Mr & Mrs Barber are both 90 yrs old living in assisted living-They qualify for ALTC (Arizona Long Term Care) on income and health but their only assest is about 60 thousand in the bank which is going down very fast.Is there a legal way to put the money that is in the bank into a long term care trust in their daughters name, so it can be used for their care?
HOW MUCH WILL THIS COST TO HAVE DONE.
IS THIS LEGAL, so it will not interfere with them qualifying for the program?
1 Answer from Attorneys
My suggestion is that the couple use their remaing money wisely, more particularly, that you make sure that their assisted living residence will not evict them when their ability to privately pay is exhausted. Some of the very best assisted living residences will keep their residents and accept whatever ALTCS will pay, so long as the residents have been privately paying for a particular period of time, ie. for 6 mos or 12 mos. If their current residence will not keep them and accept what the state will pay on their behalf, you need to find them a new residence that will keep them once they qualify. To accomplish this, they may very well need the entire $60k to pay for their rent and care. There are ways to spend down this cash but take care of first things first.
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