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Reply to "protecting assets from nursing home expenses"
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[quote=Anonymous]Eventually my mom will go in a nursing home. She is 70 and has long-term care insurance and is in assisted living. She has a trust set up, but nothing has been transferred to it. I don't know what type of trust it is. She has about $1 million, some of which is in a retirement account and the other in a regular mutual fund accounts. She has 4 properties, including what was her full time residence. Most of the properties are paid off, except for one, which is rented out. Some of these properties are worth very little (one is probably worth $20,000). She has gifted me and my sister the maximum she can without tax implications. I guess she could gift my children? my husband some assets or money? What can we do legally, of course, to protect her assets. [/quote]
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