![]() In the event of a divorce, were going to be splitting it down the middle. We were broke going into it and dont come from rich families. In some cases, you may need a prenuptial agreement, especially if you own a lot of property prior to marriage. You may want to meet with an attorney as part of your wedding plans. ![]() It’s the one thing we don’t ever want to argue about, Zack said. We strongly recommend contacting a Colorado elder law attorney to find out the best way to handle assets when applying for Medicaid. In Canada, prenups can generally only protect assets you had before the marriage (and in some cases, gifts/inheritances one of you received during the marriage). There are ways to keep your assets separate-even after marriage-but it takes careful planning. Going into their marriage, he and his wife knew married couples fight about finances more than anything else. Ease of budgeting when you know your income, and know your exact financial responsibilities each month. Less arguing or heated conversations regarding who spent what on what. Separate Your Bank Accounts and Credit Cards Separate Your Non-Marital Assets Divide Individual Debt Educate yourself. So while your stepmother’s transfer of assets to herself won’t cause a penalty period, those assets will still be considered countable assets for purposes of Medicaid eligibility. You get to decide where and how to spend or invest your own money. However, transfers to a spouse are an exception to the transfer penalty rule. Put all of your money together and begin to look at it as a whole. ![]() If a Medicaid applicant transferred assets within five years of applying for Medicaid, the applicant could incur a transfer penalty, which would make the applicant ineligible for Medicaid for a period of time. When a nursing home resident applies for Medicaid, the state totals the assets of both the nursing home resident and the community spouse, even if the property is in the name of the community spouse. In general, the community spouse may keep one-half of the couple's total "countable" assets up to a maximum of $123,600 (in 2018). ![]()
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