a nursing home. The nursing home was getting ready to take her home as owned property but he died and ended that move. Should they have forced her to sell her home, she would have been left homeless when he died. His home went to his two daughters and Mom would have been booted out at an elderly age to fend for herself.
Good question for us to think about... good luck.
Sounds like you should talk with an estate attorney. He can give you the facts and may ease your mind. Some people put all their property in a trust with their children. That way ownership is the John Doe Trust. As a spouse, you will probably be responsible for his medical bills, but I think your property would then be safe and not included as an asset of his when appying for Medicare. Just guessing though. You should talk to someone who knows about Trusts.
The reason you should talk to a local estate attorney is that both federal and state laws will impact this situation, and therefore it would be inappropriate for those of us who live in other states to advise you.
Gloria - please get some professional legal advice from an attorney who practices elder law or trusts and estates. I am an attorney, but am not qualified to give you such important answers, which I do know are quite complicated and are, to some extent, different from state to state. I have seen some really tough situations for people in similar scenarios. Good luck!