Do we need to consult an attorney or a Financial Advisor to understand how to protect some of my parents' assets?

Asked almost 2 years ago - Allentown, PA

My father has Alzheimers, and may need to be institutionalized. They have about $150K in cash remaining, and a $300K house. Is there a way to protect some of their assets to provide for my mother and handicapped (dependent) sister after he is gone? We are concerned that the cash will be gone within a year, and that my mother will not be able to sell the house without the state taking the proceeds. But she will not be able to afford the taxes and utilities on their current house when he dies.

Attorney answers (4)

  1. Brian Edward Sipe

    Contributor Level 15


    Lawyers agree

    Answered . The medicaid laws are complex and strict, so you need an attorney with experience in this area. Some possibilities to protect assets for a spouse remaining outside of the nursing home as well as a special needs child have been created by Congress. However, taking advantage of these possibilities must be done correctly or your father may be disqualified for medicaid when he needs it.

    Planning ahead of time is crucial so get yourself a good elder law attorney!

  2. Douglass S Lodmell


    Contributor Level 13


    Lawyers agree

    Answered . Congratulations. You are planning in advance. The earlier you start, the more options you will have. You need to schedule a consultation with a local Elder Law planning attorney. The Avvo search tool may be of help.

    In the link you will find a questionnaire that once filled out, will be very useful when you prepare your initial consultation. Good luck!

    Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4... more
  3. Robert V Cornish Jr.

    Contributor Level 16


    Lawyers agree

    Answered . You should work with an attorney in tandem with a financial planner or accountant so that whatever needs to be done is uniform and works as intended. Quite often, one seeks advice from an attorney and then does something else when they talk to financial planner, and vice-versa. Having everyone on the same page is crucial to your intent to provide a successful plan for your parents and sister.

    The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client... more
  4. Bryan Jonathan Adler

    Contributor Level 10

    Answered . First, a word of caution: Medical laws are exceedingly complex and proper planning should not be taken lightly. You absolutely need to consult an Elder Law attorney - preferably a Certified Elder Law Attorney. Fortunately, you have the foresight to seek questions to your answers sooner than later.

    Medicaid (referred to Medical Assistance at the state level) is a complex web of regulations and policy interpretations. However, there are certain provisions referred to as the "spousal impoverishment provisions" that are designed to protect the Community Spouse.

    An Elder Law Attorney can work with you to maximize your parents' resources in an effort to assure your mom has what she needs to provide for herself.

    This is NOT legal advice. The information contained herein is observational and for reference only. These posts... more

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