I agree with the others: you and your parents need to consult an attorney who specializes in elder law.
No one knows just what will happen in the future. Your parents may pass quickly and normally, or they might linger on for years.
It is incredibly expensive for people to live in nursing homes!!! And the way things are set up with Government laws and regulations, if a person has assets, they are FORCED to sell those assets to pay for the nursing home.
While the guy in the next room gets his nursing home costs paid for by Medicaid. He gets EXACTLY the same care as the person who is paying for the care themselves until they too have no assets or nearly no assets.
My parents worked hard all their lives and accumulated a fair amount of money. Dad died at age 80, and Mom had to go into a nursing home with dementia and Parkinson"s Disease about 5 years ago. We had invested in Long Term Care Insurance and she gets a decent pension and social security, but the LTC insurance will max out next year and stop. I believe that then it will take about a year to go through her remaining money and after that she will be eligible for Medicaid. At over $10K per month, the money goes fast.
I have decided that the way things are now, it is STUPID to not handle your finances in such a way that you can become eligible for Medicaid as soon as possible. This goes against everything I was taught growing up: that you saved money so you had some when you were old and needed it.
It seems much better to transfer assets to heirs earlier, to preserve them, than to end up having to sell off everything.
And the guy in the next room on Medicaid gets exactly the same care as you do, with no financial impact on his family.
A fine state of affairs this Country is in!!! Good luck.
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