If my mother is becoming ill and will down the road need assisted living or nursing home, how can I protect her assets cash from being takenby thestate or the facility?

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If my mother is becoming ill and will down the road need assisted living or nursing home, how can I protect her assets cash from being takenby thestate or the facility?

We feel she will need assistance in a nursing home and was told they would take all her assets. We want to protect her cash and provide it to her as she needs some. Can she gift it to us? I have 3 brothers, a wife and daughter.

Asked on November 18, 2011 under Estate Planning, New Jersey

Answers:

Michael D. Siegel / Siegel & Siegel, P.C.

Answered 9 years ago | Contributor

You need estate planning.  A gift, if the money is significant, is not the way to go.  There are other ways, involving trusts, etc.


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