Senior
couples may want to consider entering into a prenuptial agreement. Seniors may
have assets to protect, children from prior marriages whom they’d like to
provide for, and other concerns that can be addressed in a prenuptial
agreement. The prenuptial agreement can address spousal support, division of
debts and property, inheritance rights, and other issues. However, if one
spouse needed to qualify for Medicaid to provide long-term institutionalized
care, all assets of both spouses are considered available for the care of
either and Medicaid will ignore the provisions of the prenuptial agreement.
Finally,
after the wedding, the senior couple should ensure that their estate planning
documents are updated, including any wills, trusts, durable powers of attorney,
and advance medical directives, to make sure the documents reflect his or her
wishes and any new decisions he or she has made.
Written by Heather W. Winter, Esquire