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What do I need to do protect parents assets?
Anonymous4 views2 answers
My mother, has a will. My question. What happens ,if she becomes mentally//physcially incapable? She has health problems.. Ends up in a nursing home. How do I protect her home& money? I hear different things from people. She lives in East Greenbush,NY. Nothing has been put in my name.
Peter John Fiorella IIIProbate AttorneyBuffalo, NY ·
You should seek the advice of a guardianship attorney. If you do not know a guardianship attorney and are not sure of who to search for on the Internet or .com, I would recommend that you contact the local bar association in the county of you mother's residence to ask for the lawyer referral list. This referral program is a cost effective (cheap) method to briefly consult with an attorney who can provide you with some preliminary advice on how to proceed.
It is important that your mother speak with an elder law attorney in order to protect assets and to avoid problems if she ultimately needs to obtain Medicaid to pay for nursing home care. Nursing homes are expensive and it doesn't take long for a nursing home resident to run through assets to pay for the care. You should become aware of what can result in a penalty period under Medicaid if she needs the assistance to pay for the nursing home. Depending on her circumstances, it might be wise to place certain assets (like her home) in an irrevocable trust. If the assets remain in the trust for five years or more, they will be protected from the Department of Social Services if she seeks Medicaid to pay for the nursing home. Also, while she has capacity, your mother should execute a power of attorney with accompanying statutory gift rider. These are important documents in seeking to protect a portion of her assets if your mother enters a nursing home and requires Medicaid assistance.
