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when we close on my parents house next month my sisters and I will be paying Medicaid it’s due for both my father and mother’s care at the SNF. Five years ago I cared about keeping the house but their sorry situation just dragged on and on. It was depressing.
I reached the point where I honestly didn’t care anymore about the money, my freedom and ability to enjoy my retirement years were worth more to me than proceeds of their damn house.
But out of curiosity, is this a “trust” with real $$$ in it, owned by the Trust so $ invested and produces income? So investment enables Trust to internally pay all costs for whatever assets (eg a house) titled to the Trust as well as for Trust management costs?
OR
is this a house owned by the “family trust” as the only asset & elders use their own SSA or other income / savings to pay property costs as needed?
If the latter is what you did, well imho, it was a waste of time & money unless the kids/potential heirs & their spouses are beyond 100% all kumbaya on equitably paying & dealing with all property costs always till sometime in the undetermined future of possibly years and years.
Why?? Well LTC Medicaid requires in-a-facility elders to do a Share of Cost or copay to the facilty of almost all their income. Once they file a LTC application, they will have no-none-nada of their $ to pay property taxes, repairs, insurance, yard work etc on the house fully & legally owned by the Trust. All they have for restricted spending is the avg $50 or $75 a mo their State has allowed as their Personal Needs Allowance. Elder will have no way to pay homeowners insurance, prop taxes or even grass cutting on that “trust” titled house.
If that’s your story, either you & your siblings pay every penny on the house costs based on each % erstwhile ownership share as per the legal on the “trust” or whomever is POA on this albatross pays all costs and hopes the siblings are willing to reimburse those costs whenever the house is sold. Too bad, so sad for the POA if they won’t.
If taxes are not paid, it will eventually go to County property tax delinquency and sold via a tax deed. Imo if LTC Medicaid filed for, having a stand alone house as the entire “irrevocable trust” runs a lot of risk that property care & costs will not be done. Likely a Sibling and their spouse who DNGAF about the house or have no $ to pay their %. If avg 30K annual for taxes, insurance, upkeep, someone other than the parents in a NH on LTC Medicaid better be able to readily pay.
Protecting Trusts from Medicaid is their forte. You need to consult with one in the state where your LO resides because every state has different regulations.
If it’s just a house retitled via to a “trust” owning it, it’s still has costs that have to be paid. If the prior old owners or those kids of theirs who hope to inherit it, don’t have the $ to pay property costs year after year, then it’s going to start to deteriorate, get blight notices, have no insurance to pay for damages and get sold by the County at delinquent tax sale.
The living / family trust document “mills” were a heavy scam a few years back. Done at a free dinner seminar with high pressure selling techniques. No guidance on how to do funding of a trust. They are document mills.
If YOU are of a mind to try to cheat the federal and state government by getting the taxpayer to front your care, I will leave you to the high-cost lawyers waiting more anxiously than your heirs to acquaint themselves with you.
So, real answer, see a Trust and Estate attorney for your options.
And I will be so kind as to warn you that putting your money in an IRREVOCABLE TRUST takes it out of your hands that moment. You cannot after that control or retrieve or change your mind. You will be tossed, by those loving heirs, into a government funded memory care (read not as good a the plush ones) where you will (happily for your heirs) die a quicker death than at the ones that bow and scrape to keep you happy for years so that THEY can get your money instead of your heirs.
Ah, this having of money is SUCH a dilemma! Isn't it?
Please note, Medicaid is funded by State/Federal taxes. Just curious, why would you want us taxpayers to pay for your parent's care when they have money to pay for it themselves?
I guess I am if I think that we should pay our own way. Okay, I own that. People should use their own money to pay for care and not utilize social services unless they truly need it. This is directed at you jdg62.