Mom is living with me, has Parkinson's and dementia, and has money in the bank. My name is on her account. How does she legally get rid of her hard-earned money before the inevitable is upon us? (nursing home, hospital, etc...) From what I understand, she can "gift" $15,000 a year to as many family members as she wants, with no penalty. With that being said, can she write her checks as gifts all in one day, wiping out 3/4's of her bank account? If in 5 years she goes to a nursing home, will they question the gift giving?
Thanks for any help.