QUESTION
I am 83 and my wife is 80. We want to leave our home and some small investments to our three children.
Asked on Jul 19th, 2012 on Elder Law - Florida
More details to this question:
We have a will but worry if we need specialized care that all our assets will be taken. Do we need a trust for protection? What is the best way to protect what we have so our children will get it. I understand there is a 5 year look back period should you need ongoing care.
1 ANSWER
4 Awards
Currently, there is a 5 year look-back period for the creation of an irrevocable trust; however, there are other options for protecting your assets. If your mark that you intend to return home upon entering the nursing home, your home will be protected. Furthermore, you could execute an Enhanced Life Estate also known as a Lady Bird Deed to protect your home from a Medicaid lien. You should seek out an elder law attorney in your area. He or she can assist you with long term care planning and asset protection.
Astrid de Parry, P.A.
Answered on Jul 19th, 2012 at 2:09 PM