It’s because those few that have money has to pay for those that don’t. So just think of all those coming to our country that has never worked they still get a free ride on all us .
Oh, I am so sorry .... my mom & my stepfather lived in an assisted living for a short time but after he died, my mom came to live with me for her last 2 years - she died in 2017 & I have often thought how horrible it would have been if she had still been in the assisted living during COVID - I feel blessed she wasn’t - well, I would have had to take her out of there - hope your mom is all right now ❤️
@@Melody-285 We kept mother at home as long as possible. She is on extremely high levels of pain meds so it became overwhelming to keep her managed at home. I pray that older adults will have the support that they need to have their healthcare managed in their homes in the near future. More doctors and other professionals that will do home visits and such.
@@ithacacomments4811 I’m so sorry - it’s sad that our bodies can become our prisons - I will pray they can keep your mother out of pain until the end - the only way I was able to keep my mom here with me the last year of her life was that she had long term insurance which paid for about 14 hours of the day & she had the means to pay for the rest - I would not have been able to manage as she couldn’t even get out of bed the last 7 months or so - it was very challenging, physically & emotionally - I wish you the best 🙏
@@Melody-285 God bless you for your devotion to your mother. Those who have resources to proved for their care as older adults are blessed. My mother has been ill her whole life. I am the oldest of her children. It has been a long time of caregiving for me. I am 71 now and mother is 91.
@@ithacacomments4811 I know this has been a hard road for you - it’s a difficult decision to make to basically give up your quality of life for another - my mom was very vigorous in her youth but she got shingles at 70 & the pain never went away - nerve damage - we tried everything - it was heartbreaking - I really believe it started a chain of events that was the cause of her death - needless to say, my sister & I were first in line when they came out with the shingles vaccine - but like you, my mom had me young, in fact, she was only 18, so while all this was happening & I was caring for both her & my stepfather, there were many times I wished to be 10 years younger - I, also, am the oldest of three daughters - as people live longer lives, it certainly takes a toll on their children, who in many cases, are also senior citizens - I will pray for you & if there is no longer hope for your mother to live a good life, I will pray God release her - God bless you - keep me posted, if you desire 🥰
The best videos on this subject, thx very much. All the other lawyers that address this turn out to be just advertisements with no real information and are a waste of time!
Thank you. Glad I found you. I lost my dad in a nursing home in 2020. Covid failed all of us and our elderly…it was gut wrenching. The Medicaid process with my dad left such a bitter taste in my mouth. Ever since going through that, I’m figuring things out to protect assets. I liked and subscribed to your channel. Very informative and I understood everything you said here. Sending you well wishes from the Garden State.
I'm 62 years old and preparing for my retirement. This video and all your videos are so informative!! The best part is that it didn't cost me a penny!! Thank you so much and God bless you ❣️
Love your channel. My husband has always taken care of all our financial issues because I always felt it was beyond my understanding. Your videos explain things so well even I get it
You explain this stuff very well I’ve been trying to ask my kids to help me figure out How to protect this house = I’m a 20 yr retired care giver for people stuck in these traps So yes your giving the real truth = end result is now I get very low social security & trying to learn how to protect my Paid Off house for my kids = I’m ok giving up my monthly income for care home needs But I’m not ok giving up 40 years low income single parenting 5 kinds & actually owning my own home that I can’t pass on = grrrrrrrr = My Point Is these rules are exactly the same for us poverty people & I haven’t found a safe & legal work around yet BUT I’m sure glad I found your channel cuz I’ll be watching all these videos looking for a solution 🙋♀️ thank you
My husband and I lost his fathers home and all the savings to the nursing home and Medicaid. Then my mother had to go in and even though we try to help her arrange things differently, we also lost her home and all of her savings, etc. no inheritance for the two of us, plus lots of our own money went to helping our parents which I do not regret but which I do not think was completely necessary. So hard to juggle growing children and ill parents.
Thanks so much for your informative videos! You’re right, I’ve watched this 2-3 times just to digest it all and you make it all so clear and understandable. I’m a community spouse with an institutional spouse in a nursing home at the cost of just under $9000 a month. I did hire an elder law attorney to help me navigate this predicament. It’s a daunting task for sure but he’s basically telling me the same thing that you are and is helping me get the job done (getting my husband on Medicaid).
If you're going to spend $12K a month on a crappy nursing home and the person has a decent amount of assets and wants to stay in their home, why not hire a couple of private nurses to care for them in the comfort of their own home for as long as possible? Maybe they will pass away at home before funds for paying private nurses run out. Idk, maybe I'm missing something.
You are not guaranteed a spot in any nursing home you want. They have only so many medicade beds available. There is a wait list. So if you want a good home you need to have a couple if years worth of payment in the bank to get a bed there. After you run out if money medicade kicks in and they won't throw you out.
THIS IS FANTASTIC INFORMATION THAT I WAS UNABLE TO GAIN ANYWHERE ELSE! You give numeric examples and explain all of the common scenarios that one can probably meet up with. Thank you so much!!!
My understanding, and it may or may not be correct, is that the state government pays less for nursing home care per patient than a private individual pays at the same facility. For example, if Mr. Jones who is on Title XIX, and is in a nursing home the state government will pay $4000 per month for his care, whereas Mr. Smith, who is paying for his own nursing home care is paying $8000 per month. In effect, Mr. Smith is subsidizing the government costs. Private payers should not pay more than the government.
You are correct. What a facility charges for private pay is not the same amount they get from Medicaid for a resident needing the same level of care. That being said, if they only chrged what the government gives them for Medicaid patients, their monthly expenses could exceed their revenue and they may have to go out of business.
@@jackwoods535 It isn’t the fault of the poor that we have a highly exploitive medical system including long term nursing care. It is the CEOs that run these facilities that are sucking huge amounts of money from these patient’s estates. Most poor are working poor who have low paying jobs their whole lives. They are not the parasites in the system, look at the 1% who off shore all their money and hire tax attorneys to ensure they pay no taxes. I think we are all fed up with our corrupt system.
The truth is that many people depend on the largess of others the welfare state when they take from the welfare state to deliver, rear, feed and educate their children and then take again big-time when they depend on us to keep them when old and sick.
You have really set my mind at ease. I feel completely prepared for what’s next, how to talk to my attorney, questions to ask, just all around informed. Thank you for what you do.
Another problem is the family support is not there.K ids in other states and married with kids and to busy the few that can help visit when they want and some you better not and I mean you better not trust.Sometimes your kids can be the worse to take care of finances.
@@jacquelinefransaw6911A lot of our adult children are incapable of making decisions for our care; many are on long term dr prescribed Fentanyl and would be disasterous at our care. What to do when you have no one.
