WEDDING BELLS: BE CAREFUL IF YOU ARE OVER 75

On occasions when excited family members inform me of an impending marriage of a relative of 75 or above, I notice they are genuinely happy. Though I would not disagree that it is exciting indeed, still there lurks a doubt…

 

Sadly, the fact is even truer that a spouse will require special care in a nursing home as you count the years. The laws have stated that without taking into consideration the number of years of the married life, the duty is that of the healthy spouse to look after the other.  It is not hard to imagine that expenses will shoot up to $5,000 a month. Any national average nursing home can give you a bill of $150,000 if it for 2.5 years.

 

The healthy spouse can always save money to finance the Medicaid that the sick spouse in nursing home will require. An example of average expenditure in Colorado along with the property you own, car and house is $88,540. if it is seen that the healthy spouse has a fund of $400,000, the amount that can be salvaged is $99,540 and the rest will go for the treatment of sick spouse in nursing home.

It is worth considering an agreement before marriage. The spouses will be able to handle their own property affairs according to their won personal decision. It is mentioned in the arrangement that either of the spouse is forced to bear the complete responsibility of treatment for a prolonged time period. Having said that though the Medicaid laws overlook the worth of the agreement and flouts the terms mentioned in it. While it has value in other legal areas, the Medicaid gives it little importance.

There must be some other ways a content couple can secure their lives? Yes, and the solution is not pledging single hood! But the other feasible option could be a trust that cannot be altered depositing all their money except an amount of $100,000. even if a spouse is admitted to the nursing home, only the money that is not deposited in the trust can be used for the purpose. In this case a deft attorney’s help will be required to evade any adverse step from Medicaid that may result because of this trust.

 

What other way can a content couple avail protection? Other than opting for the ‘sinful existence’ of staying single the couple can choose to make a trust that is not possible to revoke and put in all of their money except $100,000 into it. A careful draft by the attorney is needed to avoid any period of disqualification from Medicaid that may result because of the transfer into the trust.