I want to tell you about a great family I was working with that lives close to our Lake Charles office. The mom had come to two of my presentations. She came to one with her friend and then after that, she told her children, “You need to come with me and hear what this guy has to say because I think I need to do something.” So she came to a second presentation that I gave and she brought two of her children with her. It was kind of funny because the children said, “She is never going to do anything. She's going to procrastinate and put everything off to the last minute.” Nonetheless, Mom took some initiative and said, “I have to do something.”
So, Mom and one of her children came into the office and we started talking. Mom was really worried about the potential for losing everything to a nursing home and she did not like the idea of losing control. She did like the idea of leaving a fairly significant amount of money in her name, perhaps her IRA and some of her savings accounts, so she could have a couple $100,000 to do whatever she wanted to with. She wanted to move some of her assets that she really never planned to spend into a trust where she could control it and the kids wouldn't get it until she died. It would be structured in a way that those trust assets could not be lost if Mom experienced a long-term care nursing home situation. Mom felt really good about it, she was ready to go, and the children felt good about it also. They just wanted what was best for Mom. Mom wanted to make sure that the children would be taken care of when she passed away and Mom didn’t want to put herself in a situation where she would lose it all.
Many people structure things in a way so that they keep certain assets in their name and they protect other assets that they want to protect and pass along to their children. So, no matter what happens, the person retains control over funds and funds are protected from a potential nursing home situation. If that's a concern of yours, give us a call and we can have a talk.