If your parents are at the age when illnesses and medical conditions are a concern, you will have worries about the costs of long-term care. One of the biggest problems confronting senior citizens today is the extraordinary cost of this care. Such costs can exceed one’s entire lifetime savings. When proceeds come to an end, the only option may be to apply for Medicaid.
However, while Medicaid does pay the costs of long-term care, eligibility is complex. One of the eligibility requirements is that the amount of assets your parents can own individually and jointly is extremely limited.