We’re In Our 70s, Should We Get Married?

On balance, the answer is “no.” Once married, both spouse’s assets must be counted for purposes of Medicaid eligibility. It is better to live in sin. However, as love does not have an age limit, many couples decide to marry despite the legal and financial consequences. We recommend those couples enter into a prenuptial agreement and maintain separate trusts. By doing so, they can minimize potential conflict in the event of death or divorce. However, as Medicaid and other government benefits do not recognize prenuptials or the separate titling of assets, the couple should also be prepared to divorce in the event that one of them needs long term care.

Posted in 2016 Newsletter, Medicaid, Newsletter, Trusts

Leave a Reply

Your email address will not be published. Required fields are marked *