My father's assets
my father will soon have to go to a nursing home, 3 years ago we went to an attorney and had my sister, myself and his name put on all his accounts and deed to his home. Will he have to freeze all of his accounts and what will happen if and when the house is sold? Thank-you for your time and knowledge.
1 Answer from Attorneys
Re: My father's assets
In most states he will be limited to $2,000 in countable assets plus his home. The balance of his savings will have to be spent down. Having the accounts in joint names may mean that three quarters are not considered to belong to your father, but that depends on how the accounts are held and on Illinois law. Whatever is attributed to your father, you can usually preserve about half through appropriate transfers and spending.
I strongly suggest that you consult with a qualified elder law attorney near you. If you do not locate one on this site, you should be able to at www.elderlawanswers.com.
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