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Trust for the daughters so that the nursing
home care won't deplete her assets?
QUESTION: Recently my Aunt (age 73, resident of NM) became ill (Alzheimer's disease)
and I was given the Power of Attorney for her finances. My Aunt has maybe 1
year before she will require full time nursing home care services. At
present she about ~$120,000. It is my understanding if she is placed in a
nursing home, her assets will be depleted quickly, then Medicare benefits
will kick-in.
If possible, I would like to protect my Aunt's assets for her two daughters
inheritance (or give money to the daughters now). Is it possible at this
late date to set-up some type of Trust for the daughters so that the nursing
home care won't deplete her assets?
Any suggestions will be greatly appreciated. Thanks in advance.
ANSWER: I'm sorry for your loss; my Dad also has Alzheimer's. These are questions to
ask of an elder law attorney in NM. Usually there is little you can do to
protect these assets, because Medicaid is quite diligent in recovering assets.
It's also, IMHO, unethical to divert assets in this way. Nursing home care
replaces care that family members otherwise would have to provide (possibly
giving up even more income to do so), and gives your Aunt a much better quality
of life (at least that's been apparent in my Dad's case).
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