A Family Owned Business Long Term Care Nightmare (Part 2)
Last week we were talking about George’s tragic stroke and need for nursing home care. He still owns the manufacturing business he built and the warehouse which houses it. His son, John, asked me whether those assets are protected from being spent down towards care before Medicaid qualification. Like so
A Family Owned Business Long Term Care Nightmare (Part 1)
George built his manufacturing business from scratch. He and his wife, Claire, had raised a family of 2 boys and a girl, but George treated the business like another child, nurturing it from infancy to maturity. It had allowed him to provide for his family, putting all 3 children through
My Name is on Mom’s Checking Account (Part 2)
Last week we were discussing Melissa and her mom. Melissa has been handling Mom’s finances for several years as agent under Power of Attorney – or so she thought. We discovered that actually Melissa is a co-owner on the account. She can still write checks, pay Mom’s bills, and access
My Name is on Mom’s Checking Account (Part 1)
It’s an issue I deal with frequently as an elder law attorney. Melissa tells me she has been handling Mom’s finances for several years. She writes checks from Mom’s checking account and transfers funds from Mom’s other accounts, as needed, to pay the bills. She says she does it because
Mom Has $1,000,000 – She’ll Never Run Out of Money (Part 2)
Last week we were discussing Paul’s mom, 88 years old and in need of nursing home care. She has $1,000,000 in assets so first impressions suggest that she won’t ever need Medicaid. But, upon further examination, we might want to reconsider that conclusion. Here’s why. Paul’s initial statement about never qualifying,