What is the best way for my parents to protect their assets in the event of needing nursing home care one day? They have a primary residence(400K), a condo in Florida (100K), money in teacher retirement accounts and IRA's. Very little else liquid. I'm not sure which of these assets, if any, are exempt.
Thanks so much in advance.
Rick
Answer
The answer is too complex to be answered here. However, trusts, life estates, and transfers, are methods people use to protect their assets.
Your parents should consult with an experienced trusts and estates attorney.
Paula J. McGill
Offices in Manhattan and Long Island
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