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hey estate planning attorney paul rabale here and in this video we're going to talk about whether that um i'm getting married later in life i'm getting married again i want to protect my assets so i want to do a prenup whether that use the prenupt to protect your assets is actually worthless okay so there's a myth out there that i've had to dispel more times than i care to imagine let me give you the situation so let's say let's call them florence and frank you know they're getting married they've each been married before and they're getting married they're they're let's say they're 63 years old and you know as part of the getting married process they want to make sure all their bases and options are covered from a legal financial tax standpoint so they decide florence says well why don't we go to my old divorce lawyer and we'll get a prenup because that's what you know that's that's what people do when they have children and get married later in life and so as part of that that's what they do and as as part of that process maybe before they get married or around the time they get married or maybe even shortly after they get married florence you know she she tells maybe she tells frank maybe she tells the divorce lawyer maybe she tells her children maybe she tells anybody who's willing to listen to her she says you know i have considerable assets and i'm getting married and i have my home that frank's gonna move into my home and i have a couple of people of pieces of rental property that florence says and you know i have some significant investments you know several hundred thousand dollars of investments and savings and and i'm i want to make sure that if frank later in life has to go into a nursing home of course i'll keep him in my home as long as i can but you know there may be a point where he's kind of big and i can't physically take care of him there may be a point where he'll have to go to a nursing home and and if that's the case i want to make sure florence says my assets are protected for myself and eventually for my three children and then she tells frank well well you know frank um you have some assets too and i'm sure you'd want the prenup so that uh your assets would be protected if i went into a nursing home florence says and frank has about a hundred thousand dollars of savings so they get their prenup done they go on with life 10 years later they're 73 years old and at that point florence contacts let's say she contacts me for the first time and she calls me and you know she says mr rabilay i covered all of my bases i'm just calling because i have a couple of questions frank's health is deteriorating he's fallen a couple of times he's broken a couple of bones and we all can see that frank's mind is slipping we haven't taken him to the doctor yet but we all know there's likely some dementia setting in and so we kind of see that you know he may have to go into a nursing home in the fairly near future because i can't take care of him florence says so i just have a couple of questions and so she says look mr rabelais we got married um 10 years ago and i made sure that before we got married that we did a prenup because i wanted you know i did a pre-map so as to protect my assets for my children in the event frank goes into a nursing home so with all that being said i just have a couple of questions moving forward and at that point kind of the light in my head goes off and i'm like you know francis i'll be ha florence florence i'll be happy to answer those questions that you have but you know what florence i'm i'm kind of a stickler for details can so can we go back to that statement that you made where you said you did a prenup because you knew you wanted to protect your assets for your two children in case frank went into an arsenal she's like yeah yeah what'd you have in mind she said and i said well florence you've probably never heard of the community spouse resource allowance she goes no never never heard of anything like that before what's that mean so i said well well florence here's the deal um you know and i realized y'all did the prenup 10 years ago and you did it right before you got married and you wanted to protect your assets however from a nursing home or from a medicaid standpoint if frank goes into the nursing home you know sometime in the next few months or the next year or two um yes he has you said he has about a hundred thousand dollars of savings of course that's all exposed he'll have to you know spend that down to two thousand dollars or less and she says yeah i realize that but you know she says my assets are protected because we have a prenup but i said huh not so fast florence because our medicaid rules say that because y'all are married they're not only going to look at frank's assets but they're going to look at your assets and if your assets exceed 128 640 if your accountable resources are more than that then even though you have a prenup and those are your separate assets and frank has no ownership interest in them at all you still got to spend your assets on frank because y'all are married and under the community spouse resource allowance rules you can only have a hundred and twenty eight thousand six hundred and forty dollars of what's called accountable resources so she says well i've got my rental properties and i've got several hundred thousand dollars of savings you mean even though we have a prenup i'm gonna spend all of that i say yeah that's exactly what you're gonna have to do and so she says well i don't understand why didn't anybody tell me that and you know going through my mind is okay you went and got your prenup done from your previous divorce divorce lawyer who you know probably never has looked at the long-term care medicaid regulations and you probably talked to the people at the beauty shop and and the grocery store and maybe even talk to your kids and they've never looked at the medicaid regulations so you just um you know right wrong or indifferent you didn't solicit advice from someone who knowingly could have identified that issue for you so you could have addressed it at that time but now that frank is on the doorstep of the nursing home it could be a real mess on your hands if you tried to take action to protect your assets because when a spouse who's going to be staying at home like yourself florence if you start transferring your assets that makes frank ineligible for medicaid for you know likely the next five years or more so so now florence is in a pickle now is her is her prenup useless nah that's that's a strong word is it worthless that's a strong word assuming frank and florence don't have to spend everything at the nursing home because they didn't you know make provisions for that assuming there's something left when one or both of them pass away yeah the prenup will likely have done its job insofar as keeping assets separate avoiding our louisiana community property rules florence's assets i'm you know frank's assets when he dies will go to his children florence's assets when she dies we'll go to her children maybe since florence owned the home florence if she dies first will give frank that right to live there and then when frank dies florence's home reverts back to florence's children and maybe the prenupt helped accomplish all of that made it real clear who owns what um and that's again if there's anything left when when florence and frank died but that prenup if if you are under the assumption that couples who do a prenup before they get married are somehow protecting assets from one or both of the spouses going into the nursing home that's a false assumption so moral of the story here is is uh is is get yourself informed number one perhaps you need to get some good legal help as your family circumstances are changing significantly number two here's a here's an idea like so many others in the comments to these videos have stated binge watch my videos uh number three make sure you turn the gray like button to blue by clicking on it and then also subscribe to the channel hit the notification bell so you don't miss anything as i keep producing more estate planning videos and then you'll be informed to take the appropriate action and do what you need to do to to protect yourself and your family okay so just wanted to make that point clear on the um the false assumption that prenups and spouses keeping assets separate uh somehow protect the assets of the spouse who stays at home when the other spouse goes into the nursing home okay we'll see you next time