My mother has an investment account of more than $300k. She is 79, in ok health and is moving in with one of her daughters in Massachusetts. We are looking into Mass Health as a provider and realize her assets will disqualify her.
We also understand that if we were to sign up for adult day services or a nursing home facility, they will tap into her assets first.
We would like to protect those assets and wanted to know our options.
I understand there is a 5 year look back, so this is something we need to consider now. Can we change the ownership of the account to one of her children or create some type of independent LLC? What is the process for each and what are the tax implications, if any?