Asset protection in nursing home planning - divorce
Jan 03, 2020OUTCOME: Preserved over $600,000.00 in assets
Recently, I've dealt with two families that utilized divorce as part of their asset protection plan in the event of a nursing home admission. I've seen this backfire many times, and it is critical to ... plan these strategies with an experienced Elder Law attorney. Often, if a party gets divorced and did not have proper guidance, the result will be having to get remarried or the spouse who maintained the majority of assets will need to make significant gifts to cover any Medicaid ineligibility period. In these particular instances, a pre-nuptial agreement was successfully utilized years in advance and the spouse remaining in the community was able to preserve substantial assets.
