elder assets and healthcare

[JohnnyCash]

Question originally asked to Freed but interested in anyone's response...

Hi Freed, My question is about my parents and older folks generally. They have worked diligently for years, now retired, and like yourself now receive SS benefits deposited directly into the bank. And I see we all agree that SS$ is tax-free. Despite all their hundred thousand$ earned and diverted to govt/banking cartel they did manage to put a little away – some in a fully qualified retirement plan and some just dollars. As you know, the Golden Years often arrive with more ailments and more health concerns. And some of that elder healthcare is very expensive and there's always a possibility one of them will require something very costly like a nursing home (although I would try to avoid it). I've heard several scare stories here like "they take all your money" or "well you know they cost 12 thousand a month?" etc.. So my question relates not to passing savings on to heirs but more ... how to preserve some of that savings for the healthier parent, so he/she isn't left destitute by the sicker one's medical costs? I've received differing advice from people. Some talk about "lookback period" and Special Needs trust, and so forth. Do you have any words of wisdom?