QUESTION
my husband and i do not own property
Asked on Feb 14th, 2017 on Wills and Probate - New York
More details to this question:
but we have almost $500,000 in cash and stock. what is the best thing for us to do to protect our assessts in case we have to go into a nursing home. we do have two adult children. should we form a trust
1 ANSWER
1 Award
No one can answer the question without more detail, but in general, if you are looking to qualify for medicaid for the nursing home then you need to put your assets in a trust. You can also buy long term care insurance to cover these costs. Trusts have downsides since you must give up control over your money.
Answered on Feb 18th, 2017 at 8:13 AM