- Elder & Estate Planning Attorneys, PA. Attorneys and Counselors at Law - https://elderlawyersfl.com -

My parents live with me. Can they use their money to help pay for some of the expenses?

[vc_row][vc_column][vc_custom_heading source=”post_title” font_container=”tag:h1|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_video link=”https://www.youtube.com/watch?v=7E7_joHxUBM”][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]If your parents live with you some of their assets can be used to pay for their particular care. You’re going to want to make sure that that’s logged and diaried to show that it in fact, their assets are paying for just themselves. They can also rent from you because they’re living with you. You’re going to want to, however, have documents in place to show that in fact these are not transfers for less than value, that they are in fact receiving something in return for that payment, for their food or rent, or their care and the like. Documents in place are key to preserving the right for them to qualify for Medicaid down the road and avoid the transfer for less than value question that comes up.[/vc_column_text][/vc_column][/vc_row]