When my mom asked my grandma's gaurdian and the person the court appointed why they sold her house they said it went to her nursing home and she's broke what do I do about that ? And I also told them my grandma needs hearing aids because she can't hear and they still havnt got her none its been two years I even gave them the papers on the dentist pulling her teeth and that's how she lost her hearing i guess...i don't know what to do I tried talking to everyone then the gaurdian just makes more rules how I can't see my grandma then gave my mom a abuse charge when she didn't do nothing and the nursing home he put her in says we aint allowed to call her and hangs up on us its crazy what there doing
I've learned a lot after reading this and I'm pretty sure that other people will also learn a lot from this. This is a perfect example on how you should plan for your future. You are putting your children's at risk if you don't prepare for your future care expenses. Statistics would reveal that about 7 out of 10 of people who are 65 and above will require long term care. Its cost is soaring these days and thus the need to prepare for this as early as possible.
These are great financial strategies that can help you protect your assets and loved ones while you receive long term care. I would just like to highlight the importance of long-term care insurance. Ltc insurance is a product that covers home care, nursing home, assisted living facility and other long term care services.
It's hard to initiate "the talk" with your parents but this is important especially now that people are living much longer and the cost of care is soaring. Great tips and thank you for sharing them.
I have mother who has fallen 2 broken hips, then broke her wrist, she had been living by herself. I stepped in and moved her to another state to live with me. I have become the care giver. I am not interested in the medicaid spend down it is too late. She has money for care if required. She is resistant to talking about gifting, she wants to remain in control. Can monies be gifted to caregiver/son daughter and a special trust set up for administration for her long term care.
Me and my sister have guardianship of my dads finances after a stroke. He was not paying his bills and running up lots of credit card debt and not paying his taxes. We have taken over everything and now he says he wants to talk to the judge that gave us the gaurdianship because he says we are stealing his money. He does not realize how much money we had to spend to keep him out of jail and pay his medical expenses because he had no health insurance. We have some money saved of his to pay his funeral expenses but he insists the government will bury him and he wants that money. He is getting very biligerant. He wants to know where every penny is going but if we tell him he says we didnt have to pay those bills. Even though we paid his back taxes to keep him out of jail. Does anyone have any advise? Please help!
My mother is 70, & is of very sound mine, but she is a cronic spendaholic, she shares a house with a friend, which is the friends house, she is on the pension, & still works cleaning jobs for extra money, my 2 brothers & I often help her out financially, but we recently found out she is borrowing money from others that she can't pay back, & these people are very angry, she has lost her house because of bad finances, we think she may be gambling a bit, but does over spend all the time, my brothers want to meet with me & have an intervention thing with her, but I'm not so sure this will help, does someone at that age change? I don't think so , but I don't know what the answer is. Anyone out there got any advice for me ? Thanks.
My mother is 70, & is of very sound mine, but she is a cronic spendaholic, she shares a house with a friend, which is the friends house, she is on the pension, & still works cleaning jobs for extra money, my 2 brothers & I often help her out financially, but we recently found out she is borrowing money from others that she can't pay back, & these people are very angry, she has lost her house because of bad finances, we think she may be gambling a bit, but does over spend all the time, my brothers want to meet with me & have an intervention thing with her, but I'm not so sure this will help, does someone at that age change? I don't think so , but I don't know what the answer is. Anyone out there got any advice for me ? Thanks.
There are many reasons why family's do Medicaid planning and one of the most important is to preserve assets for the spouse at home's future care needs. It is not wise to spend down all your assets and have nothing left should there be a change in condition and they were able to go home. As an admissions director for a nursing home I witnessed this. People who Medicaid plan are only taking advantage of the allowable exemptions just like you do on your taxes. Veteran's have the Aid and Attendance pension that can help pay for care and they allow transfer of assets to qualify.
Regarding the article's suggestion that parents gift a home to the child - - When the child someday in the future (after the parents are gone, maybe even a great deal later) sells that house, a house received as a gift might cause a higher income tax bill (to the child selling it) than an inherited house. That is something to consider with an accountant or attorney before finalizing the gift.
My mother, who has Alzheimers disease, lives with me. At this time, she is able to stay by herself during the day. However, she cannot be left alone for the entire day. I am her Power of Attorney and have put all of her assets in a separate account in my name. I use her assets to pay for her prescriptions, which are around $500 per month. If she were to go into an assisted living facility, her assets would maybe last 2 years the max. I have applied for Medicaid, but have not heard whether she will be approved. I currently pay out of my pocket the rent, utilities, doctor appointments, car repairs/insurance, etc.. I do not want my mother's money, but I cannot afford to use my savings to pay for her expenses. I also cannot afford to quit my job to take care of her full-time either. I regret not going to an elder care attorney before applying for Medicaid. If she is not approved, then will this affect her from getting Medicaid in the future after all her assets are gone?
The problem I have as the adult child taken care of an elderly parent my potential earning has gone away as I am not working full time so I can care for a parent. I am only working enough to offset my own medical insurance, car insurance etc. So I do not feel that you can alway blame the caregive for spending parents money
I still dont understand the power of attorney situation. My husband and I have a Durable Power of attorney but the Medical Power of attorney is only enforceable upon a statement from a doctor which we are trying to get now. It is all very confusing.
need information on any financial aid available thru the govt that will allow me the continue to take care of both of my elderly parents and still be able to pay my own bills. not able to work full time and part time has become an issue......they require much more assistance than ever expected and i am an only child. can be emailed at selinamrtaylor@yahoo.com thanks
What exactly is exempt from the Spend-Down of Assets for long term care? Does this mean my mother can longer go out to dinner or get her hair down a few times a month because everything is being dwindled down from her savings/pension, etc?
This seems like such a poor lifestyle.
thank you for your help. I am in the process of relcating my mother to a home and researching all of our options. It is just sad a better type of state/gov programs are not available to our aging parents.
If seeking an attorney, be sure to check her/his expertise and years of experience in regard to elder law. Also, realize it can be very expensive so a meeting with siblings is a good start. Another option is an accountant who specializes in elder accounting. Again, might be expensive but also very helpful. Don't forget to check the credentials and years of experience.
It would be very helpful if the UPAA contained a type of accountability measure prepared by the elderly person. This is what is missing in this powerful document when it is in the hands of the "ugly people".
Bryan, that is a great suggestion. Most people just assume without asking, that they know other's intentions. A family meeting would be the best place to start. You never know, maybe the other family member has good intentions you do not know about. One hates to see family members split up because of assumptions. But if that does not work out, seek legal guidance. Good luck to you all!
Rosie03 has a great insight and message regarding the government spending on illegals and then putting the burden on the public for them! First and foremost "we" do owe our elderly. Not one of us would be here if not for our parents. We no longer honor them not do we in general want the burden of personally taking care of them. This is not a very pretty picture. My mother took care of her grandmother when she was a child. Everyone in the family from the youngest to the other elderly took care of each other. Birth to death was a family matter. What has become of modern society? If you are here legally and contribute or contributed to society you should be cared for by the government if you don"t have other means or money to care for yourself> if illegal then get legal> if infirm get help> Give thanks for the government, but contribute, Vote and keep up the good work.
Yes, it would be wise to get an attorney. The attorney (in the same state as your parents) can help them establish a trust to help protect the assets. Additionally, the attorney can help you establish the proper powers-of-attorney such that there are reasonable courses of action for the utilization of your parents money.
A potential list of problems could come up by your sibling putting the money into their child's account. First, if the child is a minor good luck getting the money out of the child's account -- who's going to pay their bills when this happens. Second, depending on how much money we are talking about it would be necessary for your parents to file a gift tax return to avoid the IRS requiring that your parents pay gift tax on moving the money to the child -- if we are talking about a decent amount of money your parents would be using up their lifetime exemption for gifts.
Finally, Raerod, the best suggestion might be to setup a family meeting with you, your parents and your sibling(s) to discuss what is going on and determine what the best course of action is for everybody involved. Your sibling may have the best intention at heart.
Dear raerod, you should get an attorney. Also, if your sibling decides to put your parent's assets in their children's name, that could be considered stealing, or Elder Financial Abuse, only if your parents do not agree, or sign anything. It cannot be done without their consent. An attorney is needed for the legal advice. Good luck to you.
How can I protect my parents from a sibiling who wants to put all of my parents assets in her childrens name? She is the one that lives in the same city my parents live and goes over their house and takes them to doctor's appointments. I am grateful she does this but I feel it is wrong that she is trying to put my parents assets in her children's name. I live out of town and it is hard to go and visit my parents. Who can I talk to or what can I do so that this will not happen? I know my parents do not want to do this but they fear that if they disagree with her that she would not be there to help them anymore. Need advice.
A lot of us don't want to lose the place where we were raised and there's nothing wrong with that. What amazes me, is the government can issue a social security check for around 900.00 and say LIVE ON IT. But if you need a nursing home, all of a sudden, it's 4,000-8.000 a month. Yes, medi care pays for long term care and yes they should be paid. But why don't you ask our government why they will pay for illegal aliens health care and not expect a THING in return???? I do believe Americans should come first and if our government weren't giving all our money away to other entities, then maybe it'd be different. I want my inheritance, such as it is and feel I'm as entitled to it as an illegal alien is to what they get. And even legal aliens, people sponsored by our government to get education, furnished homes, cars. The money SPENT DOWN is to be spent down on the elderly person who needs the care. Everyone isn't out to cheat Medicaid, but it seems our government cheats us, as we've just seen with Wall Street. That's my take on it.
Its funny how we allow these "Trust Advisors" to market to the seniors who are so gullible and do move all of their assest into a trust to qualify for Medi-caid - - They learn the sad truth after the fact. I am sick to death of hearing people complain about "wasting" inheritance on care - - the truth is that it is not YOUR money - it is the senior who earned it. On a professional level I have seen people drive up in new mercedes - very excited that their parents Medi-caid pending status was approved. That is why there is now an elder abuse task force that focuses on financial and fiduciary abuse. And why look back periods and regulations are being changed.
On a personal level I have seen how ugly people can become when money enters the mix - you never know, people can surprise you. The whole concept invented by created "trust attorneys' is ripe for abuse by family members and others who do not have the seniors best interests at heart. "Spending down" net worth was designed for a different purpose than is being used today.
All of those who are truly caring for a relative - Kudos to you. All of those who can't wait to get their hands on the money - Boo to you. All of us taxpayers foot the bill for Medi-caid programs and will probably not have the same access to programs that were designed for the truly needy.
Isn't there a look back period so when a person is placed a 5-7 yr. time period is checked to prevent this from happening- would it not be great if they had to return the money they tricked him out of having for his needs.
Did your brother's children utilize the attorney to "spend down" his net worth to qualify your brother for Medicaid? Was their intent to get the money NOW or was it the children's intent to avoid having to waste the $500,000 on a nursing home?
One of the things that I disagree with is that so many people are concerned about leaving an inheritance for their children and do not want to pay for a nursing home. I think this is very wrong. The money that they earned and saved was for their older age and to being taken for care. Many people then end up on medicare (welfare if you will) and we end up paying more in for their care. I am very frustrated because my brother's children have taken over almost all of his $500,000 estate. He will need to go into a nursing home as they will not want to care for him much longer. Two of his children went to an attorney and told them what they wanted and the attorney wrote up everything and did not talk to my brother. He already had Alzheimers and had lost his wife a few months prior in an accident when they came to him asking for things. He had NO ONE to talk to him and did not fully understand what was happening. He signed the papers when asked if he understood and he said yes. Any one, particularly the attorney should have known that he did not understand. Not much I can do about it at this point as he will be going to a veterans home that is 50 miles away and I won't be able to visit him muchand they only go back one year to take things. SO they made sure they got things done as soon as they could.think what makes it harder for me is that I am a retired social and familiar with the things that happen. Thanks for a chance to unload my frustration.
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Financial Planning Strategies for Caregivers and Their Parents
These are great financial strategies that can help you protect your assets and loved ones while you receive long term care. I would just like to highlight the importance of long-term care insurance. Ltc insurance is a product that covers home care, nursing home, assisted living facility and other long term care services.
It's hard to initiate "the talk" with your parents but this is important especially now that people are living much longer and the cost of care is soaring. Great tips and thank you for sharing them.
I regret not going to an elder care attorney before applying for Medicaid. If she is not approved, then will this affect her from getting Medicaid in the future after all her assets are gone?
thanks
This seems like such a poor lifestyle.
thank you for your help.
I am in the process of relcating my mother to a home and researching all of our options. It is just sad a better type of state/gov programs are not available to our aging parents.
Yes, it would be wise to get an attorney. The attorney (in the same state as your parents) can help them establish a trust to help protect the assets. Additionally, the attorney can help you establish the proper powers-of-attorney such that there are reasonable courses of action for the utilization of your parents money.
A potential list of problems could come up by your sibling putting the money into their child's account. First, if the child is a minor good luck getting the money out of the child's account -- who's going to pay their bills when this happens. Second, depending on how much money we are talking about it would be necessary for your parents to file a gift tax return to avoid the IRS requiring that your parents pay gift tax on moving the money to the child -- if we are talking about a decent amount of money your parents would be using up their lifetime exemption for gifts.
Finally, Raerod, the best suggestion might be to setup a family meeting with you, your parents and your sibling(s) to discuss what is going on and determine what the best course of action is for everybody involved. Your sibling may have the best intention at heart.
Good Luck!
Bryan Craig Wisda, CFP(r)
On a personal level I have seen how ugly people can become when money enters the mix - you never know, people can surprise you. The whole concept invented by created "trust attorneys' is ripe for abuse by family members and others who do not have the seniors best interests at heart. "Spending down" net worth was designed for a different purpose than is being used today.
All of those who are truly caring for a relative - Kudos to you. All of those who can't wait to get their hands on the money - Boo to you. All of us taxpayers foot the bill for Medi-caid programs and will probably not have the same access to programs that were designed for the truly needy.
Did your brother's children utilize the attorney to "spend down" his net worth to qualify your brother for Medicaid? Was their intent to get the money NOW or was it the children's intent to avoid having to waste the $500,000 on a nursing home?
Bryan Wisda