My mom isnt exactly well to do-but she does have money. She is 83 and in good health for a woman of her age. Lately she is talking about giving each of her grown children $5000 each. As she says she dont want to end up giiving all her money to a nursing home if and when she would need to go to one. We live in Illinois and I tried explaining to her the pay down effect regarding assets and that if she should need to go into the nursing home within a 5 year period that money would be considered an accountable asset.
So my question is this-is there an allowable amount she could give that would not be counted in her assets?