WHAT CAN I DO FOR MY MOTHER SO THAT THE NURSING HOME DOEST GET ALL HER ASSERTS

Asked over 1 year ago - 08030

SHE HAS BONDS IN THE SAFETY DEPOSIT BOX AND THREE LIFE INSURANCE POLICIES

Attorney answers (6)

  1. James Edward Gau II

    Contributor Level 6

    10

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    Answered . The answer to the question depends on a number of things such as value of assets, your mother's health, and her monthly income. An Irrevocable Asset Protection Trust can be set up, but there is a 5-year look back period for Medicaid qualification. If she was a Veteran or married to a Veteran, she may be eligible for VA benefits to help pay for a nursing home or assisted living during those 5 years. You need to meet with an experienced elder law/estate planning attorney to determine what steps are available and what steps need to be taken. Timing of transfers and applications is very important when it comes to Medicaid and VA benefit planning, so you should not try and do anything without consulting an attorney first.

  2. Carl G. Archer

    Pro

    Contributor Level 12

    6

    Lawyers agree

    Answered . Tough to tell from here what can be done for your mother, but an attorney can certainly help. Get yourself to see one right away. They should be able to help you sort out what you can keep and what you have to get rid of.

    This answer does not create an attorney-client relationship. In order for you to establish such a relationship,... more
  3. Steven M Zelinger

    Pro

    Contributor Level 20

    6

    Lawyers agree

    Answered . The other attorneys are correct - you need an elder law attorney or someone with experience with Medicaid/asset protection planning. My firm does that type of work. Must of the success of such a plan can depend on her health and her assets (how much). Also, if she has long-term care insurance that is an important factor.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  4. Lawrence A Friedman

    Contributor Level 18

    1

    Lawyer agrees

    Answered . Consult an elder law attorney. DIY is a surefire way to leave money on the table and maybe make things worse.

    Lawrence Friedman, Bridgewater, NJ. Certified as an Elder Law Attorney by the ABA approved National Elder Law Foundation, former Chair NJ State Bar Association Elder and Disabilities Law Section, Member Board of Consultors of NJSBA Real Property, Trusts & Estates Law Section, Vice Chair Special Needs Law Section of National Academy of Elder Law Attorneys, and Master of Laws (LL.M.) in Taxation from N.Y.U. School of Law. Visit SpecialNeedsNJ.com for articles and Q&A on elder law, special needs, wills, trusts, estates, and tax. Visit SpecialNeedsNJ.com/blog and subscribe for free timely updates to be delivered to your inbox. Information on both Avvo and SpecialNeedsNJ.com does not constitute legal advice, as it is general in nature and may not apply to your situation or be subject to important changes. No attorney client relationship exists unless set forth in written engagement terms.

    Lawrence Friedman, Bridgewater, NJ. Certified as an Elder Law Attorney by the ABA approved National Elder Law... more
  5. John Arthur Daniels

    Contributor Level 14

    Answered . I would certainly agree with the attorneys about seeking consultation with an attorney that specializes in this area (Medicaid, Elder Law, Trusts). The options would be limited as any kind of planning that would have protected assets should have been done years ago. At this point, any kind of proactive actions to protect assets might actually be detrimental to your mother's financial situation, rather than helpful to it. Even at a safety deposit box and all contents within it need to be declared for estate valuation purposes.

  6. Matthew Aaron Wiley

    Contributor Level 10

    Answered . I am not sure a trust is right for you. It sounds as though she is already in a nursing home and it may be too late for that type of planning. You need to meet with a medicaid / elder law attorney and ask to speak about "spend down."

    As mentioned above their are a few strategies that are income dependent so also ask about an "immediate annuity." Unfortunately this is not something you can do on your own. You will need to meet with a specialist.

    Disclaimer: The foregoing answer does not constitute legal advice, is provided for informational and educational... more

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