Digital - an annuity is NOT a trust. Regarding ABLE accounts, these are ONLY for individuals who have an illness or disability existing before age 26 or have a pre-existing medical situation with a supporting medical file of longstanding that qualifies under the ABLE list of compassionate diseases. So someone with childhood polio, mental retardation, MS, Cerebral palsy, etc can probably qualify to open an ABLE account & do their ABLE however your state has decided they need to be managed.
ABLE underwriting seems to have stalled in some states with the issue that as many that qualify for AbLE have long standing mental health issues - schizophrenia, manic / depressive, suicide attempts, - so they have impaired functioning & their ABLE accounts need oversight
ABLE is limited to 14k a year. For those in a NH with monthly costs of 5k to 18k a month, doing an ABLE may not be worth the paperwork to keep up with versus just having them as “duals” on Medicare & Medicaid.
Those with Alzheimer’s do NOT qualify for ABLE.
But If I’m not mistaken, FrontoTemporal dementia is on the compassionate list but they have to show a clear long medical history of cognitive breakdown due to the FTD.
Offshore accounts.... rotflmao! Isle of Man is like liquid 5M min. UK’ers on this site (CountryMouse!) probably have better insight on IoM shennnigans. Really imo offshore needs real $$$; not someone who puts 14k aside each year on thier ABLE account.
I agree with consulting a lawyer for your protection. However, I must forewarn you after having done research about trusts, be very wary of turning your assets over into the name of someone else because there's no guarantee the trustee will do the righ I agree with consulting a lawyer for your protection. However, I must forewarn you after having done research about trusts, be very wary of turning your assets over into the name of someone else because there's no guarantee the trustee will do the right thing and act on your behalf. Trusts I heard are very expensive anyway, but please do your research on trusts and the risks of having your assets in someone else's name. When you turn assets over into someone else's name, it becomes their property and they can do with it whatever they want and even sell it out from under you or spend your money however they like. Don't put your money or assets into a trust especially with fraud being on the rise and also consider elder financial abuse among other crimes also being on the rise. You just can't trust anyone anymore with valuable belonging to you because anything involving money it's just too tempting for people these days. You're best off just to handle your own money and since you have a savings, I would hurry up and hide it somewhere safe, maybe even out of state or offshore if you don't need it right now. If there are bills that need to be paid or some other necessary expense that should be covered, I would just go ahead and use the money for that. If you happen to have Social Security though, you can open an able account and put all of your money in there or you can put part of it in the able account and part of it into APOD which is payable on death to a specific designated beneficiary. There are so many options out there it's just not funny but be very careful and choose wisely so you're not defrauded
Annette, when a couple has one person going on Medicaid, the rules for community spouse allowance and pensions get quite complicated. You would be best served to consult an attorney familiar with elder care and Medicaid in your state. Do you mean "use as asset" for qualification or "use as asset" to make you spend it? Quite different questions. Please consult an attorney as they can make sure that you are protected and have living allowance as spouse still in the community.
Thumbs up, igloo, knowledgeable & informative, as always !!! Happy holidays...
Regarding ABLE accounts, these are ONLY for individuals who have an illness or disability existing before age 26 or have a pre-existing medical situation with a supporting medical file of longstanding that qualifies under the ABLE list of compassionate diseases. So someone with childhood polio, mental retardation, MS, Cerebral palsy, etc can probably qualify to open an ABLE account & do their ABLE however your state has decided they need to be managed.
ABLE underwriting seems to have stalled in some states with the issue that as many that qualify for AbLE have long standing mental health issues - schizophrenia, manic / depressive, suicide attempts, - so they have impaired functioning & their ABLE accounts need oversight
ABLE is limited to 14k a year. For those in a NH with monthly costs of 5k to 18k a month, doing an ABLE may not be worth the paperwork to keep up with versus just having them as “duals” on Medicare & Medicaid.
Those with Alzheimer’s do NOT qualify for ABLE.
But If I’m not mistaken, FrontoTemporal dementia is on the compassionate list but they have to show a clear long medical history of cognitive breakdown due to the FTD.
Offshore accounts.... rotflmao! Isle of Man is like liquid 5M min. UK’ers on this site (CountryMouse!) probably have better insight on IoM shennnigans. Really imo offshore needs real $$$; not someone who puts 14k aside each year on thier ABLE account.
Grace + Peace,
Bob