Ask Terry Questions Assets for sons of ill mother

Assets for sons of ill mother

By Terry Savage on March 08, 2015 | Financial Planning / Retirement

My mother is bed ridden and unlikely to ever not be and she needs round the clock care. She is 85 and my dad is also 85 but in good health. He lives in their home where my mother also resides with the round the clock care. They have three sons including myself. Payment for the home care is coming out of my mom’s assets which will be gone in about 1.5-2 years. My father and the two brothers want to protect the house which is valued at around $500,000-$750,000. Any suggestions? Thanks!

Terry Says:  Whose names are on the title?  That’s very important in determining how the home will be treated as an asset if your mother needs care either at home or in a nursing home, but doesn’t have any money except perhaps Social Security.   If your father lives in the home, it is likely that the state will not make any moves to take it as an asset — until he needs care.  Some states also exempt a home completely if an adult son or daughter is on the title and resides in the home.  All of this varies by state, so you need an elder-care attorney who knows the rules in your state.  Go to — the national association of elder care attorneys to search for one in your area.

And then, you and your brothers should each purchase a long term care insurance policy — unless you want your children to deal with this same issue!



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