Hi everyone! My mother is 87 years old and has about $300k in investments along with two properties toting about $500k in total. Maybe 10-15 years ago she got a life estate (I think it’s called) and transferred her cottage to me and her house to my sister. This was right before the law changed so as far as I know the assets are successfully transferred to us.
Now she has been struggling with depression and it’s been rather rough on all of us. It got me to thinking we need to be proactive in transferring the investments in case she’d ever need to go into a nursing home. I read that certain expenses are exempt from Medicaid, but what about tearing down her cottage and building a new one even though it has been transferred to me? Would a trust work to shelter this money? Transferring $14k per person a year would take awhile and then we’d still be subject to the 5 year look back. Any thoughts/advice would be appreciated. If things start to go downhill for her I will take care of her for as long as possible, but I’d like to plan for the future in case that’s not feasible. Thanks!
Submitted June 03, 2018 at 10:51AM by Barneythebanker https://ift.tt/2xD8Mhr