Thanks for the update on Medicaid changes, great stuff. I educated myself on the subject a few years ago as my wife has early onset dementia. After looking into nursing homes, long term care insurance and medicaid I've made the decision to keep her at home as long as possible, it's slow moving thank god. I'm continuing to build our assets but it's pretty rough nonetheless. I'm still crafting our plans but one thing that's clear, you have to strike a balance of home value with property taxes. Sure you can buy a $600k house but that property tax bill will kill your monthly budget. Still, a little less disheartening than having to quickly spend down your life savings to roughly $130k an not having enough to live on when you're a widower. Somewhere in there is the perfect happy medium, I just have to find it, but unhappily it will mean selling the home the two of us designed and built with our own hands. Many large bites to this shit sandwich.
My daughter is an EMT and has had to go into many upscale and more affordable nursing homes. What she’s seen disgusted her so much that she’s decided I will never go into one.
Just found your channel the other day, and love it. You really explain things clearly. Although I am in Michigan and know it is probably different than Louisiana, you still get the basics across clearly. Thanks.
You're providing a very valuable service to baby boomers especially. I was once a Medicare/Medicaid financial auditor for another state and find your information to be quite familiar to me. I'm glad, in a way, certain elements of Medicaid eligibility have not changed too drastically in the last 30 years. Back then, Medicare and Medicaid paid nursing home providers based on general levels of care (custodial care, intermediate level care, or skilled nursing care). As I migrated away from auditing nursing homes, the programs were moving into a case-mix basis of paying for care based on clinical needs. So, much has changed over the years in terms of levels of care, how the providers are paid, and staffing requirements, but eligibility requirements have not changed all that much.
how are you going to keep a house and car without paying the taxes on those things , like what is the point of being allowed to keep your house if you cant have any money to keep it from falling apart. also the asset limit needs to be updated immediately espcially with double digit inflation.
Paul, please come back to Boston we need you so badly here. Really it’s not that cold in MA anymore. Springfield, MA is even nicer than Boston. Think about it!
Very informative video. I totally understood your explanation of each aspect. I have aging parents moving into assisted living and I don't expect their savings to last very long so wanted to educate myself on what to expect when that happens. Thank You
Yes, I am a nurse in a hospital, and I saw this once. A woman came to visit her ex-husband, who was the patient. She had divorced him so she could keep her assets, and he could be on Medicaid. I thought she was pretty smart.
Thank you so much I’m married and follow you because you make things very understanding. Sometimes it frightens me to hear how how the rules work. Thank you again
End life planning get's tricky! I think if one can stay out of a nursing home, one should. I'd rather save now monthly, in whatever amount for a live in caretaker. That to cover when and if, I ever need one or approach very old age. That will be in a few decades to go. Except, never rule it out at any age. I have two grown late teenaged children, by the time I'm in my late 80's they will be in their 50's. I say transfer all and anything, split 50/50 and who cares after that! Lol 😆 Let's go sky diving!
Thank you for this very clear up date I will be sharing this video with family & friends because they don’t believe I’m understanding these federal laws correctly BUT I do wish you would have used the word irreversible trust in your end statement = most people don’t believe that either LoL I personally don’t like it but I’m an income level that does need that family protection = thank you very much for your hard work of this well informed channel 👍
If you have an opinon on the following, I would appreciate you sharing a video regarding Reverse Mortgages: your opinion, experience and how it affects 'estate' planning...
Great post! Just a small suggestion, if you used a whiteboard and wrote or diagrammed some concepts or examples, you could be even more effective than your already excellent presentation. Thank you for a very clear and thorough presentation of a very complicated issue.
@@reporter2078 Actually I don’t believe in assisted suicide but neither do I believe in the way that other people are preyed upon and neglected by nursing homes and home health care services.
So glad to find your videos on UA-cam. Do you know of someone in Fort Worth, Texas? I just talk to an attorney today and he doesn’t seem to know how to protect my assets from nursing home? I need to talk to someone who is knowledgeable in the state of Texas
my sister had to go in short term--and here in Highland co ohio they told me after 21 days the charges would be $180.00 per day!!!--unbelievable...it would be cheaper on a cruise or hotel!
Yes, nursing homes as well as the Veteran's hospitals are a sad state of living. But sometimes it has to happen. I learned that when I was 10, during the last months of my grandpa Birdy's life. Mom & I (would join her on Fridays) took 2 buses (1 & 1/2 hours each way) to go visit, not just grandpa but every one at the nursing home (& also to the VA Hospital afterwards for Mom's thesis work) because Mom noticed how alone & lonely most of the resident patients were & the similar lack of human touch type of care at both locations. She requested & was granted an hour at both places so we could visit & entertain. She would play piano & we would sing all kinds of songs. From old standards to show tunes, folk & rock of the 50's, 60's & early '70's (1976-77) and a Christmas medley. I actually knew about this stuff you are sharing because being disabled on SSDI since 1999. I turned 55 this year and yes, CA Medi-Cal expects reimbursement. Special Needs Trusts is where I am lost.
Wouldn’t it be cheaper to sell your house and move in with your children on the first floor or let them add a room for you and give them your monthly Social Security and pension check and at least have some home health care or a housekeeper or someone during the day there. ??
After having witnessed this with family, .... this suggestion works fine until the level of nursing care required grows to be to much to provide at home.
Can you do a video on moving a parent in a nursing home in one state to a closer nursing home. How difficult is it to move a patient to another nursing home? What are pros and cons. I do not like where my mom is and I want her closer to me in Arizona.
My mom didn't like the nursing home in Tempe where her mom was, so she just went and got her and brought her back home to live with her. Make sure your mom is vaccinated before moving her. How will she be transported here, and where will she go? Who's paying for all of it? Is there a care center available in Arizona? You know, you can put a nanny cam in her room and should be able to watch at any time, if that makes you feel better...at least in the state of Arizona. There just needs to be a sign on the door and/or in the room. Check regulations where she is; the state regulations overrule the nursing home policy, too.
Depending on how sick your parent is, you may have to get a medical transport company to move her - I’ve never used one for a long distance but they normally are used to transport a patient like from the hospital to a rehab - I hope you will be able to do that because I think it would be so much better for you to be closer to each other - I think it would really relieve your mind to have her closer & be able to be with her & make sure she’s being cared for - blessings to you 🙏
In Massachusetts, it’s over $400.00/per day. $425.00-500.00/day is not unusual. So $6,000.00-10,000.00, so it’s more like $12,000.00-$15,000.00 a month. That is for one person, not a couple.
All the licensing is the problem. In lots of societies, like SA indigenous ones and Thailand and Vietnam, young people are happy to take care of elders. Problem is, all the breeders who want to privilege their own good-for-nothing kids don't want to let in those foreigners who would be more than happy to provide for our needs when old and infirm.
How would this be handled? There is a 14 year difference in age between my husband and I. I have a sizable deferred annuity that I have been contributing to for many many years. I was waiting to annuitize it if my husband passed away before me so I'd have income. Should I annuitize it now? Would Medicaid count my "un-annuitized" annuity as something that would have to pay for his care?
