Protecting Money
My mother is soon going into a nursing home. Is there any way for me to protect her money, around $50,000 as she will be applying for medicaid. i have power of attorney and am on her bank account.
Asked on 5/16/07, 11:52 am
2 Answers from Attorneys
Mary J. Hoeller, R.N., J.D.
Attorney At Law
Re: Protecting Money
Yes, you should immediately contact an Elder Care attorney for advice about this. Mary
Answered on 5/16/07, 3:48 pm
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: Protecting Money
4 ways to approach this depending on your mom's wishes:
1. Special Annuity;
2. Special type of trust;
3. Special type of gifting;
4. Care Contract.
email me if you have any more questions.
Answered on 5/16/07, 4:51 pm
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