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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.
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.
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.
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.
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.
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.
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.
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.
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.
MaryLou Basically “gifting” is prohibited to dispose of assets if you are concerned you might need Medicaid in your future. Assets must be used for the benefit of the elder and not gifted. Idea being that an elder should use their savings to pay for their own care and not ask the government to pay their way unless truly needed. There are some exempt assets like the home and one car but only under certain circumstances. One must also be careful to manage the funds carefully in order to avoid any appearance of gifting. There are state specific rules. Find a certified elder attorney in your area to determine your best course of action.
You cannot "gift" to dispose of assets. Medicaid has a 5 year look back. Within that look back you cannot "gift" or hide money. There will be a penalty if they find out money has been transferred. Medicaid is for people that only have a small pension and SS. If the person has money it needs to be used for their care. So, if they can no longer care for themselves they need to go into an AL or LTC facility and spend down what they have an apply for Medicaid.
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.
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.
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
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.
Basically “gifting” is prohibited to dispose of assets if you are concerned you might need Medicaid in your future. Assets must be used for the benefit of the elder and not gifted. Idea being that an elder should use their savings to pay for their own care and not ask the government to pay their way unless truly needed.
There are some exempt assets like the home and one car but only under certain circumstances. One must also be careful to manage the funds carefully in order to avoid any appearance of gifting. There are state specific rules.
Find a certified elder attorney in your area to determine your best course of action.