Believe me, I would have never let my brother into a nursing home, if I knew then what I know now. I tried to warn as many people as I could. They are taking everything. Only reason he got on it is because of ObamaCare. His insurance went to 800.00/month. Had to get on Medicaid.
As always, this video is very helpful and clarified a few questions I had. Paul, what happens to sets that are in a safe deposit box whereby your child had legal access to the box as well as you and your spouse?
How person in nursing with Medicaid can keep home and a car if he/she gets only $39 allowance and rest will be paid to nursing home? Home require to pay property taxes and utilities, and car requires to purchase insurance. These scenario does not makes sense to me. What I am missing?
In this video did you address the scenario of the institutionalized spouse and the community spouse having a house and a car scenario, is the nursing home allowed to put a lien on the house and the car so that after the community spouse passes away they get a 50% share to pay back Medicaid? Along those same lines is the community spouse allowed to sell or transfer the house and the car into someone else's name during that time without incurring a 5-year look back relating to the institutionalized spouse.
Thank you for the info. It sounds like you need to have plenty of money to pay for your own care to get the actual care and can pass something down or your screwed with sub care and not passing a thing down. Seems we need a law that says a person can say when there time is up and not string us along in hospital/home till our bodies can't take it. Just existing isn't living/having a life
I know - I have seen many people in nursing facilities who didn’t even know they were alive - it’s so sad that in this life our body imprisons us until God releases our soul - I refused to let my pets suffer, I don’t know why we have to do it with our loved ones - so sad
Hey Paul, thankyou for all your information....I have found out by default somethings regarding estate planning,as i have cash a house what should i do with my finances?....iam middle class at 71 yrs old,very low social, and at the moment want to live in a better house...three family members have died and Iam the only one left i dipped my toe into nursing home with Dad as his caretaker son my brother died before him....so i learned the medicaid rules...he lasted for 4 mos. at 97yrsold....it cost 30,000 for 4 mos.!his social 1800.00 and medicaid the rest after i put the 10,000 in his act into a funeral trust...thats how uninformed i was..you never know what will happen..house was put in kids, myself fifty yrs ago....we were house rich.....so basically i have liquid assets.
Very informative. What if the community spouse has IRA retirement accounts. Can that community spouse limit draws (taking RMD only) so the income rules only include RMD amounts only?
The house can be worth 600 K and something when applying for nursing home assistance. Does that include attached property? I have a log house that, 50+ years ago, the family camped on the property for 18 months while my husband and my dad built it to my design. Now the total is a million. Who knew....?
Let's face it ... Private pay gets you better accommodations and care. I know it's expensive, but I don't agree with not providing the best care you can for a loved one.
What would be awesome. If there was a timeline created to protect ones assets. Using the date of death as the end of timeline. So what would be ideal times to take care of asset transfers, spending off assets, etc.. Because we don't know when we are going to die in most cases..... that creates a challenge. But work up a chart of "best dates" prior to death to really be prepared, and be able to save most of your assets from being confiscated by the government.
Sadly you are never prepared fir illness and death. Learning this with sudden lose of Brother at 63 this year and Mom's dementia and sudden loss of Dad at 57 years old when I was 22.
Hey Paul, another great video! Thanks for making this content available to everyone. Could you do a video on titling your house TOD with beneficiaries to stay under the state's probate minimum and then just file an affidavit to transfer bank accounts to heirs? It seems like this would be a good way for someone with a small/simple situation to avoid probate without creating and maintaining a RLT. Thanks again for the great content!
That won't help as it is a distribution of assets.....but if Medicaid is not involved, to transfer real property you simply file a Beneficiaries Deed in the jurisdiction where the property is located, for cash accounts the institution will provide TOD forms.
A living Trust only cost us $ 500 and it’s been done in our family for three generations. The estate and the Bank accounts, assets, home, just go to the children without going to lawyers or probate. All except the car!
That last part about revocable trusts…will you do or point me to your video on estate planning to protect assets from nursing homes taking it all. We have a RLT but what’s that about the principal
I believe he is speaking about an Irrevocable Trust to avoid Medicaid. He has a video called Recovable vs. Irrevocable. He also in another video not sure which one, mentions a Medicaid trust.
I don't know why one cannot just stay out of the nursing home, and use their income, be it $2000 or up, and just pay for home health care. Honestly, is a nursing home, really that necessary, when you can get a certified CNA, to come in to your home, for the $2000 per month, and have your Medicare B and Supplemental insurance pay for a visiting nurse via consultation with the CNA. It sounds me as if, going into a nursing home is in no one's best interest. For a single person, you could apply for a reverse mortgage, upon home ownership, and use that to pay for Long Term Care, and/or a LTC policy. Either way, you would make out better, and a lot less expensive. With a little thinking 'out of the box,' these expenses can be alleviated without so many adverse effects. Ms. L. Churchill
I don’t understand . If the institutionalized spouse has money in the IRA , the nursing home will be given an access to that? The wife who has power of attorney to the IRA and also the sole beneficiary will not have any say or access anymore? We don’t intend to apply for medicaid so, do we still have to give the nursing home authority to have access to the account? Please advice.
The person in the nursing home can only have $2,000. You have to take their name off of all accounts and assets. The nursing home will take their social security and any assets in their name. Be careful because their is a 5 year look back period too if you try to give assets to kids.
My partner and I are married and I'm sure we'll both end up in a Nursing home. We have no family that we want to leave anything too, and are Wills are set up that way. So if the State takes our home after we are gone -- we'll that's what it's for --- YES. Is there a downside to this thinkin?
How does long term care insurance fit into this situation. So my long term insurance would pay maybe 1/2 the care center and my pension Could pay 1/2. Then there would be no reason for anyone to take my assets?
Great video. I am helping my parents looking into Index Universal Life with Long Term Care Benefit and Cash Value Whole Life Insurance. i am wondering if you can address on how does medicaid requirement affect life insurance programs for seniors. Thank you in advance
I am on Medicare. I saw my Brother die slowly in a Nursing home. His Doctors and no one else let him know he was terminal. It broke my heart to see him suffer. I will NEVER go in a nursing home. When it is my time, I will end my life with dignity. The poor Man didn't deserve to die like that. 😢
Hey Paul, When you get a chance, one video topic that might be helpful is dealing with the state medicaid estate claim. QMB rules require that states exempt certain payments from any claim they attempt to recoup from an estate. Surprisingly, in dealing with a relative's estate, I've gotten so much BS from the state regarding their claim but they seem to be ignoring federal law when it comes to suppressing coinsurance for Part A and B medicare claims, as well as premiums and deductibles. There is a section in 42 USC 1396p sub b that refers to what they can collect on. Part of it dictates how much the state can go after. Based on my experience with my state, it makes me wonder how much they can actually recover.
This is one of those things where if everyone tried to cheat Medicaid, the policy would be quickly be changed. This is not a socialist state. You are responsible for your own debts, not me or other taxpayers.
Paul can you explain medicaid compliant annuities. How they work and how they come into play with the excess funds couples have but still want to qualify for Medicaid.
