When a married couple is faced with long term care for one of them, whether at home or in a nursing home, the fear of financial ruin is strong. But Congress has passed what is called the spousal impoverishment rules, which is the opposite of how it sounds. The are designed to protect a significant portion of your life’s savings, and if used properly, these laws will protect most of a typical family’s assets, but they must be transferred into the healthy spouse’s name. That may require having the all important Power of Attorney if the sick spouse cannot sign.
![Protecting a Healthy Spouse’s Assets](/images/2022/10/27/protecting-assets-in-connecticut_small.jpg)