From losing them just HOW, do you mean? If you mean to protect against your parents spending their assets to provide for themselves so that they can provide instead for YOU, it is a pretty bad idea all the way around.
IMO the better way to handle this type of thing is to do what most "socialist" European companies do. Pay for all this through general taxes. Now, your taxes will be higher, BUT you will have something to show for them, not endless wars, paying for the military industrial complex and enriching Wall Street. Lots of complaints about high costs of care, but that is what you have to expect when you have a "free market" system. Might remind everyone that society actually functions because so many people, like parents, in fact follow the "socialist" family model, not the "free market" thinking of every man, woman and child for Themselves.
More details, please: what kind of fraud? What kind of assets? Is dementia involved? A scamming BF or GF? Frivolous expenditures? Or stock market crashes? Recessions?
There are lots of ways that different assets could be lost.
Your parents' assets are there to pay for their old age. No one is entitled to an inheritance. Protect their assets so that the money will stretch however long they live, if that's possible. If by protect you mean try to shield them from the state so that taxpayers will foot their nursing home bills, then that is fraud.
If it's fraud then every trust that's been set up to protect assets from medicaid recovery is fraud. So is a TOD then. I think people in this thread are way overusing the term "fraud". Especially since we don't know the context.
5 years before applying for Medicaid. If your parent is going to need nursing home care soon then his/her assets must be used to pay for it before state assistance comes in. If assets are transferred, care/Medicaid will be denied.
Not necessarily true. It's not that clear cut. There are exemptions to to the "5 year" rule. For example, if a child has been caregiving for a parent for 2 years before admission to a nursing home then the parent's house can be transferred to the child with no impact on medicaid eligibility. It's called the child caregiver exemption. It's an allowed transfer.
There are lots of ways that different assets could be lost.
if you are POA, then you can protect the assists from scammer and fraud. But, protect from Medicaid? That is fraud itself.