Rabalais or any one who might know the answer to this: Are there some kinds of trusts that allow you to keep assets for future health care treatments while on medicare and medicaid but not in a care home ...say if you get compensation from an injury claim...and that is funds you want to use for continued treatments for that or supplies for while you live in your own home and need things at home to accommodate the healing or impairment?
@@SusieAspen NOT TO JUST GET THAT QUESTION ANSWERED THANK YOU....to have to schedule and pay an attorney to see if any such trust even exists and if not all that money is wasted. So.. no thank you. . please leave this for someone who DOES KNOW AND WILL ANSWER IT .then decision to see atty to get it done or learn MORE AFTER THAT. would be what i would do. . There should be someone who knows what kind or kinds exist, if any, for that criteria w/o paying just to ask that..(Do you know how much a consult costs???) . Just as these vids talk about kinds of trusts and answers some questions so you do not have to see an attorney just for those questions and then you can know if want to see atty AFTER have this much info and to get their services to have it done.
A friend of mine was in the hospital and then the doctor advised him to go to a nursing home to receive rehab just for a few weeks and then he can go back home. Well as of today he is still there covid started and there was no visitors so he couldn't come home he didn't get rehab and they drugged hi m up with different kind of psych pills and every time when he was getting ready to go home he would fall and then they would take him to the hospital and we will have to start the process over and over again he does not want to be there but we cannot go there because of someone got sick with covid so now there's no visitors. I think it's terrible holding a patient against their will and the nursing home is doing that because of the covid-19 situation . We tried calling him he is so drugged up that he cannot answer his cell phone and not only that I believe they take it from him because he used to call us a lot that is a shame the city and state should really check into what's happening into these nursing homes. His wallet got stolen his phone was stolen twice even some of his pencils and pens and writing paper with everyone's telephone number on it his watch was stolen.☹️
My brother got that for my Mom several years ago. Plus a living will thank God. Sadly he suddenly passed away without a will in NY. A nightmare. My Mom had to go into a hospital for over a month for physical therapy and then a rehab nursing home for rehab. Have been trying to get her Medicaid so I can bring her home in Maryland whilw dealing with 2 homes in NY and 1 in Maryland. It has been hell. I am just about broke paying taxes ultilities and lawyers. My husband is helping me by getting a loan from bank etc. But I am dealing with Squatters that my brother allowed in a few months before he passed away. A law in NY says U must pay for utilities etc or NY will come after me. Hopefully this law will be removed soon but then I need another lawyer to go to court to have them removed. My health is not good. My Mom has dementia and doesn't know my beother has passed on or that strangers are in her home. Thank God for that or the stress would kill her. But this nightmare can go on and on due to courts being so backed up in NY. Plus my ex sister in law gets half the amount of my brothers home due to divorce agreement. She has made my life hell and we were close since I was 17. I am now 60. This shocked me. Now she will only talk to me through my lawyer and her lawyer. Saddened by this situation. Never thought this would happen. But it is what it is. Hard to grieve with all this going on but no one else in the family left. Constantly going back to and from Maryland to NY to deal with everything. This is my new normal and it is making my health issues worse and worse. I don't sleep much anymore. It is 3 am now. Lucky if I can get 3 or 4 hours a day. Then hace nightmares when I do sleep. So hope and pray this situation might change simeday but more and more issues seem to arise as time goes on. So exhausted. Dealing with NY is a nightmare as it is and COVid numbers rising abd so afraid NY will shut down again. Well have bothered you enough. Wish there was an online support group to deal with rhe grief of loss and the horrors that follow. That is why I am reading more info online and you tube. Take care. 😃
Why should I save only to suffer when I get older? This is awful for those in the middle class parents who want to leave something for their children. I do not believe in suicide but it is looking like that is where I may go.
Has to be more than 5 years before you need a facility. Irrevocable trust is still considered a gift and just like gifting assets to family or loved ones, is subject to the 5-year look back of all transactions for medicaid. If that was exempt, everyone would just do that.
I never realized just how incredibly screwed up healthcare and elder care really are in this country.
It’s because those few that have money has to pay for those that don’t. So just think of all those coming to our country that has never worked they still get a free ride on all us .
@@bartsexton1652 ain't that the dang truth!
...but on the other hand...I've never walked in their shoes! Look what's happening now! Our 'administration' ....is quite "questionable"....
The government saved 60 million a month in SS benefits with covid.
Its not screwed up its just set up to screw the elder of its life savings and harass their children
My mother is in a nursing home during COVID19.
It isn't terrible. It is criminal.
Oh, I am so sorry .... my mom & my stepfather lived in an assisted living for a short time but after he died, my mom came to live with me for her last 2 years - she died in 2017 & I have often thought how horrible it would have been if she had still been in the assisted living during COVID - I feel blessed she wasn’t - well, I would have had to take her out of there - hope your mom is all right now ❤️
@@Melody-285
We kept mother at home as long as possible.
She is on extremely high levels of pain meds so it became overwhelming to keep her managed at home.
I pray that older adults will have the support that they need to have their healthcare managed in their homes in the near future.
More doctors and other professionals that will do home visits and such.
@@ithacacomments4811 I’m so sorry - it’s sad that our bodies can become our prisons - I will pray they can keep your mother out of pain until the end - the only way I was able to keep my mom here with me the last year of her life was that she had long term insurance which paid for about 14 hours of the day & she had the means to pay for the rest - I would not have been able to manage as she couldn’t even get out of bed the last 7 months or so - it was very challenging, physically & emotionally - I wish you the best 🙏
@@Melody-285
God bless you for your devotion to your mother.
Those who have resources to proved for their care as older adults are blessed.
My mother has been ill her whole life.
I am the oldest of her children.
It has been a long time of caregiving for me.
I am 71 now and mother is 91.
@@ithacacomments4811 I know this has been a hard road for you - it’s a difficult decision to make to basically give up your quality of life for another - my mom was very vigorous in her youth but she got shingles at 70 & the pain never went away - nerve damage - we tried everything - it was heartbreaking - I really believe it started a chain of events that was the cause of her death - needless to say, my sister & I were first in line when they came out with the shingles vaccine - but like you, my mom had me young, in fact, she was only 18, so while all this was happening & I was caring for both her & my stepfather, there were many times I wished to be 10 years younger - I, also, am the oldest of three daughters - as people live longer lives, it certainly takes a toll on their children, who in many cases, are also senior citizens - I will pray for you & if there is no longer hope for your mother to live a good life, I will pray God release her - God bless you - keep me posted, if you desire 🥰
The best videos on this subject, thx very much. All the other lawyers that address this turn out to be just advertisements with no real information and are a waste of time!
Thank you. Glad I found you. I lost my dad in a nursing home in 2020. Covid failed all of us and our elderly…it was gut wrenching.
