I live in New york state I am 60 How can I protect my assets if I have to go into a nursing home in my later years.Can I transfer my tax deferred annuity account (retirement savings) ,savings accounts and my house to my two children and what are the local rules regarding this.

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Originally Posted by billy jet

I live in New york state I am 60 How can I protect my assets if I have to go into a nursing home in my later years.Can I transfer my tax deferred annuity account (retirement savings) ,savings accounts and my house to my two children and what are the local rules regarding this.

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There are no "local" rules - it's Federal and State. I would not attempt this without an Attorney - there are lots of sites with the info but it is complicated and you would possibly want/need Wills and a trust to address the various legal issues.


EDIT: I have read through your other posts. Keep in mind if you shield your assets, enter into certain trusts, you cannot change those arrangements if you should meet someone special and remarry, effectively disinheriting your "new" wife.

I would consult a lawyer about a living trust. Depending on your asset situation they would be best to advise you. Also if your worried about it you might also consider a power of atty for times when you can't speak for yourself. That way you can take care of those matters at the same time rather then waiting or causing things to fall into question later.