protecting assets from nursing home expenses

[Anonymous]

Eventually my mom will go in a nursing home. She is 70 and has long-term care insurance and is in assisted living. She has a trust set up, but nothing has been transferred to it. I don't know what type of trust it is. She has about $1 million, some of which is in a retirement account and the other in a regular mutual fund accounts. She has 4 properties, including what was her full time residence. Most of the properties are paid off, except for one, which is rented out. Some of these properties are worth very little (one is probably worth $20,000). She has gifted me and my sister the maximum she can without tax implications. I guess she could gift my children? my husband some assets or money? What can we do legally, of course, to protect her assets.

[Anonymous]

Anonymous wrote:Eventually my mom will go in a nursing home. She is 70 and has long-term care insurance and is in assisted living. She has a trust set up, but nothing has been transferred to it. I don't know what type of trust it is. She has about $1 million, some of which is in a retirement account and the other in a regular mutual fund accounts. She has 4 properties, including what was her full time residence. Most of the properties are paid off, except for one, which is rented out. Some of these properties are worth very little (one is probably worth $20,000). She has gifted me and my sister the maximum she can without tax implications. I guess she could gift my children? my husband some assets or money? What can we do legally, of course, to protect her assets.

Serious question: Why shouldn't she pay for her care? Her assets SHOULD be spent down.

I mean, I guess if you want to throw her to the wolves for what Medicaid will pay for, including the institutions that will provide the care, you can look into the lookback rules, but they're pretty stringent, and rightfully so.

But, I'm really curious why you think you should take any steps to protect the assets? If she needs care, she should pay for it.

[Anonymous]

Why do you think that taxpayers should pay for your mom's nursing home instead of her retirement savings?

[Anonymous]

She also has long term care insurance. I don't know about hers, but my FIL's insurance pays for 3 years at a nursing home. Hiding her assets should be considered fraud.

[Anonymous]

TROLL

[Anonymous]

Not interested in paying for your mom, so you and sis get more.

The greed and lack of personal responsibility is appalling. I hope you are a troll.

[Anonymous]

Isn't that one of the reasons why she saved that money?

Why would you want her to go into a Medicaid home, instead of the most comfortable place she can afford? She has saved her whole life, why shouldn't that money be used to take care of her?

[Anonymous]

I sure as hell hope this is a troll.

OP you shouldn't protect her assets. She can afford to pay her own way and should do so.

[Anonymous]

Have you ever looked at the kind of nursing home that Medicaid will pay for? They are pretty sad. Use the money to pay for her to have a comfortable place to live - believe me, even so, you will have enough problems with the staff, etc. Please don't subject your mom to a Medicaid place if SHE has the money.

[Anonymous]

Let me get this straight.

Your mom saved enough money to pay for a comfortable retirement.

But you instead want her to gift it to you and your children so that she can qualify for Medicaid nursing home?

Are you kidding me?

[Anonymous]

This is exactly what Filial Support laws are for. Hide the dough, they will come for you, as well they should.

[Anonymous]

Why doesn't the long-term care insurance come in to play here?

[Anonymous]

WTF

[Anonymous]

You are fucking disgusting. You would rather throw your mom into a substandard government funded nursing home for the less well of then have her go into a pay for nicer facility? Let me guess, you won't be paying for your kid's college let them take loans. DISGUSTING.

[Anonymous]

BTW, if she gifted that money to you while in assisted living, the nursing home will come after it should you get to that point.