No.
When a parent or spouse is diagnosed with Alzheimer’s invariably somebody will give advice: “You need to hide her assets.”
Here are two reasons why that is a bad idea.
- What are you hiding the assets FOR? So she can go to a nursing home? Check out nursing homes and see if you want her there. Chances are good that you don’t. So then, what benefit will she get by hiding Her assets?
- If you hide Her assets, how can Mom’s assets help Her? Mom and Dad saved for a comfortable old age and the savings should be used for Her.
I think you can see there are answers to these two simple questions, but that’s where things get really complicated. Multiple children = multiple opinions. If an agency sees checks coming into her account from one other bank account they may presume that is Her money you are “holding” for her. And so on and on it goes.
The best answer is to “What should we do now?” is talk to professionals whose job it is to give advice “you can take to the government.” And don’t forget the maxim: If you make a mistake, you pay. If a professional makes a mistake, he pays.
So when Mom’s diagnosis is Alzheimer’s see an experienced elder law attorney plus whatever financial advisors, accountants or social workers as you need to: Come up with a plan that is the best for MOM.
