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Eldercare
Reply to "Is my cousin getting bad advice?"
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[quote=Anonymous][quote=Anonymous]Hiding assets is never a good idea. Aging in place often turns into a nightmare for person who lives closest and if they live long enough and decline it is totally unsustainable no matter how house is set up. You cannot force a sibling to take someone in. I would get council on aging and other experts involved to find a long term residential setting that fits their budget. Person who refuses needs to be willing to take them in.[/quote] Yes, I'm not clear on what sort of advice he's getting on the income. From what I'm seeing there are trusts you can use to lower the income to a number that qualifies them for medicaid, but the money in the trust goes back to medicaid once they pass away. Looks like it's basically a tool for the "donut hole" patients who make too much to qualify, but not enough to pay for care. He started talking to lawyers before we had a handle on their income. We all assumed the monthly income was closer to maybe $3k or $4k, not $9k. And with the veteran's benefit, it's more like $11.5k per month. My aunt wants to stay in NY, the kids are pushing hard for a move to the midwest and seem to be trying to make it happen with or without buy-in from my aunt. I found an assisted living place that will take them together in NY for just under $10k/m. I feel like there's a blowup coming. [/quote]
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