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One of the common myths or misconceptions regarding couples getting married later in life is that many assume that a prenuptial agreement protects the assets of one spouse when the other spouse goes into a nursing home and attempts to qualify for long term care Medicaid.
When couples get married later in life, they often mistakenly assume that when one spouse goes into a nursing home, only that spouse's assets must be spent down prior to Medicaid qualification. However, while the spouse in the nursing home can have only $2,000 of countable resources, the spouse at home (known as the "Community Spouse") may only have $128,640 of countable resources. Excess assets must be spent down on the care of the spouse in the nursing home (known as the "Institutionalized Spouse") prior the the institutionalized spouse being eligible for Long Term Care Medicaid.
While a prenuptial agreement, marriage contract, separate property agreement (call it what you want) can be helpful in keeping each spouse's assets separate - to be inherited by the child or children of each spouse at death, a prenuptial agreement doesn't provide assistance in the way of long term care Medicaid planning should one or both spouses enter the nursing home and seek Medicaid qualification.
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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