The Medicaid process with my dad left such a bitter taste in my mouth. Ever since going through that, I’m figuring things out to protect assets. I liked and subscribed to your channel. Very informative and I understood everything you said here. Sending you well wishes from the Garden State.
Covid didn't fail us. The government did. 😢
Any quick tips or advice to protect one's assets would be much appreciated!
I'm 62 years old and preparing for my retirement. This video and all your videos are so informative!! The best part is that it didn't cost me a penny!! Thank you so much and God bless you ❣️
Love your channel. My husband has always taken care of all our financial issues because I always felt it was beyond my understanding. Your videos explain things so well even I get it
You explain this stuff very well I’ve been trying to ask my kids to help me figure out How to protect this house = I’m a 20 yr retired care giver for people stuck in these traps So yes your giving the real truth = end result is now I get very low social security & trying to learn how to protect my Paid Off house for my kids = I’m ok giving up my monthly income for care home needs But I’m not ok giving up 40 years low income single parenting 5 kinds & actually owning my own home that I can’t pass on = grrrrrrrr = My Point Is these rules are exactly the same for us poverty people & I haven’t found a safe & legal work around yet BUT I’m sure glad I found your channel cuz I’ll be watching all these videos looking for a solution 🙋♀️ thank you
I'm in about the same boat you're in. I don't know what to do. I worked 40 yrs. to secure a house for my kids, looks like we really own nothing.
Just found you and have been binge watching, liked and subscribed.
Ditto here too!
My husband and I lost his fathers home and all the savings to the nursing home and Medicaid. Then my mother had to go in and even though we try to help her arrange things differently, we also lost her home and all of her savings, etc. no inheritance for the two of us, plus lots of our own money went to helping our parents which I do not regret but which I do not think was completely necessary. So hard to juggle growing children and ill parents.
Thanks so much for your informative videos! You’re right, I’ve watched this 2-3 times just to digest it all and you make it all so clear and understandable. I’m a community spouse with an institutional spouse in a nursing home at the cost of just under $9000 a month. I did hire an elder law attorney to help me navigate this predicament. It’s a daunting task for sure but he’s basically telling me the same thing that you are and is helping me get the job done (getting my husband on Medicaid).
Very informative. Over $12,000 monthly fee per resident for nursing home care in New York State.
Not all of Ny. I paid $ 6000 for my Mom
If you're going to spend $12K a month on a crappy nursing home and the person has a decent amount of assets and wants to stay in their home, why not hire a couple of private nurses to care for them in the comfort of their own home for as long as possible? Maybe they will pass away at home before funds for paying private nurses run out. Idk, maybe I'm missing something.
You are not guaranteed a spot in any nursing home you want. They have only so many medicade beds available. There is a wait list. So if you want a good home you need to have a couple if years worth of payment in the bank to get a bed there. After you run out if money medicade kicks in and they won't throw you out.
THIS IS FANTASTIC INFORMATION THAT I WAS UNABLE TO GAIN ANYWHERE ELSE! You give numeric examples and explain all of the common scenarios that one can probably meet up with. Thank you so much!!!
My understanding, and it may or may not be correct, is that the state government pays less for nursing home care per patient than a private individual pays at the same facility. For example, if Mr. Jones who is on Title XIX, and is in a nursing home the state government will pay $4000 per month for his care, whereas Mr. Smith, who is paying for his own nursing home care is paying $8000 per month. In effect, Mr. Smith is subsidizing the government costs. Private payers should not pay more than the government.
The government pays very little and consequently has a limited choice of homes. The industry would not survive if they were paid what Medicaid pays.
You are correct. What a facility charges for private pay is not the same amount they get from Medicaid for a resident needing the same level of care. That being said, if they only chrged what the government gives them for Medicaid patients, their monthly expenses could exceed their revenue and they may have to go out of business.
It is pretty sad that people work and contribute to society their whole lives and then everything they have saved can be taken away for elder care.
@@jackwoods535 It isn’t the fault of the poor that we have a highly exploitive medical system including long term nursing care. It is the CEOs that run these facilities that are sucking huge amounts of money from these patient’s estates. Most poor are working poor who have low paying jobs their whole lives. They are not the parasites in the system, look at the 1% who off shore all their money and hire tax attorneys to ensure they pay no taxes. I think we are all fed up with our corrupt system.
really sucks, doesn't it..
@@karengrice2303 yep
punishment for living so long--disrespectful culture driven by politics and insurance.
The truth is that many people depend on the largess of others the welfare state when they take from the welfare state to deliver, rear, feed and educate their children and then take again big-time when they depend on us to keep them when old and sick.
Finally. Plain English. Great video! 🙏
You have really set my mind at ease. I feel completely prepared for what’s next, how to talk to my attorney, questions to ask, just all around informed. Thank you for what you do.
It's cheaper to spend your golden years taking cruises ... with on board doctor, activities, good food, and a cleaning staff.
Silly comment. Once you start to need help with bathing, dressing, ambulating, etc., you are going to be off of that cruise ship immediately.
Another problem is the family support is not there.K ids in other states and married with kids and to busy the few that can help visit when they want and some you better not and I mean you better not trust.Sometimes your kids can be the worse to take care of finances.
Good luck finding a doctor that takes Medicare patients, once you leave the US.
@@jacquelinefransaw6911A lot of our adult children are incapable of making decisions for our care; many are on long term dr prescribed Fentanyl and would be disasterous at our care. What to do when you have no one.
Thanks for the update on Medicaid changes, great stuff. I educated myself on the subject a few years ago as my wife has early onset dementia. After looking into nursing homes, long term care insurance and medicaid I've made the decision to keep her at home as long as possible, it's slow moving thank god. I'm continuing to build our assets but it's pretty rough nonetheless. I'm still crafting our plans but one thing that's clear, you have to strike a balance of home value with property taxes. Sure you can buy a $600k house but that property tax bill will kill your monthly budget. Still, a little less disheartening than having to quickly spend down your life savings to roughly $130k an not having enough to live on when you're a widower. Somewhere in there is the perfect happy medium, I just have to find it, but unhappily it will mean selling the home the two of us designed and built with our own hands. Many large bites to this shit sandwich.
do your research neurologists are reversing dementia with non invasive alternative methods . Do research. Barin cells regenerate
My daughter is an EMT and has had to go into many upscale and more affordable nursing homes. What she’s seen disgusted her so much that she’s decided I will never go into one.
Just found your channel the other day, and love it. You really explain things clearly. Although I am in Michigan and know it is probably different than Louisiana, you still get the basics across clearly. Thanks.
You're providing a very valuable service to baby boomers especially. I was once a Medicare/Medicaid financial auditor for another state and find your information to be quite familiar to me. I'm glad, in a way, certain elements of Medicaid eligibility have not changed too drastically in the last 30 years. Back then, Medicare and Medicaid paid nursing home providers based on general levels of care (custodial care, intermediate level care, or skilled nursing care). As I migrated away from auditing nursing homes, the programs were moving into a case-mix basis of paying for care based on clinical needs. So, much has changed over the years in terms of levels of care, how the providers are paid, and staffing requirements, but eligibility requirements have not changed all that much.
