(Florida)

My parents, like many on here are increasing in age. Rich has never been something that we have been mistaken for, but my parents lived well within their means and have managed to save some $, have some property, and don't want it to be pissed away.

My mom called me today and asked me to look into what they should do. My mom knows that a nursing home will take every dime that they have ever saved in matter of a few months.

If you have sound advice, great, but I was more looking into who would be best to talk with regarding their situation.

Sent you a pm

Find a good CPA and a financial advisor. I have some ideas but every situation is different. As far as financial advisors go I would find one that specializes in estate planning and is particularly versed in the use of life products...but watch out for someone just focusing on his own compensation (there are a bunch of those out there).

It's good y'all are looking into it Belly. My parents finally took care of their affairs last month, and It was really weird (only way i can describe it i guess) reading over their stuff as if they were already gone

Yes it's awkward, but necessary. The property has to be out of their name for 5 years or it can still be seized for medical expenses.

I have a friend going thru this right now with lawyers. His grandfather has a lot of assets and the nursing home is foaming at the mouth trying to get it all.

We went to a lawyer with dad after mom died. It’s weird as heck but necessary.

Thought they changed it to 7 yrs.

What part of florida? If near Pensacola, I can recommend someone that does this every day for the elderly.

My wife and I have been taking care of her parents for several years now
Whatever you do make sure everything is out of their name except for a controlling 1%
This is so nothing can be taken by the state as payment for the care they’ll receive if it’s from a NH
A good financial planner and attorney can help with these things

Get it done soon while they still have a clear presence of mind. My grandparents are living in a high-end assisted living facility in NW Florida that is over $4,000 per month. They are well taken care of
and that does cost money.

South of Tampa

My wife and I moved back to Alabama to take care of my parents back in 2011. My mom passed away last October, and my dad just turned 90. The best advice that I can give you is consult a lawyer, and a financial planner. The strangest thing in the whole process was being added to their accounts, and making decisions for them. I never wanted to know what they had much less handle things for them.

Best of luck to you and your family.

Going through the same thing with my mother right now! Luckily she went through this with my grandmother so that helps some

A quality CPA is worth their weight in gold. In my opinion they typically give best advice without selling you a product or investment.
They will have contacts and can consult with the best options for estate planning, attorneys and financial planners, to fit your specific situation.

Went through this a few years ago with my dad. He definitely had almost everything in order. POA, a will, a living will (which was a blessing), etc. One thing he did many years ago was put his children as owners of any real property. So his lake place was actually in our names when he passed away. He was worried that if he ended up in a nursing home for years that the place would end up being sold and proceeds going to Medicaid/Medicare once all of his $ was gone. That is what is happening to our neighbors right now. The wife is in a nursing home and the husband died about 6 weeks ago. The daughters tried for years to convince their parents to plan and put the home in the children’s names. According to one of the daughters who is a banker, the mother just wouldn’t even consider it. Their parents went through all their savings with medical bills and nursing home bills. When the husband died, Medicaid had a lien on the home (which has been paid off many years ago) to recoup medical expenses. As soon as it sells, all the $ goes to the government and the family will not see a penny.

One thing my dad forgot was not putting one of us as beneficiary of his retirement accounts and as a POD or joint owner on his bank account. He had an auto draft for his offering every week to his church and we had no way to stop it after he died. Took about 2 months to resolve that (Wells Fargo sucks by the way). On the retirement fund, it took over 2 years for them to release the funds to the estate. So much to think about after someone passes away so it’s a must to plan ahead.

Dr. B

Bought my mom a little house not far from us. She still gets around fine, but there is always something going on with her. Anyway, she gets by on her SS and doesn't want for much. We are looking at downsizing and actually moving a little closer to her.

There are attorneys, especially in Florida, that specialize in Geriatric Issues. I'd find one of those to consult with.

If you have given all your property and money to your children and your in a nursing home who pays the bills?

Medicaid, once you apply and get on it. Someone will need to pay until such time that Medicaid takes over, can take months.

Get an attorney that specializes in that area.