Trying to protect my Dad's assets (rental houses) which are used in large part to supplement his income. He wants to deed the property to me in Jan- which I will manage on his behalf. He gets $500 a month from SS. Currently my Mom owns the home they both live in. We figure she has about another year before she gets any worse.
I know all property owned by one is considered a shared asset. I am also aware of the 5 year "lookback" rule.
As is, technically Mom has enough assets to last 3 years in a quality elder care facility. Not including the rental properties.