Thanks for taking the time to explain this.
how are you going to keep a house and car without paying the taxes on those things , like what is the point of being allowed to keep your house if you cant have any money to keep it from falling apart. also the asset limit needs to be updated immediately espcially with double digit inflation.
Yes, yes, yes! You are right.
Thank you so much for the very important information. I couldn't find anyone to help me understand. Now I do.
Thank you so so so much for taking time to explain this!
This is ANOTHER great video. Thank you so much. Especially the part about getting all the assets out before the 5 year limit. Thank you! 👏🏻
Paul, please come back to Boston we need you so badly here. Really it’s not that cold in MA anymore. Springfield, MA is even nicer than Boston. Think about it!
Thanks so much for all your informative videos. We are in the med income people.
Very informative video. I totally understood your explanation of each aspect. I have aging parents moving into assisted living and I don't expect their savings to last very long so wanted to educate myself on what to expect when that happens. Thank You
This sounds like a very good reason for spouses to divorce if one needs to go into a nursing home.
yep
Yes, I am a nurse in a hospital, and I saw this once. A woman came to visit her ex-husband, who was the patient. She had divorced him so she could keep her assets, and he could be on Medicaid. I thought she was pretty smart.
Many do just that, but need to stay involved in their care.
Thank you so much I’m married and follow you because you make things very understanding. Sometimes it frightens me to hear how how the rules work. Thank you again
Thank you so much for clarifying this. Not so worried now!
Is there any financial benefit to being married anymore, as a senior?
Great person.!
Coming from who hates lawyers and the whole legal system.!I think it's all corrupt.! That being said I enjoy most of this man's videos.
Very informative video. I'll be saving this one to watch again!
Great video! Lots of good information including these time stamps. 11:40 and 16:11 and 16:53
Save your money in a private vault.
End life planning get's tricky! I think if one can stay out of a nursing home, one should. I'd rather save now monthly, in whatever amount for a live in caretaker. That to cover when and if, I ever need one or approach very old age. That will be in a few decades to go. Except, never rule it out at any age. I have two grown late teenaged children, by the time I'm in my late 80's they will be in their 50's. I say transfer all and anything, split 50/50 and who cares after that! Lol 😆 Let's go sky diving!
@@DianeScotts By then we'll have 🤖 robots! Lol 😆
You're right about that. It sure does not seem right.
Thank you for this very clear up date I will be sharing this video with family & friends because they don’t believe I’m understanding these federal laws correctly BUT I do wish you would have used the word irreversible trust in your end statement = most people don’t believe that either LoL I personally don’t like it but I’m an income level that does need that family protection = thank you very much for your hard work of this well informed channel 👍
If you have an opinon on the following, I would appreciate you sharing a video regarding Reverse Mortgages: your opinion, experience and how it affects 'estate' planning...
Great post! Just a small suggestion, if you used a whiteboard and wrote or diagrammed some concepts or examples, you could be even more effective than your already excellent presentation. Thank you for a very clear and thorough presentation of a very complicated issue.
Many nursing homes & home healthcare providers are rackets. This is the best rationale I know of for assisted suicide.
No no no. Thou shall not kill!
@@reporter2078 Actually I don’t believe in assisted suicide but neither do I believe in the way that other people are preyed upon and neglected by nursing homes and home health care services.
So glad to find your videos on UA-cam. Do you know of someone in Fort Worth, Texas? I just talk to an attorney today and he doesn’t seem to know how to protect my assets from nursing home? I need to talk to someone who is knowledgeable in the state of Texas
I do also a ladybird deed helps
my sister had to go in short term--and here in Highland co ohio they told me after 21 days the charges would be $180.00 per day!!!--unbelievable...it would be cheaper on a cruise or hotel!
Yes, nursing homes as well as the Veteran's hospitals are a sad state of living. But sometimes it has to happen. I learned that when I was 10, during the last months of my grandpa Birdy's life. Mom & I (would join her on Fridays) took 2 buses (1 & 1/2 hours each way) to go visit, not just grandpa but every one at the nursing home (& also to the VA Hospital afterwards for Mom's thesis work) because Mom noticed how alone & lonely most of the resident patients were & the similar lack of human touch type of care at both locations.
She requested & was granted an hour at both places so we could visit & entertain. She would play piano & we would sing all kinds of songs. From old standards to show tunes, folk & rock of the 50's, 60's & early '70's (1976-77) and a Christmas medley.
I actually knew about this stuff you are sharing because being disabled on SSDI since 1999. I turned 55 this year and yes, CA Medi-Cal expects reimbursement. Special Needs Trusts is where I am lost.
For God sake see an Estate and Trust lawyer right away!
So kind of you and your Mom. Hugs
Wouldn’t it be cheaper to sell your house and move in with your children on the first floor or let them add a room for you and give them your monthly Social Security and pension check and at least have some home health care or a housekeeper or someone during the day there. ??
After having witnessed this with family, .... this suggestion works fine until the level of nursing care required grows to be to much to provide at home.
@@paulgustafson1750 Amen🙏🏻
Depends how much level of care is needed.
My mothers area the cost through an agency is $22-27 per hour.
Can you do a video on moving a parent in a nursing home in one state to a closer nursing home. How difficult is it to move a patient to another nursing home? What are pros and cons. I do not like where my mom is and I want her closer to me in Arizona.
My mom didn't like the nursing home in Tempe where her mom was, so she just went and got her and brought her back home to live with her. Make sure your mom is vaccinated before moving her. How will she be transported here, and where will she go? Who's paying for all of it? Is there a care center available in Arizona? You know, you can put a nanny cam in her room and should be able to watch at any time, if that makes you feel better...at least in the state of Arizona. There just needs to be a sign on the door and/or in the room. Check regulations where she is; the state regulations overrule the nursing home policy, too.
Depending on how sick your parent is, you may have to get a medical transport company to move her - I’ve never used one for a long distance but they normally are used to transport a patient like from the hospital to a rehab - I hope you will be able to do that because I think it would be so much better for you to be closer to each other - I think it would really relieve your mind to have her closer & be able to be with her & make sure she’s being cared for - blessings to you 🙏
In Massachusetts, it’s over $400.00/per day. $425.00-500.00/day is not unusual. So $6,000.00-10,000.00, so it’s more like $12,000.00-$15,000.00 a month. That is for one person, not a couple.
All the licensing is the problem. In lots of societies, like SA indigenous ones and Thailand and Vietnam, young people are happy to take care of elders. Problem is, all the breeders who want to privilege their own good-for-nothing kids don't want to let in those foreigners who would be more than happy to provide for our needs when old and infirm.
Ourcs5atw just required long term care insurance. This insurance only covers $30,000. Total payouts. Why even have it?
