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93 yr old Mom still lives at home, was thinking of moving assets to trust any suggestions?

prince043, as far as I know there are no Trusts that will protect assets from Medicaid liens, I assume that is what you are asking. Please correct us if that is not what you had meant.

I was thinking along the same lines as gladimhere, due to the wording of the post. The key words were protection of assets from a nursing home. Thus, "Medicaid" quickly pops into our minds. And Medicaid is taxpayer funded.

A Trust, such as a Revocable Trust is used to avoid Probate, and higher Probate taxes. In my area, it can take as much as two years for a Will to go through Probate depending on the assets involved.

If your Mom has a lot of assets, it would be best for her to use that money to get herself into the best assistant living that she can find. And she can use a Revocable Trust which allows her to go into the Trust for funds that she needs.

When my Mom was in a nursing home, my Dad was paying $12k per month. I know that is a lot of money. Dad went into their Revocable Trust to pay the monthly fee.

Then my Dad went into Assisted Living/Memory Care, which cost half as much as a nursing home. Again, he used the funds from his Trust. He found a very nice place that he really loved. The place was like a hotel.

You could make an appointment for your Mom to see an "Elder Law Attorney" who can explain all the legal paperwork that your Mom should have. Such as Power of Attorney, Will, Medical Directive, etc. And talk to the Attorney about Medicaid, if that is an item you might need later on.
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Reply to freqflyer
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If OP already knew about a “trust” he wasn’t completely green. Me thinks he wasn’t asking out of altruism.

“Protection of assets from a nursing home” is sort of a trigger statement; “is it too late”, another.

Folks here have their own style & shouldn’t be censored either.

But then, OP did throw a zinger about what bitter lives they have when in fact no one who replied appeared bitter.

Oh, the internet. Darned if you do, darned if you don’t.
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Reply to Shane1124
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I believe you can organize the assets right up to the time the Medicaid application is filed. There are good articles on this website to read.

https://www.agingcare.com/topics/210/medicaid-lookback

https://www.agingcare.com/topics/105/medicaid-spend-down

https://www.agingcare.com/topics/104/medicaid
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I think the question was answered fairly since the OP specifically asked about timing for a trust to protect assets from the nursing home.
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anonymous594015 Jan 21, 2019
Well, now he or she is leaving the forum. Was that our goal?
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Please! People! Let's not jump down the throats of people just asking a question. Just simply asking a question. A question you know some of the answers to, gladimhere, and you could have told him those answers.

Many of us know there are protections for spouses and allowable expenses and all that but people come here to ask because they don't know. They aren't people who "know the system". They've probably never applied for any government programs but Social Security.

Please help them. Don't chastise them for asking a question that you only know the answer to because you probably asked it yourself once.
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gladimhere Jan 21, 2019
I was not chastising, just asking a question as I would like to hear someone, just once answer it.
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Thanks everyone for your answers, I don't feel its necessary to be mean I was just being inquisitive. I won't be posting here again. I'm truly sorry that you are so bitter about everything in your lives.
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anonymous594015 Jan 21, 2019
I'm sorry you are leaving. This is a wonderful forum with many helpful people. Even the people who have replied unpleasantly to you on this topic have shown themselves to be generous with kind advice in other areas. I do not know why they are so unfriendly to people who are just asking a question. I sent you a private message. If it's not too late!
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At her age I think its too late for a trust. She may need LTC within the next 5 yrs. Medicaid will not pay for her care if a trust is set up within the 5 yr look back. Medicaid is for those who have no money.
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Reply to JoAnn29
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My father made a salary and my mother saved it. That money was hers, for her care, and I spent just barely shy of $1,000,000 so that she could live comfortably in a fine residential care setting for 5 1/2 years, until she died.
I have absolutely no regrets.
If you are speaking about your mother’s assets, they are hers, to be spent on her care.
If you are speaking about your assets, consult a specialist in financial planning for yourself.
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Is there a reason why you think she should not pay for her own care? Is there a reason why you think I and the rest of the taxpayers in the U.S. should pay for her care?
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anonymous594015 Jan 21, 2019
Please stop replying to this topic. It comes up frequently and you obviously don't want to provide an answer so just choose another topic to reply to.

You have given kind, helpful advice to other people on other topics. This is not a topic where your help is kind or useful.
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