Can you move assets to your spouse?

And this number changes every year in January. It’s adjusted for inflation. So we’re just about to get another bump. And one thing that I want to emphasize here is assets that are in the name of the institutionalized spouse may be moved to the community spouse’s name, and that’s not a penalized transaction. But that can cause some complications if it’s an asset that has tax implications, like an IRA, because you can’t move an IRA from one spouse to another without realizing income taxes. So if you have one spouse who has a large IRA from the time that they were working and they’re the institutionalized spouse, then there’s some planning opportunities that we will probably want to look into there as to how can we reduce the tax amount.

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