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Avoiding a Nursing home from taking money

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Old Jan 24th, 2008, 12:25 PM     #1
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Confused Avoiding a Nursing home from taking money

Is there any way to avoid a nursing home from taking my Mother's money in the event that she should go into a nursing home?
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Old Jan 25th, 2008, 08:51 AM     #2
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Default Re: Avoiding a Nursing home from taking money

There are many options but we normally recommend you have a brief meeting with a reputable financial planner first--then all options including trusts, gifts etc. can be carefully reviewed by you depending on your individual circumstances--options do vary widely depending on the details in this area of planning.
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Old Feb 12th, 2008, 02:58 PM     #3
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Default Re: Avoiding a Nursing home from taking money

you will need to get a power of attorney and remove their name from all assets or transfer the assests into another account with your name. The state will take any assests available in their name including a house. You would need to also get a quit claim for the house to protect it. I just went through all of this. good luck
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Old Feb 14th, 2008, 09:32 AM     #4
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Default Re: Avoiding a Nursing home from taking money

but speak with a financial counselor as well--in many cases you cannot do that all right before your relative enters the nursing home

and tax issues exist as well
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