How would this be handled? There is a 14 year difference in age between my husband and I. I have a sizable deferred annuity that I have been
contributing to for many many years. I was waiting to annuitize it if my husband passed away before me so I'd have income. Should I annuitize
it now? Would Medicaid count my "un-annuitized" annuity as something that would have to pay for his care?
What makes you think people on MediMedi that they are second citizens? I worked all my life, stayed single,pre paid my funeral.
Believe me, I would have never let my brother into a nursing home, if I knew then what I know now. I tried to warn as many people as I could. They are taking everything. Only reason he got on it is because of ObamaCare. His insurance went to 800.00/month. Had to get on Medicaid.
As always, this video is very helpful and clarified a few questions I had. Paul, what happens to sets that are in a safe deposit box whereby your child had legal access to the box as well as you and your spouse?
How person in nursing with Medicaid can keep home and a car if he/she gets only $39 allowance and rest will be paid to nursing home? Home require to pay property taxes and utilities, and car requires to purchase insurance. These scenario does not makes sense to me. What I am missing?
I haven't figured that one out, yet, either.
The person living in nursing home can’t own house and car unless they have a spouse in that is living in the home and using the car.
My husband is 14 years older then me. Should I quit claim and have his name removed off our paid home?
Jeez, it’s involved! Thank you for the info!
In this video did you address the scenario of the institutionalized spouse and the community spouse having a house and a car scenario, is the nursing home allowed to put a lien on the house and the car so that after the community spouse passes away they get a 50% share to pay back Medicaid? Along those same lines is the community spouse allowed to sell or transfer the house and the car into someone else's name during that time without incurring a 5-year look back relating to the institutionalized spouse.
Thank you for the info. It sounds like you need to have plenty of money to pay for your own care to get the actual care and can pass something down or your screwed with sub care and not passing a thing down. Seems we need a law that says a person can say when there time is up and not string us along in hospital/home till our bodies can't take it. Just existing isn't living/having a life
I know - I have seen many people in nursing facilities who didn’t even know they were alive - it’s so sad that in this life our body imprisons us until God releases our soul - I refused to let my pets suffer, I don’t know why we have to do it with our loved ones - so sad
@@Melody-285 I actually think when they get that way they should be put to sleep
@@janetsavona7590 I think those who are aware enough probably pray for release - it’s just heartbreaking
Hey Paul, thankyou for all your information....I have found out by default somethings regarding estate planning,as i have cash a house what should i do with my finances?....iam middle class at 71 yrs old,very low social, and at the moment want to live in a better house...three family members have died and Iam the only one left
i dipped my toe into nursing home with Dad as his caretaker son my brother died before him....so i learned the medicaid rules...he lasted for 4 mos. at 97yrsold....it cost 30,000 for 4 mos.!his social 1800.00 and medicaid the rest after i put the 10,000 in his act into a funeral trust...thats how uninformed i was..you never know what will happen..house was put in kids, myself fifty yrs ago....we were house rich.....so basically i have liquid assets.
Very informative. What if the community spouse has IRA retirement accounts. Can that community spouse limit draws (taking RMD only) so the income rules only include RMD amounts only?
Is there a five year rule with medicaid? Could you explain this about the five year rule?
The house can be worth 600 K and something when applying for nursing home assistance. Does that include attached property? I have a log house that, 50+ years ago, the family camped on the property for 18 months while my husband and my dad built it to my design. Now the total is a million. Who knew....?
Let's face it ... Private pay gets you better accommodations and care. I know it's expensive, but I don't agree with not providing the best care you can for a loved one.
Ecxelente explained video.
I am glad I find your channel .
Regards from California.
What would be awesome. If there was a timeline created to protect ones assets. Using the date of death as the end of timeline. So what would be ideal times to take care of asset transfers, spending off assets, etc.. Because we don't know when we are going to die in most cases..... that creates a challenge. But work up a chart of "best dates" prior to death to really be prepared, and be able to save most of your assets from being confiscated by the government.
Sadly you are never prepared fir illness and death. Learning this with sudden lose of Brother at 63 this year and Mom's dementia and sudden loss of Dad at 57 years old when I was 22.
Hey Paul, another great video! Thanks for making this content available to everyone. Could you do a video on titling your house TOD with beneficiaries to stay under the state's probate minimum and then just file an affidavit to transfer bank accounts to heirs? It seems like this would be a good way for someone with a small/simple situation to avoid probate without creating and maintaining a RLT. Thanks again for the great content!
Scott, my dad just did this. In CA, an heir must live in the home within a year as their primary residence or the tax rate jumps to current values.
That won't help as it is a distribution of assets.....but if Medicaid is not involved, to transfer real property you simply file a Beneficiaries Deed in the jurisdiction where the property is located, for cash accounts the institution will provide TOD forms.
A living Trust only cost us $ 500 and it’s been done in our family for three generations. The estate and the Bank accounts, assets, home, just go to the children without going to lawyers or probate.
All except the car!
That last part about revocable trusts…will you do or point me to your video on estate planning to protect assets from nursing homes taking it all. We have a RLT but what’s that about the principal
I believe he is speaking about an Irrevocable Trust to avoid Medicaid. He has a video called Recovable vs. Irrevocable. He also in another video not sure which one, mentions a Medicaid trust.
Thank you for all your valuable information. You are Golden.
I. Got it. ! ! But does it work like that in Texas?
Would you do or had you done a video on how to locate/select a qualified estate planning attorney? Asking from the Florida Panhandle.
Yes please. I need someone in Arkansas.
Out state actually asked if the decedent used any estate planning techniques or used an attorney to do so. Ughh gotta love CT.
I don't know why one cannot just stay out of the nursing home, and use their income, be it $2000 or up, and just pay for home health care. Honestly, is a nursing home, really that necessary, when you can get a certified CNA, to come in to your home, for the $2000 per month, and have your Medicare B and Supplemental insurance pay for a visiting nurse via consultation with the CNA.
It sounds me as if, going into a nursing home is in no one's best interest. For a single person, you could apply for a reverse mortgage, upon home ownership, and use that to pay for Long Term Care, and/or a LTC policy. Either way, you would make out better, and a lot less expensive.
With a little thinking 'out of the box,' these expenses can be alleviated without so many adverse effects.
Ms. L. Churchill
Aging comes with a variety of issues Sometimes thats not feasible Plus Home Care is very costly also
I don’t understand . If the institutionalized spouse has money in the IRA , the nursing home will be given an access to that? The wife who has power of attorney to the IRA and also the sole beneficiary will not have any say or access anymore? We don’t intend to apply for medicaid so, do we still have to give the nursing home authority to have access to the account? Please advice.
The person in the nursing home can only have $2,000. You have to take their name off of all accounts and assets. The nursing home will take their social security and any assets in their name. Be careful because their is a 5 year look back period too if you try to give assets to kids.
My partner and I are married and I'm sure we'll both end up in a Nursing home. We have no family that we want to leave anything too, and are Wills are set up that way. So if the State takes our home after we are gone -- we'll that's what it's for --- YES. Is there a downside to this thinkin?
