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My elderly aunt might outlive her assets...do I have options to protect her annuities?
Ironton, OH
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Posted 4 months ago in Elder Law
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My 97 year-old aunt has been in assisted living for 5 years now. Years ago, she avoided setting up a trust, assuming annuities would provide adequate income. Indeed, for a few years, that was the case. But not anymore. She is in the process of "spending her money down" with the ultimate result being qualification for medicade...not what she wanted in the least. As her legal guardian, do I have any viable options regarding asset protection of her remaining estate ?
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Answers (2)
Faye Danielle Cox
This attorney is licensed in Ohio.
Posted 4 months ago.
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Probably not at this point, but a lot depends on your Aunt's particular circumstances. For instance, some planning can be done if she is married. If she is single the options narrow significantly. Unfortunately for her, any gift that she would make of the annuity would disqualify her from Medicaid. It would be a good idea for you to sit down with an attorney familiar with elder law to make sure that she has no additional options.
Paul Arnold Nidich
This attorney is licensed in Ohio and 1 other state.
Posted 4 months ago.
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I'd follow Ms. Cox's advice. It's really too late to do anything.
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