Question: My mother is 90 years old, and we are considering a nursing home. She has about $20,000 in assets. Can we save some of this money before applying for her nursing-home services?
Answer: If your mom needs a nursing home and you expect to ask Masshealth to pay for her care, you can’t save the money directly. However, here are a few ways to spend her money down to $2,000 legally.
Legal services: Take her to see an attorney who can help the difficult Masshealth application process. You will thank your mom for taking this incredible administrative burden off your back.
Funeral/burial expenses: Your mom’s money can be used toward the following: about $10,000 to $15,000 for prepaid funeral services; $1,500 can be set aside and earmarked for burial expenses
Shopping spree: Your mom can buy new clothes or a TV. It is best to track these expenses (don’t use large sums of cash withdrawals from her account), and try to keep each single check or debit card transaction under $1,000.
Attorney James Haroutunian practices real estate, estate planning and business law in Billerica at 790 Boston Road. He can be reached with questions at 978-671-0711 or via email at James@hlawoffice.com. Visit www.hlawoffice.com.