The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: shelter those dollars||Date: 4/2/2013 1:53 PM|
|Author: 2gifts||Number: 71663 of 78165|
In essence its this;
a) create a properly designed trust which will take your assets out of your name and control, but feed them back to subsidize your lifestyle costs,
b) gift all non-exempt assets to a trusted person,
c) that person then funds the trust (this "one off" step is apparently a necessary dance.)
But what about that pesky 5-year look-back period?
As far as item B, I am sure there are lots of folks who tried that, and then ended up without the assets at all because the recipient wasn't as trustworthy as they thought, or something outside of their control happened that put those assets at risk like some sort of debt needing to be repaid or a lawsuit, just to name a few.
Personally, I have a real problem with someone doing all those gyrations so that we, the tax payers, can pay for their care while they leave their assets to someone else to inherit. And yes, I realize that if it is beyond the look-back period, it is legal, but I still think there is a lot of risk here for the OPs mom, and I'm not so sure she realizes it in trying to be greedy about keeping her assets.
As far as the nursing home care she is fearing, that one is easy. J