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Is it a good idea to transfer assets to other family members “just in case” nursing home care is ever required?
Transferring assets out of your estate is a radical step that should be taken only with great care. There are potentially harmful tax implications involved. In addition, Medi-Cal rules impose restrictions. One must consider how comfortable he or she will be with the loss of control and the loss of access to money that was earned over a lifetime. In other words, asset preservation steps should be taken only if the individual feels very comfortable with the idea and with the options that are available.
Note: This article provides information, it does not constitute legal advice.
Gilfix & La Poll Associates LLP attorneys practice elder law and estate planning and are available to answer any questions about Trusts, Durable Powers of Attorney for asset management, Advance Health Care Directives, and any other appropriate planning options.