QUESTION
The status of assets shared jointly with a senior citizen (mother) who will be confined to a nursing home . Must all assets be surrender to the home.
Asked on Sep 25th, 2013 on Elder Law - New York
More details to this question:
Our mother's health condition due to advancing old age makes it necessary to her reside in a nursing home so that he will have the continuous care she requires.I am seeking clarification as to whether all of her remaining assets be turned over to to the nursing home she currently residing at. In addition to her entitlement checks she has some life insurance policies as 2 joint savings accounts.Any thoughts or ideas you can provides will be greatly appreciated
1 ANSWER
It is not necessary to turn over all of your mother's assets or spend them on her care. After analyzing the composition of her assets, it is possible to preserve approximately 1/2 or more of her assets with proper Medicaid planning. This can be so e using various techniques and Tia such as trusts and Medicaid compliant promissory notes. Please contact our offices at 718-232-1250 and speak with Alfred Polizzotto for more information.
Answered on Oct 02nd, 2013 at 12:13 PM