Divorce could be an option. However, in the divorce process the court might just divide the assets. At least this approach would prevent all of the assets being used up with the nursing home. Also, if children are involved, a person could use the "gifting" IRS rules to reduce the cash asset value. Gifting allows an individual to gift $12,500 or $25,000 for a married couple to each child without tax consequences. This can be done yearly.
Dennis (cut2it)
NCP
Investment R.E. Broker 30 yrs. & past owner of Mortgage Brokerage Company.