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If you want to ensure that your children or anyone else for that matter receive some or all of your assets after you pass away you may want to start early in preparation for that. If your health deteriorates to the point of needing nursing home care you may be faced with a $14,000 a month bill. If you don't have that kind of money you can go on Medicaid, but if you've given any significant amount of money away in the last 5 years, you may not get approved for Medicaid. Thus you want to do any financial planning 5 years before you need nursing home care. Please note I am not commenting on any moral implications or endorsing that anyone does this to "cheat" the system.
It's not cheating if it's legal, it's sound financial planning. You can be da**ed sure that the wealthy have accountants who help them take advantage of every tax loophole.
MaryLou, if you want "preserve" your money for your family, visit an eldercare attorney who is well versed in Medicaid in your state.
Don't be confused by IRS gifting rules and limits which have nothing to do with qualifying for Medicaid.
Understand that in most states, there is a 5 year "lookback"--Medicaid will require 5 years of financial accounting to see if you have given away any assets.
You may be interested in reading a thread where the poster is currently trying to get Medicaid approval but there has been gifting in the last five years. They cannot get medicaid.
Medicaid for long term care is breaking the bank for many states. I don’t know the answer to the problems with Medicaid or long term care. But I believe you should pay for your care if you have the assets - not give them to your kids. Mr. Bill’s answer is the best. Plan more than 5 yrs ahead.
MaryLou44, here are more facts to consider: - getting (and staying) in a good and reputable facility means you have to plan in advance to avoid waiting lists. If you are already a Medicaid recipient before getting into a facility you may bump up against waiting lists. The existing residents in a facility get first dibs on Medicaid beds. - your best bet is to go into a facility on private pay first. You must make sure this facility actually accepts Medicaid recipients (many do not). - Medicaid (in most states) does not pay for IL, AL or MC, it only pays for LTC and you are NOT in a private room when on Medicaid.
My husband and I just completed a Living Trust, the funds of which are to be spent on our elder care first and foremost. My sons all understand that they are not to "expect" an inheritance, but they might depending on what trajectory my and my husband's elder years takes. When you set up the expectation of an inheritance for your adult children, you can create unhealthy conditions for yourself as you age and decline. Money changes people (yes, even our own children). Sometimes people make different decisions on your behalf because they want to preserve their inheritance, and not you. Please read some of the other topic posts on this forum to understand how often this happens.
Right now it is more important that you get your important documents in order, if you haven't already: Durable PoA, Medical Representative, Advance Healthcare Directive. These are what guides your best care in the way you wish it when you are no longer able to be in control. Making a Living Trust helps protect your assets and leaves very, very specific guidance as to your estate and helps prevent financial abuse or mishandling of monies (often by the owner of the assets when they develop dementia). It is well worth the time, effort and cost. Once it's done you will have a lot of peace of mind and your kids will know exactly what to do. A Living Trust means that most (but not all) assets will avoid probate. It makes your exit as simplified as possible, as a gift to your children (in my opinion).
Your children should understand that they are to save for their futures just like you did. If they expect an inheritance they may not do this for themselves. Plus, there is nothing to guarantee that your money may get all used up in ways you never anticipated -- then everyone loses, mostly you.
Avoiding paying for your own care when you have the funds means that you want ME (the tax payer) to foot the bill for you when you actually had the funds so that your adult children (who are perfectly capable of earning their own money) can get it instead. Please don't do that to me, and all the other taxpayers.
Your profile states you want to preserve assets for your family. I sure would like to do that too, but if I need care when I am older without assets I sure want to be able to qualify for medicaid. I DO NOT want my children to be put in a position that they would have to provide my care. How terribly unfair to them. But, if I were to gift them my assets that may very well be the result of my so called "generosity".
I am sure you do not want to burden your children with your care either. See an elder law attorney to see how you might be able to preserve your assets for your children.
