How to structure finances for end of life decisions?

[Anonymous]

I've read/heard SO MANY people who have had to liquidate estates to qualify for medicaid.

Can someone point me to any resources or information as to how best protect assets so that we can leave things to children instead of liquidating everything? Yes, we will gift during our healthy lifetimes. But, is there a way to structure bank accounts, financial accounts, homes, etc. so they pass to our heirs vs. having to be sold and funneled to these homes?

What sort of "expert" would advise on that? Attorney?

We've worked long and hard to benefit our kids. Not rich by any means but comfortable and we want that to go to them. Is this even possible???

[Anonymous]

You are asking how you can get taxpayers to pay for your end of life care rather than you.

[Anonymous]

Anonymous wrote:You are asking how you can get taxpayers to pay for your end of life care rather than you.

+1. Why shouldn't your resources be used to pay for your end of life care? Would you expect taxpayers to provide a gift of $100K to your children when you die because that's basically what you're asking for when you ask everyone else to pay your bills when you have the means to do so.

[Anonymous]

Also, think long and hard whether you want to spend your last days in a Medicaid facility. By most accounts - these are not nice places. Maybe the best thing to do is buy long term care insurance?

[Anonymous]

The basics. Definitely need an attorney with experience in this area to do it properly.

https://www.verywellhealth.com/irrevocable-trust-medicaid-4173386

Note the lookback period requirements.

[Anonymous]

Anonymous wrote:Also, think long and hard whether you want to spend your last days in a Medicaid facility. By most accounts - these are not nice places. Maybe the best thing to do is buy long term care insurance?

https://www.dcurbanmom.com/jforum/posts/list/1193793.page

[Anonymous]

Anonymous wrote:I've read/heard SO MANY people who have had to liquidate estates to qualify for medicaid.

Can someone point me to any resources or information as to how best protect assets so that we can leave things to children instead of liquidating everything? Yes, we will gift during our healthy lifetimes. But, is there a way to structure bank accounts, financial accounts, homes, etc. so they pass to our heirs vs. having to be sold and funneled to these homes?

What sort of "expert" would advise on that? Attorney?

We've worked long and hard to benefit our kids. Not rich by any means but comfortable and we want that to go to them. Is this even possible???

If you need care - someone has to pay for it. You will either spend down your assets to pay for it or you work the system so that Medicaid will pay but you'll have to be comfortable with the quality of care provided by Medicaid facilities. Or have a plan to pull the plug one way or another before wasting away in a facility for many years.

[Anonymous]

If you want to give your kids money, do it before you're old and need care. And keep enough that you can pay your own way at the facility you choose.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You are asking how you can get taxpayers to pay for your end of life care rather than you.

+1. Why shouldn't your resources be used to pay for your end of life care? Would you expect taxpayers to provide a gift of $100K to your children when you die because that's basically what you're asking for when you ask everyone else to pay your bills when you have the means to do so.

I'm not asking for these types of opinions. Sorry, I'm not. We are not rich, as I stated. So we wont be in some fancy end of life facility. So what we do have, I want to go to my family. You don't have to agree or like it. But I'm not really interested in that. I've worked since I've been 14 years old. I've paid into all of the systems and so don't feel bad asking for the taxpayers for anything.

Growing old in this country is a lonely and expensive affair.

[Anonymous]

Anonymous wrote:If you want to give your kids money, do it before you're old and need care. And keep enough that you can pay your own way at the facility you choose.

I plan to gift money and items to my children, as I said in the OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also, think long and hard whether you want to spend your last days in a Medicaid facility. By most accounts - these are not nice places. Maybe the best thing to do is buy long term care insurance?

https://www.dcurbanmom.com/jforum/posts/list/1193793.page

Right . . . . does long term care or other insurance even help here?

[Anonymous]

Anonymous wrote:I've read/heard SO MANY people who have had to liquidate estates to qualify for medicaid.

Can someone point me to any resources or information as to how best protect assets so that we can leave things to children instead of liquidating everything? Yes, we will gift during our healthy lifetimes. But, is there a way to structure bank accounts, financial accounts, homes, etc. so they pass to our heirs vs. having to be sold and funneled to these homes?

What sort of "expert" would advise on that? Attorney?

We've worked long and hard to benefit our kids. Not rich by any means but comfortable and we want that to go to them. Is this even possible???

You'll need an attorney that specializes in elder law. Apparently Florida is the easiest state to 'hide' assets and qualify for medicaid. No personal experience though.. Assuming you plan on moving to FL in retirement or for eldercare, find a lawyer there, double and triple verify their reputation before getting their help. If not, make sure the lawyer you talk to is familiar with elder law as it relates to the state you will be residing in at that stage in life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are asking how you can get taxpayers to pay for your end of life care rather than you.

+1. Why shouldn't your resources be used to pay for your end of life care? Would you expect taxpayers to provide a gift of $100K to your children when you die because that's basically what you're asking for when you ask everyone else to pay your bills when you have the means to do so.

I'm not asking for these types of opinions. Sorry, I'm not. We are not rich, as I stated. So we wont be in some fancy end of life facility. So what we do have, I want to go to my family. You don't have to agree or like it. But I'm not really interested in that. I've worked since I've been 14 years old. I've paid into all of the systems and so don't feel bad asking for the taxpayers for anything.

Growing old in this country is a lonely and expensive affair.

That’s not how it works.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You are asking how you can get taxpayers to pay for your end of life care rather than you.

+1. Why shouldn't your resources be used to pay for your end of life care? Would you expect taxpayers to provide a gift of $100K to your children when you die because that's basically what you're asking for when you ask everyone else to pay your bills when you have the means to do so.

Because what tends to happen is that you will deplete all your money for elder care, run out of money and then end up in a medicaid facility anyways so why not protect what you have, make sure your kids get it and start with medicaid. Sure, it costs the 'public' which eventually results in increased taxes. Let's structure those tax increases such that they come out of rich people's income vs. the rest of the 'public'.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are asking how you can get taxpayers to pay for your end of life care rather than you.

+1. Why shouldn't your resources be used to pay for your end of life care? Would you expect taxpayers to provide a gift of $100K to your children when you die because that's basically what you're asking for when you ask everyone else to pay your bills when you have the means to do so.

Because what tends to happen is that you will deplete all your money for elder care, run out of money and then end up in a medicaid facility anyways so why not protect what you have, make sure your kids get it and start with medicaid. Sure, it costs the 'public' which eventually results in increased taxes. Let's structure those tax increases such that they come out of rich people's income vs. the rest of the 'public'.

Usually people who have assets to leave to adult children also can afford some elder care. There are a range of choices; it’s not just the extremes of a Medicaid facility v expensive senior living. You can have an in-home aid, which many people do. You can live with your adult children which is also very common. You can stay at a room & board facility for end of life care, and if we’re talking about hospice that is typically just a few months or less. My own parent was in hospice less than a week, and lived independently until then.

If you have dementia or need long term-facility care then, yes, you will of course need to pay for it — unless your children care for you. Like others said, gift money/assets to your children now, if your goal is Medicaid (awful awful facilities by the way).