QUESTION
What is the best way to protect money for the elderly?
Asked on Oct 16th, 2012 on Elder Law - New Jersey
More details to this question:
If money is put under the name of their child how does it get protected if the child gets sued or something of that nature? Can the money still be used by the elder person of once it is locked up they no longer have the ability to use the funds? Or is there a way to keep it protected yet use it in case something major comes up in the life of the elderly person?
1 ANSWER
2 Awards
If you gift money to a child to "protect it" the money belongs to the child and if the child gets sued, the money is at risk, that's one of the many issues that the elderly need to balance in doing planning. You can consider a trust or other arrangement to protect the money and allow the person to have some access to it.
Answered on Oct 16th, 2012 at 4:49 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship