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Reply to "How much are you budgeting for long term or elder care?"
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[quote=Anonymous][quote=Anonymous]I don't "budget" LTC per se. Yes, there is always a scenario under which our money will run out, so my kids won't inherit much. This is another reason to fund their 529s to the max to make sure that they get at least something.[/quote] According to ElderLawAnswers dot com, "“Say if you have a stroke and need nursing home care, the 529 account is an available asset” under Medicaid rules, says Bruce Reinoso, an elder law attorney at Magavern, Magavern & Grimm in Buffalo and an ElderLawAnswers member. This means money in the 529 account must be exhausted before Medicaid will pay nursing home bills. Worse, spending the money in the 529 account for medical bills instead of college will trigger deferred taxes, plus penalties of 10 percent (or up to 20 percent in some states) that apply if the money is used for something other than education."[/quote]
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