Q: I live in Maryland, my parents are moving into assisted living, how do I protect their assets?
My father's health is deteriorating more than my mother's and I'm afraid the he may be headed for a nursing home soon. His health situation just came about within the last year so we are within the dreaded 5yrs penalty. I am the power of attorney but all his assets are still in his and my mother's names. Is there anyway of protecting their assets for my mother so she has enough money to stay in assisted living if my father has to go into a nursing home? Right now they have enough to keep them in assisted living for at least the next 5 or 6 yrs but I know nursing homes are much more expensive.
A: Consult with a local experienced estate planning attorney to map out the best course of action for your parents.
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