Q: 85 years old would like to tansfer titile to my home to my children. will state still get if I go to nursing home
A: This also depends on variables. It is a good idea to transfer assets to your children while you are alive to lessen your tax burdens upon death. However, there is a catch to this. You must survive 60 months. Nursing home costs run about $7000 a month give or take and can wipe out a persons savings and make them ineligible for health benefits until they become impoverished or have a net value less than approximately $2000. The regulations are changing all the time and I would highly recommend that you make an appointment with an attorney who specializes in estate planning to get assistance and your affairs in order while you still can. I also always recommend to my clients that they prepare necessary medical directives and powers of attorney that can be put into place in the event that you should become incapacitated.
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