Legal Question in Elder Law in West Virginia

Protecting assets

First of all, my father has been diagnosed with alzhiemers and will soon need to be moved to an assisted living home. I have durable power of attorney over his affairs and I was told by an insurance agent that I could invest my father's 401k and savings in an annuity and the principal would then be protected from collection for his living arrangements. That only the payouts, either monthly, quarterly etc.., would be available for seizure. With that being said, I would be able to pay for the bulk of his charges from his retirement and social security checks and would maintain enough money outside of the annuity to pay for an extended stay.

Is the agents statement true and is it legal?


Asked on 7/29/03, 4:09 pm

1 Answer from Attorneys
Jay Goldenberg Jay S. Goldenberg

Re: Protecting assets

I'm not clear what you mean about protected from seizure. If he seeks public assistance for nursing home care, he is required to "spend down" his assets.

If you're talking about whether he has to *pay* private agencies -- it's a business transaction in which he pays or doesn't get service.

In terms of state aid, annuities can become sheltered assets, but these complexities vary by state and require consulting an elder care attorney in your state. Your far better to spend that ahead of time than rely on an agent.

Read more
Answered on 8/03/03, 9:50 pm


Related Questions & Answers

More Elder Law questions and answers in West Virginia