Depending on your [[Aging strategy]], transferring most assets from an aging family member to yourself or a trust might make a lot of sense. The primary benefit here is that your elderly parent no longer has assets that might disqualify them from receiving [[State assistance for assisted living facilities]]. *You need to do this well in advance of when you expect to need the assistance*. Each state has its own program—so you'll need to consult the state(s) or an [[Elder law attorney]] to create your own strategy—but many have "look back" periods on any major gifts or transfers that you'll need to avoid. For instance, Arizona has a five-year look back period, which means that you don't fully qualify for an assistance program until 60 months have transpired since you made the last transfer. So getting ahead of any unforeseen problems makes a lot of sense. A secondary benefit is that they also don’t have direct access to money, so they can’t accidentally misspend it or get scammed[^1]. We've discovered that this is a big benefit. [[Managing money for the aging]] can be a big job, but [[Automating everything]] can really reduce the workload. [^1]: It doesn't always seem like these would be effective, but they are effective enough. The mother of one of my friends recently lost her entire life savings, more than $200,000, due to a scam. Also, after taking over managing my dad's email and phone, I can tell you that the elderly receive an incredible number of scamming messages, some very rudimentary but some relatively sophisticated. --- Posted: June 27, 2023 Tag: #aging