Ok, trying to protect property.

[unteagle51176]

Texas. My parents are worried that within the next five years they may need nursing home care. They want to try and see if their property assets can be kept from going to a nursing home. I've read that irrevocable trusts still has a five year look back. But is it possible, if my parents sell their property, and re-invest it into my home, which is where they will be living, can then their "wealth" be therefore kept from possible medical costs in the future? I've heard of a lifetime residency where parents do this in return for being able to live with children, but give children money in return for this lifetime residency?

 

[sandyclaus]

Texas. My parents are worried that within the next five years they may need nursing home care. They want to try and see if their property assets can be kept from going to a nursing home. I've read that irrevocable trusts still has a five year look back. But is it possible, if my parents sell their property, and re-invest it into my home, which is where they will be living, can then their "wealth" be therefore kept from possible medical costs in the future? I've heard of a lifetime residency where parents do this in return for being able to live with children, but give children money in return for this lifetime residency?

Sorry, but we're not going to help you/your parents defraud the Medicare system into paying for your parents' nursing home costs by hiding assets for you to have as your inheritance when they pass. If they own property, they can afford to pay for their own nursing home costs.

 

[tranquility]

Texas. My parents are worried that within the next five years they may need nursing home care. They want to try and see if their property assets can be kept from going to a nursing home. I've read that irrevocable trusts still has a five year look back. But is it possible, if my parents sell their property, and re-invest it into my home, which is where they will be living, can then their "wealth" be therefore kept from possible medical costs in the future? I've heard of a lifetime residency where parents do this in return for being able to live with children, but give children money in return for this lifetime residency?

See an eldercare attorney. Such planning can be technical and, without experience, there is no way to know if you did things right until the state comes calling. Then it is too late.

 

[Mass_Shyster]

Sorry, but we're not going to help you/your parents defraud the Medicare system into paying for your parents' nursing home costs by hiding assets for you to have as your inheritance when they pass.

They don't call it fraud anymore. Now it's called Estate Planning.

OP, this is not a do it yourself process. Find an attorney who does estate planning.