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Assets Assets | Income | Summary of Assets & Income | Gifts In Florida the community spouse (healthy spouse) is allowed to keep $101,640.00 in countable resources (as of 2007, changes annually in January). These resources exclude a home, car, prepaid funeral expense plan (the plan must be irrevocable and the amount varies from state to state), household furnishings, wedding rings and generally a nominal amount of cash value life insurance ($2,500.00 in death benefit). The confined spouse can have $2000.00 in countable resources. Each spouse can have a small account designated for burial expenses (generally $2,500.00) in addition to the prepaid funeral plan. It is critical to understand that both spouses' assets are counted as available, regardless of titling, and regardless of pre, post, or anti-nuptial agreements! The exceptions are IRAs and Corporate Retirement Plans. These assets are not available for the other spouse but are available for the spouse whose name is on the IRA or Plan (this assumes that income distributions are being taken). There is also a little-known exception for second or later marriages where assets have always been kept separate. The guidelines are strict, but the strategy does work. It is commonly known as the Just Say No Rule. |
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