Posted 2/18/2021 11:20 AM (GMT 0)
Hello, I know this is a little off topic, but there are a lot of smart people on this forum, so I thought I might reach out for help.
My father has been getting alzheimers and it's become really bad over the past couple months. He can't remember anything.
He has a decent amount of money invest in stocks which he and my mother live off of. They pay the bills with that money. I'm concerned that if he is put into a nursing home, that money would be taken by the nursing home. Then my mother would have no money to pay the heat bills, water bill, taxes, ect. We live in Massachusetts and these things aren't cheap. They're not cheap anywhere, but Massachusetts is particularly expensive.
Is there a way to protect this money for my mother? I think my mother and my father have a joint account, so it would be seized. My mother is 75 years old, and she cannot get a job to support herself at this point. She relies on this money to get by.
Would it be a good idea to put this money into a trust? Would that protect it? Would that also make it inaccessible to her?
Does anyone know of a good will and trust lawyer in the Boston/Worcester area that they'd recommend. I find wills and trusts very confusing. There's a lot of "what ifs" scenarios. I'm just trying to get my parents into a good financial situation so my mother doesn't have to worry.