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That said, if you wish to do this do see an Elder Law Attorney. He will give you the options. Take someone REALLY SAVVY with you who will understand what this attorney says, because irrevocable trusts and such, that remove your assets from YOUR CONTROL and place them in a Trust? Well, as RealyReal already told you, that means that the TRUST OWNS YOUR HOME, not you, and you cannot change that in an irrevocable trust.
Good luck to you.
You can put whatever stipulations in a Trust that you want. Like lifetime use of the property and retaining making all decisions concerning short only of actually selling it.
How different is this than actual ownership? Your name isn't on the deed. That's what you give up. It's worth it to have protected assets for your family.
But in all honesty, if needed your house should be sold and the proceeds go to any future care you may need before you have to go on Medicaid.
Your assets should go to you and your care, before they go to anyone else, and before you ask the government to pay for your care.
That is only fair and right.
I beg to differ. I don't think it's 'only right' that nursing homes, memory care, and AL can get away with fleecing every cent a person ever had over a lifetime of work.
Even in the most expensive facilities cut corners left and right. These places are for-profit businesses. Families can hire a part-time private aide to provide extra care in a facility and they don't have to lose everything.
Each generation is supposed to be a little better off than the one before it. This was so because of inheritance. People owned an asset and left it for their kids. So maybe they bought a home or sent their kids to college because of it. A little better off than the generation before.
Now it's the care industry burns it all within a year or two and the person ends up on Medicaid anyway. Most care facilities will kick a person out if they outlive their assets. Then they go to a crappy Medicaid facility anyway.
First if you need AL it could be costly. Average stay in AL is 5 years, $4000-8000 per month right now and no doubt cost will increase exponentially.
If you have long progressive disease and wish to stay in your home for several years you will need some extra help which is very costly. Caregivers charge about $25-30 per hour.
Or at 66 you could live for another 30 years and unless you have other assets or are very wealthy selling your property could be another option.
I know my husband having Parkinson which could last 20+ years money we will need for his care could be more than what we have.
As the very last resource and only if absolutely necessary there is reverse mortgage option as well which with prices here would give us several years of paying for care.
I would never give it to children while alive.
My husband and I are both against it, in fact his son is trying to get “loan” from us. He is divorcing millionaire and cannot afford lawyer. For starters about $50,000 for fees.
He had extremely well paid job, they lived lavish lifestyle.
Well, no job, no place to live, they have property worth close to 2mil. She has several lawyers and won’t sell, claims she paid it all.
Good thing I am in charge of most our assets which are at this time saved for care of my husband so I don’t kill myself doing all of it.
Are you talking about Skilled Nursing Facility where you have a chronic medical condition that requires Skilled Nursing or are you using the term "nursing home" to lump in Assisted Living, Memory Care?
I am guessing that you want to "protect" your house and possibly any assets you have from being used for your care.
There are Trusts you can set up. For those you would need to see an Elder Care Attorney or one that deals with Trusts and Estate Planning.
Many of the Trusts that might "protect" your assets require you to place assets in a Trust that is not NOT controlled by you. An "Irrevocable trust". With this you will give up control over your financial affairs.
Now I have to ask you a question.
IF you have the funds for a facility that you find that you like and you have the funds to pay for it why would you select to go to a lesser place that would keep you as a resident once Medicaid has to kick in? I would think that you would want your funds to pay for your care rather than having the taxpayers foot the bill for your long term stay?
Well, maybe it is wrong to 'shelter assets' as you say. This behavior wouldn't be necessary if LTC facilities (memory care, nursing homes, assisted living,etc...) had a leash put on their obscene greed and insatiable lust for the Almighty Dollar.
People clutch their pearls in shock and get very judgmental when some average Joe that worked and saved his entire life figures out how to keep a little taste for himself and leave something behind for his family.
Yet, it's perfectly fine and legal for the "care" industry to fleece an entire family and go through every cent in no time at all. It's acceptable for a nursing home, memory care, hospital, or any other LTC facility to collect obscene amounts of money from insurance and still charge a person full price in cash. That's stealing and fraud. For the most part the patient/resident is offered shamefully little for what's being collected for them.
It's perfectly fine for profit-making LTC facilities to cut every corner they can to save money including cutting essential staff and risking patient care and safety. They still charge the obscene bill for every resident every month and get it, but your "loved one" can sit in their own crap because there's not enough aides to keep up. Or they get assaulted in memory care because there isn't any security. Or their food is such poor quality it isn't fit for a dog. I know this because I brought one of the nursing home meals back for the dog rather than waste it. The dog wouldn't touch it, yet the patient/residents are expected to eat that. Most of those people don't have family bringing in outside meals like my father did.
Many people in addition to upwards of 8, 9, and 10 grand a month or more have to hire private caregivers for their LO in LTC and pay them out-of-pocket. Otherwise grandma doesn't eat because there isn't staff who can spend two hours feeding her a meal. She stays in a mess because there's not staff available to wash her up immediately eventhough they're collecting a fortune.
With me, if some little guys figures out how to keep a taste for himself and his family, good for him.
Even if your son inherited your home, even without a lien, does he make enough income to be able to afford owning it? Paying the taxes, insurance, utilities, maintenance and repairs? My SFIL and MIL's quad home went into foreclosure because they were 3 years behind in paying their property taxes (even though they were paying their mortgage).
I agree that you should consult with an estate planning attorney or elder law attorney who are familiar with Medicaid.
No. Not if the house is made a Medicaid-exempt asset longer than the five-year lookback period.
Of course, property taxes and insurance on the house still have to be paid up. If you don't pay the property taxes it's the city or township that forcloses on a property, not Medicaid.
Irrevocable Trusts or getting assets out of an older person's name makes them Medicaid-exempt. This also applies if a need for homecare arises. The property owner may be low enough income to receive Medicaid (not for LTC that's something different) in addition to their Medicare and still own their home.
If they qualify for the paid family caregiver program a family member can get paid to take care of them and if they don't have assets in their name or have put assets into Trust for their family, no money gets recapped after they die.
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