Anonymous
Post 12/04/2013 16:35     Subject: protecting assets from nursing home expenses
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.
Anonymous
Post 12/04/2013 16:34     Subject: protecting assets from nursing home expenses
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
Post 12/04/2013 16:33     Subject: protecting assets from nursing home expenses
WTF
Anonymous
Post 12/04/2013 16:32     Subject: protecting assets from nursing home expenses
Why doesn't the long-term care insurance come in to play here?
Anonymous
Post 12/04/2013 15:51     Subject: protecting assets from nursing home expenses
This is exactly what Filial Support laws are for. Hide the dough, they will come for you, as well they should.
Anonymous
Post 12/04/2013 15:42     Subject: protecting assets from nursing home expenses
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
Post 12/04/2013 15:24     Subject: Re:protecting assets from nursing home expenses
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
Post 12/04/2013 15:05     Subject: protecting assets from nursing home expenses
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
Post 12/04/2013 15:03     Subject: protecting assets from nursing home expenses
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
Post 12/04/2013 15:01     Subject: Re:protecting assets from nursing home expenses
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
Post 12/04/2013 14:58     Subject: protecting assets from nursing home expenses
TROLL
Anonymous
Post 12/04/2013 14:45     Subject: protecting assets from nursing home expenses
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
Post 12/04/2013 13:32     Subject: protecting assets from nursing home expenses
Why do you think that taxpayers should pay for your mom's nursing home instead of her retirement savings?
Anonymous
Post 12/04/2013 13:32     Subject: protecting assets from nursing home expenses
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
Post 12/04/2013 13:29     Subject: protecting assets from nursing home expenses
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.