Where do we start in protecting Mom's property?
Our mom suffered a stroke on July 14, 2010. She is currently in a rehab facility recovering. Physically she is doing well but is having some mental issues. She has a house in her name, and half of a commercial building, and right now she is on private insurance. Her son (my husband), myself and our two kids have lived in the house with her for the past 10 years and we pay the majority of the house finances. She has no will, advanced directive, power of attorney or anything, and we want to know where to begin to protect her property (if we can) in the event she has to go on state aid. There are three siblings who have all agreed that the eldest son should play the role of guardian since he lives with her and shares household finances. Friends have said to liquidate assets, some say wait and see, so we are very confused on where to start.
Expert Answer
I am not an expert on protecting a person's assets if that person seeks for and receives state aid. I know that there are strict rules preventing the transfer of that person's assets in order to be eligible for state (or federal) aid. Those rules make it illegal to transfer asserts in order to be eligible for aid for some YEARS before that aid is applied for. You need to check into those rules.
An excellent source of information on this is "Social Security, Medicare & Government Pensions," by Joseph L. Matthews and Dorothy Matthews-Berman (Nolo).