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Protcting asstes for spouse (Alzheimer's)

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burtus

Junior Member
Pennsylvania:
My mother remarried about 20 years ago. She brought a house and enough funds to pay for the house to the relationship. Its value is about $400K to $500k. Her husband’s 401k and other assets now total about the same. The house is paid for and over the years she has transferred the house into joint ownership. They have wills stating that all assets go to the other should one die. He was diagnosed with Alzheimer’s about 8 months ago. He is 76, active but not real healthy. My mom is 72, very health and very active. She wants to make sure she does not loose the house should he need extreme care. Is it a good idea or even possible to transfer ownership of the house into her name to protect it?

Thanks in advance.
 


divgradcurl

Senior Member
burtus said:
Pennsylvania:
My mother remarried about 20 years ago. She brought a house and enough funds to pay for the house to the relationship. Its value is about $400K to $500k. Her husband’s 401k and other assets now total about the same. The house is paid for and over the years she has transferred the house into joint ownership. They have wills stating that all assets go to the other should one die. He was diagnosed with Alzheimer’s about 8 months ago. He is 76, active but not real healthy. My mom is 72, very health and very active. She wants to make sure she does not loose the house should he need extreme care. Is it a good idea or even possible to transfer ownership of the house into her name to protect it?

Thanks in advance.
Protecting assets from medicare or nursing homes is tricky -- it can be done in many cases, but if you do it wrong, you could go to jail, so it's best that you retain a specialist in estate planning who can help you, if possible, to legally protect your assets in the case one or both of you needs medicare or other assistance.
 

divgradcurl

Senior Member
burtus said:
Is this a good idea to do, if possible and legal?
It is a good idea to plan for possible long-term nursing care, and there are ways to do it so that it is legal -- but it is not simple to do it in a legal fashion. You really need to see an estate planning specialist to make sure whatever you do is both legal and effective. As I noted in my earlier post, doing such planning wrong may result in charges of fraud, which can result in fines and jail time, in addition to the property being taken anyway. Find an attorney that specializes in estate planning or medicare planning, and let them determine how best to legally protect the estate.
 

pojo2

Senior Member
>>Protecting assets from medicare or nursing homes is tricky <<

Hopefully it will get a lot trickier in the future. Why should one expect the residents of their state to pay the bills so they can get theirs?
 

burtus

Junior Member
You say it like they have paid nothing into the system. They are not going from welfare to medicaid. They have two lifetimes of contributions.
I was not asking to have all assets protectected so the kids could get an inheritance. I was asking about protecting the assets (her house) that she brought to the relationship so that she could use it for her care as she chooses when the time comes and not be locked into medicaid from the get go because they burned up everything on his care leaving her at the mercy of the system.

Pojo
Your post lacked insight and your post on many other threads sound empty and hungry. Please rant elswhere.
 

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