Theodore W. Robinson, P.C. | Theodore W. Robinson
This is a much more complex question than you may realize. It will take different techniques that will place the property into Trusts or other names to avoid the state from taking them, however, there is a look-back period of five years which is pro rated during that period if they go into a home anytime during that five year period, so it's not all or nothing. Speak to an estate planning lawyer or elder care attorney. Good luck.
Answer Applies to: New York
The Coyle Law Office | T. Andrew Coyle
There are many variables that go into protecting assets for seniors who may need Medicare. It is impossible to answer your question without knowing more about your parents and their current situation. You will want to discuss this matter with an attorney who can go through all of those aspects with you.
Answer Applies to: Illinois
Ashman Law Office | Glen Edward Ashman
It is way too late to ask then. Medicaid and other rules will create a problem. At least 5 to 10 years before your parents reach retirement age, and preferably far sooner, they should see an elder care lawyer and plan their estate.
Answer Applies to: Georgia
Asset Protection and Elder Law Center | Shadi Alai-Shaffer
Create a Medical Trust. Seek the advice of an Estate Planning Attorney to get more advice on how to protect their wealth. Depending on their estate and situation there may be many ways to protect their wealth or they may not have many options. It depends on several factors; an attorney can assist you with this.
Answer Applies to: California
Law Offices of Brian Chew | Brian Chew
You may want to consider having them transfer their assets into an irrevocable trust so that creditors can not attach their assets. Placing assets in a properly drafted trust can also help them qualify for various government benefits. Typically they would appoint someone like yourself as trustee and it would be your job to manage the assets on behalf of your parents. Contact a qualified estate planning attorney for more information.
Answer Applies to: California
Majors Law Firm, P.C. | M. Jason Majors
I would recommend speaking with a Medicaid Planning Attorney. There may be some options available to your parents regarding protecting their assets, but it will take some advanced planning through either gifting of assets, spending down of assets, or the use of special Medicaid "Irrevocable" Trusts. Your parents will also need to be careful to make sure they do not violate any specific rules that would disqualify them from receiving Medicaid benefits. Your parents may also want to look into whether they would qualify for Long Term Care Insurance.
Answer Applies to: Wyoming
Law Offices of Mark Lewis & Associates, PC | Andrew C. Spitler
How much wealth you will be able to protect will depend on how quickly your parent(s) are heading into assisted living and if they will be attempting to apply for Medicaid to cover their care vs. paying for their own care. If they plan on applying for Medicaid, there is a lengthy look-back period on any transfers of assets out of their names which will create a penalty period of ineligibility. They should meet with an estate planning attorney as soon as practicable to evaluate your options.
Answer Applies to: Arizona