How can we protect our aging parents substantial real estate holdings if they were to suddenly need to unexpectedly enter a nursing home?
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How can we protect our aging parents substantial real estate holdings if they were to suddenly need to unexpectedly enter a nursing home?
Asked on January 8, 2012 under Estate Planning, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is so gogd to do some estate planning before the time it actually needd. The best thing for you to do is to go and see an estate planner. One really needs to look at the whole picture to determine what is best for your family. Sometimes a transfer of the property in to an estate but retaining a life estate for your parents in their home is a good idea. Or if they have investment property, to create corporation to hold each of the properties (LLC). It really depends on the whole picture. Good luck.
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