How can assets be saved if someone needs to go into assisted living?
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How can assets be saved if someone needs to go into assisted living?
My mother has Schizophrenia; she has had it for over 25 years. Her mother passed 5 years ago and I took over all finances as my mother cannot maintain the home. Her illness has prevented her from a good quality of life; she has become dependant on me alone. The illness has progressed and at this time I am finding it impossible to take care of her anymore. I have looked into options for help and found she qualifies for assisted living but my concern is the house as me my fiancee and soon-to-be-daughter are living in (and paying for) it. I am very lost as what we can do. We do not want to loose the house.
Asked on November 1, 2010 under Estate Planning, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am sorry for your situation. I would strongly suggest that you seek consultation from an Elder Law or estate planning attorney in your area. When you say that she qualifies for assisted living do you mean financially or medically? Are you trying to get her on Medicaid and have it paid for by the government? Generally speaking a party must exhaust their own assets before they can go on Medicaid and there is a look back period in which medicaid can look at the assets of a person and deem a transfer void in order to use the asset for payment. As for nursing care, you also have to worry about their right to put a lien for services on the house. Seek help here. Good luck.
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