How best to protect assets after being admitted into rehab/nursing home?
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How best to protect assets after being admitted into rehab/nursing home?
My mother just had a stroke and is in a rehab/nursing home. They told us after 21 days Medicare will only pay 80 % until all my mother’s assets are exhausted, then they will pay 100% again. She only has $20,000 in money market and investments and no real estate. Is there any way of protecting her money? If not, can we begin purchasing things she will need, electric wheelchair, etc. with the money?
Asked on December 5, 2011 under Estate Planning, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If there is a power of attorney that your mother signed to some family member giving the power to gift, then the power should be utilized for the distribution of the $20,000 in assets a a gift. Make sure that no person receives a gift exceeding $13,000 in one year.
Another option with the $20,000 is to purchase items for your mother that she will need in the future while she is recuperating from the stroke as a means of reducing the $20,000 downwards so that Medicare can pay the bulk of her medical bills.
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