Elderly parents asset protection
My parents are 77 and 80 and living independently. If one became ill and needed to be in a nursing home, would they have to spend their joint assets to pay for it (they currently have about $450,000 in cash assets, the value of their house and Social Security. They have Medicaid and Dad is a veteran...no other medical insurance or long term care insurance.
Thanks!
Asked on 5/06/08, 7:45 am
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
Re: Elderly parents asset protection
For the most part, yes. You need to action NOW to protect your parents' lifetime of hard work.
Good luck.
Rick Bryan
New York, NY
Answered on 5/06/08, 8:09 am
Related Questions & Answers
-
Mom's long term care Mom Needs Help at home. A live in health aid. she has lung and... Asked 5/02/08, 8:12 am in United States New York Elder Law
-
Mother with dementia Is one legally responsible for a parent with dementia? Asked 4/18/08, 10:28 pm in United States New York Elder Law
-
Attorney for the estate i am named the sole administrator of my deceased fathers... Asked 4/12/08, 12:41 pm in United States New York Elder Law
-
Who can see guardianship report? I was wondering who is allowed to see the... Asked 4/04/08, 4:29 pm in United States New York Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
