A friend’s mother recently entered a nursing home. She was told she would have to spend down her resources before she could go on Medicaid. Her will names her two sons and a grandchild as beneficiaries. She also receives an annuitized pension and an IRA, that pay her a monthly sum for as long as she lives. How can she best protect her assets, or is it too late?
The reason she wants to protect her assets is so her sons and grandchild will have an inheritance. Doesn’t a will supersede nursing home liquidation of resources?