I have been told by two different law firms, to different answers to the same question, that being are the IRA subject to 'spend down'. Each state is different apparently; NY says 'assets not in excess of 14.5k, while MI says 2k.
Having been told that the Fed.Govt. can only take the amount of distribution from an IRA and all of Social Security payment, then give a stipend to the person that care is being provided for (approx. $80 per month.)
Further, I was told that because Mother has no house and an older vehicle, she could buy a 'new' car and a house. Lawyers states that guidelines allow this along with prepaid 'final expenses' (aka funeral cost), again as part of 'spend down'.
Does anyone REALLY have the correct information? Where does one find the true answer, that will hold-up if legally challenged?
The plan was (is) to relocate Mother to MI from NY, where she would be closer to half of the family at least; there are none where she is now. I have been searching homes for sale, but won't make the commitment of funds and time if to just lose it all in the end.
Mother's PCP & Neurologist have finally (at my behest) leveled with her as to the situation, which they haven't done willingly, that 'You can not live alone. The need for constant supervision, 24/7, is required for you without question.'
There must be someone out there that can offer some knowledgeable assistance....I hope and pray there are some here that have had similar concerns and found useful information or resolve.
Though only a 'newbie' at this road in Life and sensing as a Ryder of the same, it's a journey that more are being forced to travel. As the Sun rises in the East, so shall we rise.