Use visual aids to help illustrate your concepts.
How does long term care insurance fit into this situation. So my long term insurance would pay maybe 1/2 the care center and my pension
Could pay 1/2. Then there would be no reason for anyone to take my assets?
Great video. I am helping my parents looking into Index Universal Life with Long Term Care Benefit and Cash Value Whole Life Insurance. i am wondering if you can address on how does medicaid requirement affect life insurance programs for seniors. Thank you in advance
I am on Medicare. I saw my Brother die slowly in a Nursing home. His Doctors and no one else let him know he was terminal. It broke my heart to see him suffer. I will NEVER go in a nursing home. When it is my time, I will end my life with dignity. The poor Man didn't deserve to die like that. 😢
Hey Paul, When you get a chance, one video topic that might be helpful is dealing with the state medicaid estate claim. QMB rules require that states exempt certain payments from any claim they attempt to recoup from an estate. Surprisingly, in dealing with a relative's estate, I've gotten so much BS from the state regarding their claim but they seem to be ignoring federal law when it comes to suppressing coinsurance for Part A and B medicare claims, as well as premiums and deductibles. There is a section in 42 USC 1396p sub b that refers to what they can collect on. Part of it dictates how much the state can go after. Based on my experience with my state, it makes me wonder how much they can actually recover.
We need to be calling our Representatives to get things changed.Maybe hide your assets in the Cayman Islands, like rich people do.
Easy to put money in. Not so easy to get it out.
This is one of those things where if everyone tried to cheat Medicaid, the policy would be quickly be changed. This is not a socialist state. You are responsible for your own debts, not me or other taxpayers.
Paul can you explain medicaid compliant annuities. How they work and how they come into play with the excess funds couples have but still want to qualify for Medicaid.
Paul, Is a transfer on a car “Mother and/or Son” safe and Deed to Son on home with Mother having Life Estate Interest safe from Medicaid?
I don't think a life estate in the property makes you safe You are considered having an ownership in the property
In Wisconsin, a double wide trailer is considered personal property. Is it still an exempt asset?
Married couples one goes in nursing home but they do not own a home. What is the spend down amount to?
If Both are in a nursing home and they own a home who and where do the funds come from to pay the taxes, upkeep on said home?:
The income amount is far less then current costs. Inflation has greatly increased the cost of basic needs.
Rabalais or any one who might know the answer to this: Are there some kinds of trusts that allow you to keep assets for future health care treatments while on medicare and medicaid but not in a care home ...say if you get compensation from an injury claim...and that is funds you want to use for continued treatments for that or supplies for while you live in your own home and need things at home to accommodate the healing or impairment?
You probably need to talk to an attorney.
@@SusieAspen NOT TO JUST GET THAT QUESTION ANSWERED THANK YOU....to have to schedule and pay an attorney to see if any such trust even exists and if not all that money is wasted. So.. no thank you. . please leave this for someone who DOES KNOW AND WILL ANSWER IT .then decision to see atty to get it done or learn MORE AFTER THAT. would be what i would do. . There should be someone who knows what kind or kinds exist, if any, for that criteria w/o paying just to ask that..(Do you know how much a consult costs???) . Just as these vids talk about kinds of trusts and answers some questions so you do not have to see an attorney just for those questions and then you can know if want to see atty AFTER have this much info and to get their services to have it done.
Question? Does assets include 401k or/and IRA? Do you need to spend down your 401k?
A friend of mine was in the hospital and then the doctor advised him to go to a nursing home to receive rehab just for a few weeks and then he can go back home. Well as of today he is still there covid started and there was no visitors so he couldn't come home he didn't get rehab and they drugged hi m up with different kind of psych pills and every time when he was getting ready to go home he would fall and then they would take him to the hospital and we will have to start the process over and over again he does not want to be there but we cannot go there because of someone got sick with covid so now there's no visitors. I think it's terrible holding a patient against their will and the nursing home is doing that because of the covid-19 situation . We tried calling him he is so drugged up that he cannot answer his cell phone and not only that I believe they take it from him because he used to call us a lot that is a shame the city and state should really check into what's happening into these nursing homes. His wallet got stolen his phone was stolen twice even some of his pencils and pens and writing paper with everyone's telephone number on it his watch was stolen.☹️
With no visitors imagine the neglect. Not fed, sores from dirty diapers, no wster..
CALIFORNIA look back period is 30 months. NOT 5 years.
Is there a you tube for people of Illinois? Any rules to avoid these rules.
Whoa ! That’s a lot to digest .
Can they go after life insurance
A trust revocable turns into irrevocable at death will save the home or irrevocable maybe a better choice.
My brother got that for my Mom several years ago. Plus a living will thank God. Sadly he suddenly passed away without a will in NY. A nightmare. My Mom had to go into a hospital for over a month for physical therapy and then a rehab nursing home for rehab. Have been trying to get her Medicaid so I can bring her home in Maryland whilw dealing with 2 homes in NY and 1 in Maryland. It has been hell. I am just about broke paying taxes ultilities and lawyers. My husband is helping me by getting a loan from bank etc. But I am dealing with Squatters that my brother allowed in a few months before he passed away. A law in NY says U must pay for utilities etc or NY will come after me. Hopefully this law will be removed soon but then I need another lawyer to go to court to have them removed. My health is not good. My Mom has dementia and doesn't know my beother has passed on or that strangers are in her home. Thank God for that or the stress would kill her. But this nightmare can go on and on due to courts being so backed up in NY. Plus my ex sister in law gets half the amount of my brothers home due to divorce agreement. She has made my life hell and we were close since I was 17. I am now 60. This shocked me. Now she will only talk to me through my lawyer and her lawyer. Saddened by this situation. Never thought this would happen. But it is what it is. Hard to grieve with all this going on but no one else in the family left. Constantly going back to and from Maryland to NY to deal with everything. This is my new normal and it is making my health issues worse and worse. I don't sleep much anymore. It is 3 am now. Lucky if I can get 3 or 4 hours a day. Then hace nightmares when I do sleep. So hope and pray this situation might change simeday but more and more issues seem to arise as time goes on. So exhausted. Dealing with NY is a nightmare as it is and COVid numbers rising abd so afraid NY will shut down again. Well have bothered you enough. Wish there was an online support group to deal with rhe grief of loss and the horrors that follow. That is why I am reading more info online and you tube. Take care. 😃
Can we spend some or most of our assets prior to applying for Medicaid? ...or give it to a child?
Why should I save only to suffer when I get older? This is awful for those in the middle class parents who want to leave something for their children. I do not believe in suicide but it is looking like that is where I may go.
What if you put all assets in an irrevocable trust, and appoint a trustee?
Has to be more than 5 years before you need a facility. Irrevocable trust is still considered a gift and just like gifting assets to family or loved ones, is subject to the 5-year look back of all transactions for medicaid. If that was exempt, everyone would just do that.