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Eldercare
Reply to "Protecting assets for end of life care in context of a second marriage "
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[quote=Anonymous][quote=Anonymous]What does your parent want to do with their assets? An irrevocable trust will protect their assets from being considered as Medicaid assets for both spouses; however it means your parent would need to give up all control over the money to a trustee! If your parent’s spouse develops health issues and needs to hire care, assets from either spouse can be used, it depends what your parent intends. No one is required to spend their assets to care for a spouse but they may want to. [/quote] Can creditors of a parent's new spouse look to the parent's assets? For example, can they get to my parent's 401k or IRA? What about investment property owned in an LLC? A trust sounds logical. Can this be done even after marriage? Does it require the consent of a new spouse? My concern is that my own parent will spend down their assets on their new spouse and my siblings and I will be left footing the bill for my parent's end of life care. [/quote]
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