I was meeting with a family recently, the mom and her daughter came into the office. The family’s number one concern was making sure that mom didn't lose everything that she had saved if she had to go into a nursing home in the future. Mom's plan was to stay out of a nursing home and the children's plan was to keep her out of the nursing home.
But, you never know, and you have to prepare for the worst. So, we talked about all of the things that Mom owned and all of the things that she would lose if there was a nursing home situation. She had three different investment accounts, one was an IRA. She had a couple of different pieces of property and because she was in her seventies, she was starting to transition control of the assets to one of her children. So, she and her child came in and the end result was that we set up an arrangement or a very particular type of trust, where that family out of Baton Rouge, is going to be able to protect everything they have. They were fortunate because they felt like they were doing it in a timely manner because they knew of the importance of taking this kind of legal action at least 5 years before entering a nursing home. So, things are being transitioned from everything being owned by Mom to everything in an arrangement that Mom and her child can oversee and it will be structured in a way that it’s protected, just in case mom goes into a nursing home in the future. Also, they like the secondary benefit which is when Mom passes away everything will just transition immediately to the three children equally, outside of any probate or court proceedings. So, if you have a situation like this and you would like to talk to us about it, feel free to give us a call. I'll be happy to chat with you about it.