Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 3
<My grandparents are 81 years old, and my grandmother has Alzeimers and diabetes. Despite his careful planning, my grandfather never anticipated a long term illness that will require a nursing facility (at $6-8K per month). He knows that at that rate his assets will be depleted very quickly before Medicaid will inevitably take over.>

I think you got some good advice from Phil. Unfortunately, it does not look like there was very much careful planning in this situation, which is not unusual. At the very least, your grandfather should have 250k to cover 3 years of NH expenses before he could even think of gifting anything to his children. More importantly, his plan should not forget about his own financial needs for his normal living expenses. There are a good many complexities in these cases. In addition to legal advice, he could benefit from talking to a good tax pro.

BTW, I apologize if this sounds wrong, but I hope your grandfather is the one initiating all of this. He could be very vulnerable in his condition and anxious daughters attempting to save "their" inheritance could easily cloud his judgement. If he has decided to make some changes now, they should be done very carefully. Changing titles on any property could have some serious tax consequences later.

If the diabetes that your grandmother has is being properly treated and she is otherwise strong physically, she can survive for many more years. Trying to care for an alzheimer patient at home often causes much more harm to the caregiver, both pysically and emotionally. Make sure that your grandfather is not carrying too heavy of a load during these difficult times. Good luck.

Print the post  


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.
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.