ULPT Saving assets

Posted by weheartyume@reddit | UnethicalLifeProTips | View on Reddit | 16 comments

My father has dementia. He's in his early stages. I have power of attorney and I'm planning for the sad future that keeps me up at night.

What can we do to protect (aka hide) his assets so that the healthcare system doesn't drain his accounts before he can qualify for medicaid? I recently learned about this and it sickens me to think that all of his (and my late mother's) hard earned money will get zapped away like that leaving basically nothing. They wanted any left to go to their kids and grand kids.

Buying a house is an option (we're currently renting). If we used the money to purchase a home for all of us to live in (dad, brother, my husband, myself and our 2 small children) would they be able to take the house since the down payment would come from his assets? I know they look back 5 years.