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Protection of estate

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myfntc

Guest
Wisconsin-My mother is receiving nursing home care under Title XIX. My dad lives at home. I have been listed as primary beneficiary in my parent's will. Under Wisconsin marital law if my father dies before my mother, 50% of the assets would go to my mother. These assests in turn would have to be liquidated to cover the nursing home costs. Is there any way in which the major tangible assests such as the home, bank accounts, vehicles etc. could be protected so that in the event that my father dies first, half of the assests would not have to be liquidated to pay for continued nursing home costs?
 


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yarddog

Guest
What you describe is something which if brought to the attention of your father and mother might cause them to rethink how they have scheduled their estates to go following their death. From your post I assume that perhaps the major asset of either's estate is their interest in the family home which only your father currently resides in. I suggest that you speak with your mother and father and perhaps if they desire it, take them to an attorney to discuss what might be done. Transfers of ownership of property by those who are seeking to receive Title XIX assistance is looked at very closely and may be set aside where it is made to appear that the transfer for the purpose of defrauding the government. ie. so that the property would not be used to help pay nursing home costs. It is also my understanding that criminal penalties can apply.
 

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