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Non-Tech : Estate Planning
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To: Colin Cody who wrote (12)4/1/1998 9:17:00 AM
From: Greta Mc  Read Replies (2) of 36
 
Colin,

OK, this is what happened: My father went into the nursing home in 7/97 and I completed the application which included info regarding his ability to pay: liquid assets and monthly obligations. Shortly after that I consulted an attorney about signing his house over to me (with my father's approval) because I knew that my father had enough liquid assets to cover 3 yrs of nursing home care. The attorney (a family friend) warned me that the federal government is cracking down on these type of transactions--ie, if the transfer is being made with the intention of keeping the money and having the government foot the nursing home bill. According to him, if that's the reason for the transfer, then I would risk being charged under federal law. I did not transfer the property. I took the whole of these events to mean that I had an obligation to safeguard the assets since I as a reasonable person should have known that this money would be needed for his care. This was simply my interpretation of what I'd observed. Also, several years ago, my grandmother (lived in New Hampshire) was put in a nursing home and my mother was appointed her legal guardian. I remember that the attorney in that case also stressed the importance her money only for her care---no European vacations with grandmother's money.

Sorry, I wasn't clearer on this last night--I was attempting to keep a long story short.

Greta
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