No. of Recommendations: 0
My mom is concerned that one day she might have to go into a nursing home and that the nursing home will take all her savings before she qualifies for medicaid. (This happened to her mother.) She has shifted a small amount of assets to my brother and me or opened joint accounts with us. However, the bulk of her assets remains in her name. Should I direct her to an attorney to figure out a plan? She would like to be able to leave her money to her grandchildren for college, etc. If it helps to know, the savings amount is not particularly large, but she is financially set for life through other means and does not need the savings to live on.

KW,

Does she know about long-term care insurance? It costs an arm and a leg, but may be the way to go. Earlier in this thread, I posted a link to TIAA-Cref's long-term care insurance calculator.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement