It a painful process to watch a family member have to spend through all of their assets to pay for a nursing home. For married couple, it can be devastating because the spouse still at home needs those assets and income to live off of. With some advanced planning, there are strategies that can be used to protect your assets from the nursing home and the Medicaid spend down process.
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My parents and My Father in Law had a trust and never went to a nursing home. It was a pain in the ass for us to distribute to all the heirs. Also the average cost to set up a trust is 8-12K. What a waste of money!! Please do more homework.
Why would anyone want to go into a Medicaid nursing home? They are shitholes! What is the point of saving money money if it is not supposed to be spent on yourself for end of life expenses? People are so foolish!
No, it's more like 4 thousand to 6 thousand a month. Unless youre living in a swanky country club resort nursing home. Either way, it's way too much. You're better off living in a smaller home, paid off in full, and hiring a full time care giver or two part time care givers and paying them a regular income each month as a independent contractor that they are responsible for their own taxes. Medicare – not medicaid, but medicare and if you have a secondary supplemental meducal Healthcare insurance, the two will pay for someone to come into the home and care for you, as a private care giver. Also, they will pay for your transport to and from your medical appointments. Medicaid can and will come after your estate, while Medicare will not. Steer clear from Medicaid if at all possible. You're far better off, and you won't have to worry about a spin down, nor will you need to sign your property over either. Personally, I'd go with two part time private care givers. Most home health companies offer both full time and part time care givers too. And, they'll do everything from caring for you, from bathing, to dressing to getting you up fir the day to cooking and preparing your meals, to cleaning your house and doung laundrey, or dropping your laundrey at a laundrey service, and many will also take you to your appointments as well. IF your Medicare and supplemental insurance will pay for your home Healthcare, it will cost you none to very little from your own pocket to do this. If your Medicare and supplemental insurance will pay part of these costs, it will cost a little more, and if neither will pay for any costs- you are still saving a lot of money, and might be looking at $2500 a month costs, and then you'll only have your regular household bills being you'll have your smaller home paid off, this will be your utilities, insurance, taxes, phone, and groceries, and perhaps some on your medications co payments. Dkung it this way keeps your property safe, your money or income safe and you're more likely to get far better care in a much better environment. If there are patient lifts, wheelchairs, hospital beds, oxygen machines involved- then your Medicare will pay for those items too to be rented by the month. The main problem with nursing homes, is they prey on your finances, they charge without your permission additional charges, hence they run your bill up deliberately, they smell, vulnerability for abuse to occur, good care begins to bad care, tge food is terrible, you'll lay in bed and not be turned and developed skim decubes and tears due to neglect of proper care, you'll die therr leaving a huge bill and facing their lawyers ready to pounce on your probate and, or estate or both. And the lawyers are just as bad, too – begween the two- they are the only ones who win in the situation. If you've got a family member who can and will care for you, your Medicare will also pay them to care for you too, providing your physician will type a letter up, and or code the treatment for a home health care provider or person to care for you. So, start planning now, see who will be reliable and wants to care for you now, before the time comes, and get it all prepared and ready in advance, and if you don't have someone consider a home health care company having a care giver or two part time ones come care for you, start talking to them now, and get it all ready, a plan set up and taken care of in advance. They'll even give you a choice, a CNA, a LPN or if need be a RN, and you csn have a MIX of the two or three come care for you, depending on your individual needs, and as you age your needs can and will likely change. That allowance of $3,016 dollars, is only half allowed for a married couple, the other spouse to keep ONLY IF YOU RECEIVE MORE THAN $6, 032 00 a month income. Most elderly people do NOT receive $6, 032.00 a month to live off of. So keep that in mind, because as a married spouse, you'll only be allowed to receive half of your combined marital income. That in example might be $2500 a month which is fairly average, then you'd only be allowed to keep $1,250.00 a month. And it could be considerably even less in many cases. I say, go for the home Healthcare if possible and keep yourseld happy, cared for and keep the crooks outnof your pockets, will, and estate. Best wishes.
Clear, concise and valuable information. You have no future in politics.
The best thing I ever did was set up a Trust, 7 years ago, to protect my assets. The only downside of doing it is the cost. Don't let that stop you though. It's best to set it up before age 60. If you wait until you are retired, you are taking a chance, because the Trust doesn't start working the second you sign the papers.
The house, car, personal belongings, etc. does not count in terms of assets. The house must be a principal residence and does not count as long as the nursing home resident or their spouse lives there or intends to return there
Excellent video, great explanation, thank you! I recently set up a family trust, and with few questions from my estate attorney, he set up a revocable trust for me. I now realize that won’t protect my assents from nursing home costs. I want to keep my cash to supplement my social security income. Can I have an additional irrevocable trust and just put my house in there and have both trusts?
In my opinion, everyone above 75 YOA should be given the option of euthanasia. I am 87 YOA.
Also , people had fewer children ,everyone has jobs , unable to care for parents
Great video!
Thank you for sharing.
Are annuities purchased with after-tax funds a countable asset?
Hubby and I have no children to leave money to, but if one of us goes into a nursing home we don't want the community spouse to become impoverished. Do we need a medicare trust? Or would it make just as much sense to get divorced and live in sin for the rest of our lives? 🙂 That way at least half of the money would be protected from the nursing home. We're in our 60s.
Why give anything to the Medicaid ? Sell your home to your children for very very cheap – this will make it their house on the paper and you will be living in home owned by your children- problem solved. Do it early, while you are healthy , before 5 years waiting period
Avoid nursing homes at all costs. They are great at taking all your assets while neglecting the residents. Stay out of them. I have myself protected so no one can put me in one. I am making darn sure I will never qualify to get put in one.
Great video but I was a SNF Administrator for 7 years in Cali. If families were hiding money I simply called our Assistant Attorney General. He got medi cal stopped, slapped liens, filed elder abuse (fiduciary). Trusts never stopped Bill Lockyer and his team. He even got Medicare dis-enrolled which was lots of fun. California Judges would adjudicate truly dementia patients as incompetent and the public guardians office as the conservator and the kids got squat. County Council and court investigators would go through the trusts and see if they using the money properly. You will find greedy people don’t follow rules very well. In all these cases kids were very focused on holding on to millions while the person who earned that money suffered.
Don't know if it's the same for ever state, but when my mom went into a nursing home, we were afraid they would take her house. But apparently my state (WV) has like an exemption for homes, up to certain threshold so when they saw moms was only appraised at $78,000 they didn't even look at it for medicaid purposes.
Can we do a revocable "Grantor Trust" instead of irrevocable medicaid trust? By calling it Medicaid trust, is just to title the trust? Nothing in the trust will benefit medicaid right? If the children are the beneficiaries of the trust, what provisions should be reflected in the trust so they will not be taxed when they get the $$ from the trust? Does a home need to be paid in full in order to be reflected in the trust? Please recommend a state attorney in Austin TX.
So a Medicare trust is the same as a family trust?
i believe this is tax fraud
Does my 401K have to be spent or can I transfer it into my child’s name?
Can I put my home in my child’s name or do I have to sell it to them?
Excellent information. You are good!!! Thank you so much . Do you know anyone good like you in Dallas texas?
Currently my 88 year old mother is going into a memory care facility due to dementia. None of the facilities will give a monthly rate without giving them all of he financials.
Someone has to pay in this musical chair scheme…
100's that I have watched, this has to be the most CLEAREST, SIMPLE, to the POINT informational explanation. Personally can't thank YOU enough. Timing the Speed, the CLARITY of it…..BRAVO.
Thank you so much you explained very clear.
I'd throw myself in front of a train before i would go to a nursing home.
ppL divorce… on paper…
CT thresholds R double or MUCH hIGHER … if U acquire a elderly Nx home insurance etc see pdf for CT we wrote the book
Stick URE $monies in the basement safe deposit box "certain" ethnic groups do it … & get both… & nothing is in the house there's a monthly mortgage TAKE IT OUT…& just be a tenant 2 URE "place" or got ot Philippines… :)) Peso 200 per day is private duty in house care.. starting…