If someones parents are put into a nursing home, is it true that you
IMMEDIATELY have to surrender everything you own... ie.. property,
savings account, stocks and bonds etc....?
QUESTION: If someones parents are put into a nursing home, is it true that you
IMMEDIATELY have to surrender everything you own... ie.. property,
savings account, stocks and bonds etc....?
It doesn't seem logical that as soon as you enter a nursing home you
must give away all of what you have worked your entire life for.
Is the above an exaggeration? Do we have some options to preserve (at
least temporarily) some of our assetts in this situation?
ANSWER: No, this is not *automatically* the case. Some nursing homes require it,
however, as a condition of admission. Read *very* carefully any contract
your parents are asked to sign upon admission, and discuss with an elderlaw
attorney any provisions you don't clearly understand.
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