My parents (93 & 94) living in a 55+ community are needing to move to an assisted living facility.
Is it true that they will have to sign all of their assets over to the facility?
Any info that you could provide on protecting their assets or what steps we should take before this move would be most appreciated.
Are they relying on a state Medicaid nursing home? If so, then all their assets are subject to be used to pay for care — but they don’t have to “turn over” their assets. You as their child should get power of attorney to manage their finances, pay for private care if they have enough money to cover their costs for a year or two — and then the state Medicaid program will take over, using their Social Security and any pension they might have to cover costs. There are a few exceptions, including their home if you — their adult child — are living there with them.
If it’s a private assisted living facility, there should be a monthly charge — unless they made some kind of arrangement with a senior community to buy their way into assisted living when needed. Check carefully on the documents they signed, and if necessary consult an attorney that specializes in elder law. Go to www. NAELA.org — the national association of elder law attorney — for one in your state.