How can my aging parents protect their assets from nursing home costs?
There are ways. For instance if they own their own home, they can file for “life tenancy”. In effect their children own the home, the parents are just tenants. If one or both end up in nursing homes the house is not accessible for care expenses. They can also move other assets to where they’re not accessible. For instance they can give up to $12,000 per year per person to their children without invoking any extra taxes. There are also things like irrevocable trusts. Also watch out, the hospitals and nursing homes will keep pushing you to “sign here”. If you read the fine print it says you will pay for all expenses! You don’t have to sign. Don’t sign. Best to see an estate lawyer. It should be worth it.
