My mom is 82 and needs to go into assisted living, how do we protect her assets?
Question Details:
My mom is 82 and needs to go into assisted living. She owns her house (no mortgage). How do we protect the asset? How do we make sure her assets go to the family? Is there a waiting period?
If you are concerned about protecting the home and qualifying for Medicaid you should speak with someone who specializes in this area. There is a five year "look back period" for Medicaid. So if she applied for Medicaid they could look back at five years of tranfers of assets. lt is difficult to advise you on how you can protect the assets without knowing other information about your mother, such as the value of her assets and her overall health. I need to have more information in order to figure out available options and the pros and cons of each option. If you would like further assistance, please contact me at http://www.socrateslegal.com .
