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Don't know where to go for guidance. Perhaps you can help.
Mom & Dad have a small amount set aside in their retirement fund ($50,000). Dad will probably need a long term care setting soon. Mom is in relative good health (age 78) and will most likely outlive Dad by several years. Prior to qualifiying for Medicaid for Long Term Care, one must exhaust most all savings. This doesn't appear very smart, given the fact that Mom will live for several more years & need to rely upon the retirement savings.
Is there a legal way to circumvent this circumstance? The retirement money (50K) is currently tax-sheltered & in Mom's name. What are the tax consequences of "giving" it to her children ... to be returned to her when needed?
Is there a web-site, book, literature, etc. that discusses such situations? Thanks
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