Legal Question in Wills and Trusts in New York

My parents are in their 70's. They have about $800,000 in assets and collectables that is also including their home. They have three children all in there 40's. What should my parents or their children do now to protect my parents assets in the event something should happen to them that will involve hospital bills and or a nursing home? At this stage, should they sign over their assets to their children to protect them if something should happen?


Asked on 2/27/13, 2:15 pm

1 Answer from Attorneys
Roman Aminov Law Offices of Roman Aminov

Your parents should certainly speak to an elder care attorney regarding Medicaid lien and estate recovery rules which may be applicable. It may be possible to plan ahead and prevent any forfeiture of assets. Certainly a power of attorney, will, and health care proxy should be considered. Best of luck.

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Answered on 2/27/13, 2:25 pm


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