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Posted by: Carol D. Young — 07/28/2011
My parents sold their home a year ago. My husband and I borrowed 50,000 from them to purchase property following the sale. We are repaying the loan to my parents. My father's health has now declined rapidly and my mother is contemplating that he may have to go into an assisted living home. While they have funds to pay for his care for about a year, following that time frame, they may need to apply for Medicaid. How will this work with the money that we have borrowed?
Posted by: Joel Clary — 12/08/2009
In response to the above question/answer, is there an amount that is safe for an elder to give as a gift to children before going to some kind of an assisted living facility?