My mother has an investment account of more than $300k. She is 79, in ok health and is moving in with one of her daughters in Massachusetts. We are looking into Mass Health as a provider and realize her assets will disqualify her.
We also understand that if we were to sign up for adult day services or a nursing home facility, they will tap into her assets first.
We would like to protect those assets and wanted to know our options.
I understand there is a 5 year look back, so this is something we need to consider now. Can we change the ownership of the account to one of her children or create some type of independent LLC? What is the process for each and what are the tax implications, if any?
I don't understand why you don't think her money should be used for these things? Doesn't your mother expect to pay her own way? Isn't that what she and your Dad saved for? Money provides a lot of options. Why shouldn't she have the benefit of those options? Personally, I think EVERYONE should have access to Medicaid, just as they do to Medicare at a certain age. But that is not how it works.
If your Mom goes through all of her own money on her own care and her own pleasures, then she will be eligible for Medicaid.
Do see a professional estate planner. But I hope what you will be asking about is how to make her money last as long as it can for her ... not how to hide it for heirs.