Legal Question in Wills and Trusts in Michigan
Protecting parents assets
Background: My mother is 80, reasonably healthy, lives in Ludington, Mich. alone in a condo which she owns (makes mortgage payments), has about $150,000 in investments (mostly mutual funds), owns a late model car, and receives about $3000 per month in a survivor's annuity from the Federal Gov't. A couple of years ago she bought a comprehensive long term care policy which is current. She has six children,of which I am the second oldest and oldest male. My older sister (lives in Saginaw)and I (in Ohio) are executors of her estate as described in her will.
Question: What would you recommend as the best means (such as a trust) to protect her assets if she should become confined to a nursing home and the long term care policy is either inadequate or expires before her stay run out. Any other suggestion in general? Thank You.
2 Answers from Attorneys
Re: Protecting parents assets
This type of planning is delicate. Technically, a lawyer is not supposed to fascilitate a transfer to qualify for medicaid. With that in mind, there are some considerations, if your mother is not in an immediate need for nursing home care. For more info, please contact my office at (248)851-3171.
Re: Protecting parents assets
Hello, I have received a copy of your posting regarding your mother. A trust is one way to protect assets, but it would require your mother to surrender control of those assets. I would be more than happy to discuss this further if you would like. My office is in Troy, my number i sbelow. If you are looking for an attorney in the Ludington area, I suggest you contact Clay Olmstead. His office is in Ludington. His number is (231) 845-6242. Mention my name to him. Have a good New Year. John C. Talpos (248) 743-6800 (http://www.Mich-Lawyer.com)
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