Reply to MIL Savings and Medicaid

Forum Index » Eldercare

Reply to "MIL Savings and Medicaid"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]My MIL will be moving in with us in September.  She has been living in the area but cannot afford an apartment and we have been supplementing her with $500 a month.  We bought a house with an in-law suite so that she can live with us.  Her only retirement savings are around $30,000 - but this was before the market turned this week, need to check in, not sure where it stands.  I know at least 1/3 of those savings were in a single stock option, and to this point have minded my business, giving suggestions but not taking action to support. 
We plan on charging her $500 a month for rent, which is below market for what we could get if it.  She can afford this on her social security which is all she has for monthly payments.

As we know that we may not be able to care long term and there is a potential of a nursing home in the future we are trying to protect some of her assets.  We have thought about pre-paying for her funeral so this cost is not ours to bear.  We want to sit down and discuss options.

I have thought about charging her fair market value for her rent, and putting the surplus above $500 in an account in my husband and my name which we can use to support her if/when needed.

Are there others ways we could legally buy down her savings so she could qualify for Medicaid?

We are not trying to cheat the system.  My husband and I are not high earners per DCUM standards and we are just attempting to be as fiscally responsible as possible.  We can't afford an eldercare attorney but are more than willing to do the research if people have good places for me to look.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics