Protecting assets in case of Alzheimer’s
Ok to protect assets before going to alz care? If yes, who would we talk to?
Terry Says
This is a complicated issue, and I urge you to contact an estate planning attorney (though your local bank trust department or your local bar association).
There are two separate issues here. YES, definitely it’s time to do some planning while the person is competent enough to assist in the process. Most likely the attorney will create a revocable living trust — retitle all the property in the name of the trust — and name a co-trustee, or successor trustee who will be able to act without going to court to get the person declared incompetent. (this is the short version!) It is easy to do, not very expensive. And the process should be started immediately. It’s like making a will — but lets things happen per his/her instructions while he or she is alive.
Now, if you are trying to “spend down” all assets so that the person can qualify for a MEDICAID state-funded nursing home, it is likely too late. Most states have a 5 year “look-back” period at any assets transferred in anticipation of getting the state to pay for care. (And that’s the last place you want your loved one to be these days!) Again, an estate planning attorney an help you with your specific situation
Don’t procrastinate!
