DH's parents are in their 80s and not in the best of health. They currently live in an apartment together and are capable of caring for themselves, but FIL is in the early stages of dementia and will soon give up driving (and MIL does not drive).
They do not have any assets, other than small pensions and about $150K in bonds and savings.
MIL recently announced that she was going to give most of her money to DH and his sister so it doesn't all go to a nursing home someday. But of course it may be too late for this due to the 5 year lookback when applying for Medicaid.
We have gotten basic advice from an Insurance Advisor I work with and a relative of ours who is a CPA. Neither of them know much about elder law or Medicaid, though.
The insurance advisor said they should gift each child and grandchild $13K immediately and, keeping about $50K and hoping that and their pensions can get them through nursing care should they need it.
The CPA thought that FIL should transfer all the money into MIL's name and then she should gift it to DH and his sister.
Of course, we have lots of questions. If they were to gift us this money, would it be safest to put the money in a savings account for five years and not touch it until then?
Are there ways they could give us small amounts of cash throughout the year instead?
DH and SIL will probably have to consult with an elder care lawyer, but I worry that is going to be expensive and maybe not worth it for such a small estate.
Anyone been through this or have any ideas for us?