Assets include your home as well. You cannot gift them the yearly allowed amount of the IRS either. Many people think that is ok since allowed by the IRS, it is not permitted under medicaid.
I agree with Geaton, this is not something you want to do based on advice gleaned from random internet sources. Find a lawyer/financial planner/CPA who are well versed in estate planning and Medicaid. Expensive - maybe. But not nearly as expensive as doing it wrong and bearing the full cost of long term care.
Use your assets to pay for your care not for your children’s inheritances. Taxpayers should not be paying your Medicaid while your are given your assets. Medicaid is for the truly indigent not inheritances. Getting an attorney to show you how to protect your assets and qualify for Medicaid is just as wrong. Just because they show you something legal does not make it right.
Gifting is what's done after you're dead. Until then, your finances are meant to support YOU and pay for YOUR care.
I know it isn't sexy or fun to spend enormous amounts of money on nursing homes, caregivers, or Depends, and it often conflicts with our dream of leaving a nice chunk of change when we die, but that happens only AFTER you're dead and all your bills have been paid.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Don't be confused by IRS gifting rules and limits which have nothing to do with qualifying for Medicaid.
Understand that in most states, there is a 5 year "lookback"--Medicaid will require 5 years of financial accounting to see if you have given away any assets.
https://www.agingcare.com/questions/medicaid-look-back-not-passed-how-do-they-get-care-471633.htm?orderby=oldest
- getting (and staying) in a good and reputable facility means you have to plan in advance to avoid waiting lists. If you are already a Medicaid recipient before getting into a facility you may bump up against waiting lists. The existing residents in a facility get first dibs on Medicaid beds.
- your best bet is to go into a facility on private pay first. You must make sure this facility actually accepts Medicaid recipients (many do not).
- Medicaid (in most states) does not pay for IL, AL or MC, it only pays for LTC and you are NOT in a private room when on Medicaid.
My husband and I just completed a Living Trust, the funds of which are to be spent on our elder care first and foremost. My sons all understand that they are not to "expect" an inheritance, but they might depending on what trajectory my and my husband's elder years takes. When you set up the expectation of an inheritance for your adult children, you can create unhealthy conditions for yourself as you age and decline. Money changes people (yes, even our own children). Sometimes people make different decisions on your behalf because they want to preserve their inheritance, and not you. Please read some of the other topic posts on this forum to understand how often this happens.
Right now it is more important that you get your important documents in order, if you haven't already: Durable PoA, Medical Representative, Advance Healthcare Directive. These are what guides your best care in the way you wish it when you are no longer able to be in control. Making a Living Trust helps protect your assets and leaves very, very specific guidance as to your estate and helps prevent financial abuse or mishandling of monies (often by the owner of the assets when they develop dementia). It is well worth the time, effort and cost. Once it's done you will have a lot of peace of mind and your kids will know exactly what to do. A Living Trust means that most (but not all) assets will avoid probate. It makes your exit as simplified as possible, as a gift to your children (in my opinion).
Your children should understand that they are to save for their futures just like you did. If they expect an inheritance they may not do this for themselves. Plus, there is nothing to guarantee that your money may get all used up in ways you never anticipated -- then everyone loses, mostly you.
Avoiding paying for your own care when you have the funds means that you want ME (the tax payer) to foot the bill for you when you actually had the funds so that your adult children (who are perfectly capable of earning their own money) can get it instead. Please don't do that to me, and all the other taxpayers.
I am sure you do not want to burden your children with your care either. See an elder law attorney to see how you might be able to preserve your assets for your children.
Assets include your home as well. You cannot gift them the yearly allowed amount of the IRS either. Many people think that is ok since allowed by the IRS, it is not permitted under medicaid.
I know it isn't sexy or fun to spend enormous amounts of money on nursing homes, caregivers, or Depends, and it often conflicts with our dream of leaving a nice chunk of change when we die, but that happens only AFTER you're dead and all your bills have been paid.
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