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re: Wills & Paying For Nursing Home Question
Posted on 3/29/18 at 9:37 am to real turf fan
Posted on 3/29/18 at 9:37 am to real turf fan
quote:
One problem with selling property just before entry to a nursing home is that the property has to be gotten rid of a certain number of years before entry. You'll have to check, not under your own name, to find out this year's laws.
Correct and I'm not sure if it changes by state or if its Federal law but I know it is 7 years right now.
1
Posted on 3/29/18 at 9:39 am to OweO
Long Term Care insurance for some people. Pray their savings don't run out before dying for others. I think Medicare will only pay for 100 days max.
My mom was in a LTAC, a SNF, and hospice. Thankfully she'd gotten LTC insurance through LSU years ago for next to nothing so it didn't cost us anything.
My mom was in a LTAC, a SNF, and hospice. Thankfully she'd gotten LTC insurance through LSU years ago for next to nothing so it didn't cost us anything.
Posted on 3/29/18 at 9:44 am to Yammie250F
quote:
If you're putting a loved one in a nursing home a will is null and void.
Huh? Some people can afford to pay for nursing homes without assistance. Also the selling off assets ignores things like primary residence, personal property, 1 car, etc. A will would certainly still be used to settle these things.
Posted on 3/29/18 at 9:50 am to PurpleandGold Motown
Everyone over 80 should just give their kids or someone they trust a power of attorney and start transferring all assets into their name.
Posted on 3/29/18 at 9:51 am to MrLarson
It's five years. It can be zero depending on if the state allows spousal transfers
Posted on 3/29/18 at 10:14 am to td1
quote:
I always wondered what would really happen if someone decided to give all their stuff away before go what would happen???
That someone wouldn't qualify for Medicaid and might not be able to get nursing home care.
Posted on 3/29/18 at 10:53 pm to Isabelle81
quote:
Consider at home care/sitter before going the nursing home route. Assume you are talking about a family member, any military service in the past? Could make a difference in what is available for care.
I had my mom at an "old folks home" in Covington. It was nice enough, served three decent meals a day and offered a variety of activities and programs, some of them offsite. I met some really interesting residents there and, for the most part, the staff was very good.
When things went bad, she needed assistance 24 hrs a day. The cheapest sitter you're going find around here is $12/hr. Many are more like $15/hr. That's $288 to $360 per day, which is $8,640 to $10,800 per month. That's on top of her $3,280/mo (I think that's what it was.) in rent. Keeping someone at home gets expensive fast.
The VA has a program that I believe was called "Home Aid and Assistance" or something similar to that. IIRC, the maximum benefit is $1,152/month. You have to have less than $80,000 in assets, excluding your home, car and possibly a couple of other things. You can't use the benefit money for rent. The veteran has to have served during wartime. Not necessarily in combat, but during a war. The VA has the exact dates.
This is a great program if the veteran or his surviving spouse is still living in a home they own, especially if it's paid off. The LA Dept of Veteran Affairs has an office in downtown Covington. The guy running it, Matt Cole, is a Marine who was disabled in Iraq. He can seem a little abrupt at first, but he's a great guy and WANTS to help veterans. He couldn't help my mom because of her finances, but he tried hard to make it work. Hats off to that guy.
Posted on 3/29/18 at 11:06 pm to OweO
If the person going into the home has a living spouse there are legal means of transferring assets in order to get Medicaid without exhausting assets. It takes an experienced estate attorney to do it that knows the system.
My mom was diagnosed with early onset Alzheimer’s at 54. We had sitters for her for a few years. My dad was still working and it got to the point we couldn’t care for her in the home. We had a family friend in a similar situation that referred us to an estate planning attorney. It cost about 6k and took about 9 months but he got my mother approved for Medicaid. My dad had to dump most of his 401K into a trust and create an LLC. There wasnt any waiting period other than the process.
My mom was diagnosed with early onset Alzheimer’s at 54. We had sitters for her for a few years. My dad was still working and it got to the point we couldn’t care for her in the home. We had a family friend in a similar situation that referred us to an estate planning attorney. It cost about 6k and took about 9 months but he got my mother approved for Medicaid. My dad had to dump most of his 401K into a trust and create an LLC. There wasnt any waiting period other than the process.
This post was edited on 3/29/18 at 11:23 pm
Posted on 3/29/18 at 11:15 pm to Yammie250F
quote:
If you're putting a loved one in a nursing home a will is null and void.
I suppose a will is ‘null and void’ if the testator croaks as well?
Good gawd man.
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