Don’t do any of these things with your parents’ assets before consulting an attorney
I saw this article http://s.oregonlive.com/Qi5xuDS in the Oregonian this past weekend. Liz Weston gives great cautionary advice against trying "do it yourself" asset protection for Medicaid. I see so many cases where adult children try to help mom and dad do Medicaid planning without proper legal advice.
Liz says it best: "Please consult an elder law attorney before you take any steps to 'protect' assets because the wrong moves could come back to haunt you (and your parents)." Call to set up an appointment to discuss the legitimate planning options that are available today.