Question for the Money Doctors
Question submitted on Apr 23, 2012.
QuestionFather worked for the state has retirement- was professor so probably pretty good. Mother has hints of Alzheimers and at high risk of long term care needs. there is paid off modest house. Assets but unknown. What is best way to protect the assets and house? In NC they said that spousal community income must be under 1839.00 so there goes the immediate annuity strategy and he could be over that with out it too.
Your parents are the ones who must initiate their planning. If they have asked for your help, then they would share their financial details with you. Without information on their assets, their income, their expenses and, most importantly, their goals, a financial professional can not help them.
Not all individuals want to do what is necessary to "protect their assets." To qualify for medicare requires that they an individual make themselves indigent by transferring their assets. Many people do not want to give up control of their assets.
If however, your parents do want to make themselves eligible for medicare, I recommend that they consult an "Elder Law" attorney in their state of residence. The Medicaid laws vary from state to state. That attorney may be able to help them qualify for Medicaid and "protect their assets," if they are eligible. You may locate a qualified Elder Law attorney at http://www.martindale.com. Look for an attorney that is rated "AV" if you want the highest rating. Look for an attorney that devotes most of his practice to Elder Law and deals with Medicaid.
For additional information visit http://www.360financialliteracy.org/