How can we protect our aging parents substantial real estate holdings if they were to suddenly need to unexpectedly enter a nursing home?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption