9 Reasons NOT To Protect Assets From Nursing Home

[@btpuppy2]

So the bottom line is always the same: you’re screwed unless you are wealthy.

[@markpashia7067]

Actually, very wealthy or very poor. The system is structured to make sure that if you worked hard and saved, they will make you poor before paying. And even then they will do their best to recover the money they spent on you. If you can save enough to afford your own care you are best off. Everyone else is screwed. The poor are already qualified so they get a minimum level of care releasing the children from the burden. By poor I mean renters with low income and no assets. I am allowed two thousand dollars of assets for everything including bank accounts. If I had a home it would be exempt for qualifying, but then they would put a lien on it for all expenses paid in my name so they would get paid before anything went into my estate. What a joke, I have no estate. My long term care plan is a long walk off a short pier as I cannot swim. If I enter a nursing home they would take my social security check and give me fifty dollars a month for personal items. That would be everything I am allowed to have.

[@btpuppy2]

@@markpashia7067 😩

[@robinsmith8846]

Right, if you are house poor, get irrevocable trust and pay that money, … but if rich don’t bother?

[@steve-on3234]

Actually, the opposite. You get screwed if you’re wealthy. If you’re not you get a free ride.

[@kevindecoteau3186]

We're screwed no matter what we do.

[@karodora]

As an only child, I knew that I would be responsible my parents’ care. I know this seems odd, but when I was young and first employed I purchased a life insurance policy for myself and named my parents as beneficiaries. Although it wasn’t a high value policy-the value did increase each year-the premiums were inexpensive because of my age. My thought was that if I died before my parents, they would have something to provide for their care if I wasn’t there. I’m now 74 years old and my parents have died, but it always gave me comfort to know that I did that for them.

[@americasestateplanninglawy1946]

That is thoughtful of you.

[@allent1034]

Great job! Unfortunately, today's youth do not often have that sentiment. And with one or two kid families becoming the norm, that will more heavily burden the system with elderly who have no family that can or will care for them. I wish we were all like you.

[@llw2226]

Good points!!! Thanks again

[@deedeeotero4475]

We’re you able to cash out your policy after your parents died or did you have term insurance?

[@bettystudzinski7200]

Thank you. This was totally informative to me and justified what I’ve been thinking. I have a pretty large 401k and very generous RMD. Small pension and great Social Security. I do not want to even consider a nursing home and think I will be perfectly capable of paying for in home care if it becomes necessary. Now I’m very comfortable with that goal.

[@lovemykids993]

7 years ago both my children said no way about going to a nursing home. My daughter passed away and my son married a girl "WHO" NO DOUBT in my mind!, I'm going to a nursing home. Which is what I've always told my kids. I'm just saying, no matter what kid's tell you now, thing's happen😔 and then other things change if spouses change. Please think about that.

[@robinsmith8846]

The odds are 96 to 4 that you will not go to a nursing home long term, more than 3 years. See if you can pay down any mortgage, so you can do a reverse mortgage for those possible 3 years! Then tell daughter in law she and your son can A. Help you with care in your home B. Help you with care in their home Or C. Not help and you will find your care with your house and leave everything extra to a pet charity! lol She may think differently, depending on the equity in your home!

[@schadlarry]

I hope they have Kevorkian Home Kits available at Walmart in the near future. Nursing homes are a life sentence with no chance of parole.

[@dmariewalker6880]

Ever hear of a 9MM? No need to buy a kit from Walmart

[@dwdwone]

Go to the Howard Johnsons Ethical Suicide Parlors. They're the ones with the purple roofs.

[@peacedojo1190]

I’m glad I found out aboutMedicate planning. Ideally don’t like nursing homes They control you and your power and dignity.I hope to live with my Family. I’m late than ever .I will talk to estate attorney as soon as possible.thankyou😮 E 😮

[@jobe8764]

A bottle of Tylenol, pull the plug on a boat, play chicken with a train, Tarzan dive off a tall cliff... Come on people, add some suggestions.

[@HighCountryRambler]

They do, it's called a .45 caliber round, around 95 cents.

[@jau9345]

Ive learned more from you watching this than from our attorney. Thank-you sir!

[@commonsense3055]

How outrageous. Since nursing homes cost so much per month, you would expect that the level of care would be top notch. However, to hear that the care is extremely sub-par is a travesty, and people shoud be outraged. Where is Congress on this? This is where we need strict regulations on nursing homes. I've heard that we do, but are they enforced? Apparently not, so what a travesty. So we need more strict regulations and severe penalties for nursing homes that are actually enforced for those facilities that don't comply. What a shame for seniors in the final years of their lives. We can do better as a nation.

[@joanschilleci7564]

Most people have no idea what a strong lobby the nursing home industry has.

[@Pipping-Hot]

How can we do better? Anyone can say we can do better - but How?

[@chilloften]

You would not believe the type of folk I’ve been forced to work with in these places. And most come from agencies these days. They run the place and the smear campaign against anyone wanting the care done that I’m signing for.

[@johnlouis820]

Completely agree.

[@debmurray2734]

Sure . Now that's OUR turn, we call it a travesty that nursing home care is sub par. This is not news people 20 years ago, the rules for Medicaid and the sub-par care was nearly identical to today's standards. My grandmother endured a "good" nursing home for her last years of life. The care was sub-par and we couldn't afford "better". She died in less than 2 years due to being "interred" - she was in emotional, mental and physical hell the entire time. Today my mother is at the door of decision - i.e. stay home or go to a nursing home. My stepfather is doing everything he can to provide her care at home so she doesn't have to experience the same end of life "care" as her mother did in the "good" nursing home. He cannot afford 24/7 in home nursing care - which we have seen is also another form of sub-par or simply unreliable care that is entirely dependent on the provider's skill, temperament and personality.

[@dongeorge4037]

As a (non-elderly client) attorney who is often asked about such techniques, I believe that your presentation is the best one I have ever heard.

[@sheaview8427]

The sad news is that healthy people in their 80s and 90s who can't take care of themselves spend many years in nursing facilities. My mother-in-law lived for 8 years after going to a facility, and my 92-year-old mother was told by her doctor that she'll probably live to be 100. Medicaid needs to require more quality care from these facilities.

[@SandfordSmythe]

Medicaid needs to them more.

[@robinsmith8846]

Your family is out of the ordinary. Statistically only 4% spend more than 3 years in a nursing home. Maybe they go in very sick, or maybe poor care or depression speeds it along? :(

[@WScott-gd2mj]

Many who demean Medicaid as immoral or mooching have never had to face a 5 or 8 or 10k monthly bill out of their own pocket for a parent’s nursing care after the parent has exhausted his or her resources.

[@joanschilleci7564]

I think that a lot of people might not be demeaning the Medicaid program itself as "immoral or mooching". They think that Medicaid was designed to help the poorest of the poor. I know a woman who had a paid for, very expensive house in one of the nicest areas in town. She also had a paid for beach house. She said that she and her husband were giving away their money as fast as they legally could to their also rich children, so that the woman and her husband could get on Medicaid when they needed LTC. Should taxpayers really be subsidizing already rich people who just want to make their own children and grandchildren richer?

[@WScott-gd2mj]

@@joanschilleci7564 First, asset giveaways such as you describe can disqualify Medicaid applicants if done within 5 years of application. Second, if the woman you "know" does all her giveaways more than 5 years before applying, she is gambling on living long enough for her nefarious scheme to pay off and will have to live on seriously reduced assets in the meantime. Third, she will likely also have her LTC choices reduced to a shared room at place that takes Medicaid, which rules out the sort of accommodations she sounds accustomed to. Fourth, when she dies the govt can put a lien on the houses to recover costs if they go through probate. And five, only a principal residence can be shielded from Medicaid asset counts, and only up to certain amounts of equity, which rules out beach houses and might even rule out your friend's high-end, paid-for main house. Point being: Yes, somebody somewhere will game any system you set up. If more controls are needed and make sense, put them in place. But don't use "I know someone" anecdotes to malign a program whose recipients are about 1000 times more likely to be legitimately poor than they are to be rich moochers with beach houses. If you're really interested in the topic here's some actual information: www.medicaidplanningassistance.org/can-medicaid-take-my-home/

[@genxx2724]

They are referring to parents transferring their assets to children, then claiming poverty and getting Medicaid.

[@getinthespace7715]

What is nuts is you could almost hire a private nurse for $10k a month.

[@sharonlatour6230]

why would you be responsible for your parents nursing home bill??

[@karodora]

My brother and I used my Mom’s financial assets (about $300k) to provide good quality care for her at a private-pay memory-care facility. Our commitment was to use everything she had for her needs, and we felt blessed to be able to do so.

[@americasestateplanninglawy1946]

Your mom raised you well!

[@vegetabohls9124]

Amen!

[@dc5656]

How long did the money last?

[@TerryProthero]

Sounds like she would be spending everything she had anyway. Except she would be giving it to the government or a crappy nursing home giving her substandard care. This way, at least, she would getting the best possible care for that money.

[@joedfazio]

Our family is doing the same with “our inheritance” My parents sold their house, went into assisted living private pay for three years when health started to decline. Great quality of life during the spend-down period. My dad suddenly died and now my mom is in their memory care section. The staff all knew my parents and mom is getting excellent care under Medicaid plus cost share from social security.

[@neverjethot]

I was in a rehab (nursing home) for a month from an accident- The people who work there were kind and helpful, professional, the facility clean and didn't stink... I was fortunate that it is only about a mile from my house and my wife and kids visited often. But... probably ALL nursing homes suck. It's not home, and it's not pleasant to have to ring the nurse to help with using the commode, and other built-in indignities. . I hope to never experience that again.

[@lesleyheller2271]

Many facilities, even private ones, are short staffed, and it can take ages until someone comes to help you to the bathroom, or change a diaper.

[@yooperlooper]

As with my family, we didn't want to put our mom in a nursing home but her dementia got so bad that we could not properly take care of her ourselves. Fortunately we found a wonderful Methodist care facility in Chelsea Michigan where she had very good care. Her aides were truly loving and kind. She ran out of her own money there but they let her keep her private room on Medicaid anyway until she passed.

[@susanmarie2231]

If I may ask, what facility is this in Chelsea? Thank you.

[@angelarecker7973]

Sometimes it is so hard on the family especially with dementia, that a nursing home is the only answer for sanity sake.

[@genxx2724]

@@angelarecker7973 Yes, people with Alzheimer’s wander, and it’s not safe. It’s important for family to get their sleep so they can manage things and be a support for the person in need of care. Exhausted people are cranky and mean.

[@chilloften]

They are run no different, and of course the staff are kind. But is the care truly getting done and done right, under my licensure, no, no it is not. And management could care less if my CNA’s disappear or sit outside gossiping for two hours or don’t do their rounds and change & turn people every two hours. These folks are hitting up up the morning and left until after dinner when finally they will be put back to bed and changed. Trust that. And nowadays my help, I’m an RN, are agency staff, new staff each day claiming they didn’t know this or that. Honestly it’s impossible job to do.

[@Bestmepossible]

​@chilloften I hate lazy coworkers and lazy nurses (not you). You are in charge as the nurse. We are all part of the care team. Give report at the beginning of shift discuss break times and let them know if you can't find them on the unit you will page them overhead. No one wants to be paged overhead and the managing office hearing someone's name constantly gets irritating so they will be reprimanded. Also, if they have friends in the facility, the work will get done because they don't want their friend to get in trouble. If you expect neglect, anonymously report it and go from there 😉

[@Aortadetroit]

Damn! We just fired a high priced firm specializing in Trust planning. We were very uncomfortable with them because it felt like a factory line approach to planning. We actually got a sizable refund which made me suspicious. This video alone could have save me all that trouble. They pushed hard for an irrevocable trust, (10 times more expensive than other trusts and yearly Maintanence fees for life!) . They weren't answering our questions at all and were angry we kept asking. We have a small but successful family company and income sources and Roth IRA's that mean our income would have remained low six figures (minimally) for life and this alone would have rendered us ineligible for medicaid type coverage of a lengthy assisted living stay AND we would have incurred six-figure(!) tax liabilities because of our Roth IRAs while losing the ability to pass those on tax free to the kids! Thank You Paul. You have confirmed all my suspicions in 11 minutes and have a new subscriber.

[@ClassicCarGirl]

Thank you for this.. I knew in my heart there is no way I could let my mother live that way when she had saved the money for much better care. At 87 yrs old an a former nurse.. she would be tortured with that kind of care. She's staying with me for as long as she wants.

[@robinsmith8846]

That gives her peace! My mom and I had a pact she would stay in her house until the money ran out then reverse mortgage, then if that wasn’t enough, come to me. She didn’t want to leave New England for SCal! But she would if she had to, in the end. She passed before her money was gone at 87, stayed in her home with wonderful CNA ladies. And she was only out of her home 1 week at the end of life. RIP mom. :(

[@LTVoyager]

I appreciate that you included the moral aspect. It seems that so many today will sell their soul for a few dollars. Significant decisions such as estate/Medicare planning should be made thoughtfully and include all aspects such as financial, legal, moral and practical. I think you did a great job of covering the landscape in this regard. It seems too many lawyers simply want to sell you their services and not really evaluate what makes sense for each couple or individual given their unique circumstances.

[@robinsmith8846]

Is it moral and right that people work 45 years or more, and in last decade of life have to sell the family home and pay all benefits for awful care in a nursing home? And we also fund both Social Security and Medicare through taxes! Give me a break. The gov allows this to offset the unfairness, and if allowed that is great! But really only 4% end up in a care facility for longer than 3 years! I think family should be able to help parents stay in home, encourage “inheritance” spend down to do so! And protect the family home so 45+ years of work can leave something to next generation. A trust how ever can skip probate, so that is also a good reason, it is $1200 to $1500 now, that could say inheriting kids, tens of thousands of dollars.

[@amypapesh1238]

As an estate planning attorney who does not do Medicaid planning but gets asked the question often, I think this video is fantastic! The best explanation I've heard. Thank you!

[@robinsmith8846]

Except he needs to clarify better who he WOULD advise to get non revocable trust, and that such a trust also skips probate. So there is more than one reason for such a trust!!! Probate eats into the costs of your estate, with lawyers, courts and other costs taking a big bite and being all in your business. Handling my mom’s probate, ongoing due to lost trust / investment docs from 1995, has been so costly and so painful. Just repeating over and over again, to strangers on the phone, “ mom mom passed and I am executor and need to…” everything from cable and tel, to banks and home fire insurance… a million times. :(

[@mikedee8876]

I am single, 73, fairly healthy, but losing my vision and will prolly need nursing home care in a few years....your advice has been very straightforward and easy to absorb......thanks very much.......do you take out of state clients?

[@dwaynemauk566]

Years ago, we purchased the home for my parents, and they rent from us. It's in our name, and we take care of the insurance/taxes/upkeep and we charge them monthly rent.

[@brucecanny]

I wish this was your first video. I just finished setting up a irrevocable trust for my mom after following your previous videos and now I'm second guessing myself.

[@kumonaccountant7182]

I am so glad I saw this I was all set to change to a irrevocable trust, but have decided otherwise after seeing this

[@disappointedme5414]

With the exorbitant cost of health care these days in this country, I would never want to burden my children with that. It is our responsibility to make sure that doesn’t happen. I don’t feel it is fair to expect our children to financially provide care, unless money is of no issue. For any parent to expect or even feel entitled to that, is selfish.

[@robinsmith8846]

Unless we give them our money now when they need for grad school etc, and are leaving them a very valuable home! I don’t expect to live in their home, but I expect help in staying in mine with care as long as possible. Even if I spend down the equity in the house and all my cash! Families help each other!

[@HB-yq8gy]

One of your best videos! Great honest points Paul thank you. Dying with close to zero is gaining traction. Yes, talk is cheap when kids say they will take care of you. Don't count on it.

[@Stormin_Norman]

Myself or my wife would be in greater trouble if either of our kids were in charge of us, never going to happen...

[@americasestateplanninglawy1946]

Thanks H B

[@HB-yq8gy]

@@Stormin_Norman Yes indeed gotta know your children.

[@vegetabohls9124]

So true! Children will say they will take care of you no matter what. They just don't realize that when their parents get to the point where they need that level of care, they may not be physically able to take care of them. My mom didn't want to go into a nursing home and we kept her out as long as we possibly could. However, her level of care is now so high there is no possible way either my sister or I can take care of her. We both have our own health problems and the nursing home is the best place for Mom because of that.

[@MaMa-qh4dy]

@@Stormin_Norman I definitely hear ya Norm!!!

[@WhoIsWhatIDK]

We had to suddenly place my mother in a nursing home after a 2nd fall & due to her Alzheimer’s she became unable to walk. We had done no planning. Hired an attorney to help with the spend down and found a wonderful Medicaid memory care center. They are out there!! ❤

[@macpduff2119]

They are not in North Carolina! My husband suffered a severe traumatic brain injury 2007 and I cared for him at home until 2014 when I needed cancer surgery. After much effort I did find ONE Medicaid facility with a memory care unit that agreed to take hime temporarily until I recovered - and I still had to pay a portion out of pocket because of our small home and my work income . They refused to admit him to the memory care wing because he was agitated and upset the other residents - plus the unit was full. The nursing home promised a lot but did not deliver. It smelled, his sheets were not changed, and residents sat in the hallways in wheelchairs during the day. He died 2016 in another nursing home (equally bad), after he broke his hip. From 2007 until his death, I received an inside look and many Medicaid nursing homes, and they are hell holes. No human being should ever live in one.

[@argusfleibeit1165]

@@macpduff2119 I agree. We really needed Congress to set up another program that everyone can pay into, and take over all those robber-owned nursing homes, make them not-for -profit. Strict standards of care, staffing, safety, and cleanliness. My mother lived for seven years in nursing homes with dementia. Luckily, we were able to transfer her from Georgia (don't get me started) to one close to my sister in Virginia, where she got great care on Medicaid at a not-for-profit facility. Before we could get her on Medicaid we had to pay $60,000 out of pocket, for horrible care in Georgia. He's giving all this advice for people with million dollar estates. Give me a break.

[@marlenestewart7442]

@@macpduff2119 I am so sorry for your loss.

[@mchurch3905]

One of the few countries who prey on the most vulnerable senior citizens who have worked hard their entire lives only to have the state Medicaid take everything they, or their children, away. Absolutely criminal that this society condones, encourages, exploitation of seniors.

[@niftynimbus5808]

Rather than preying every day with 50% tax rates like socialist countries. Hooray for the NIH says no one in UK

[@mchurch3905]

@@niftynimbus5808 yep. The rest of the world is wrong! Long live capitalism! Feed the rich, tax the poor, till there are no more poor. So what if we’re excluded from the club, stay on that treadmill! Listen to George Carlin. He was right. The owners want poorly educated, barely literate workers, hard working people who know one thing for sure: the system is designed to keep them where they belong, down…with a big red, white and blue dick shoved up their asses.

[@reneebrown2968]

I always felt I would NEVER put my parents in a nursing home. Unfortunately because of health issues, I may end up in a nursing home, so I'm not sure I could do anything for them. Which really sucks because most of my adult life I spent my life taking care of elderly and sick (dying) people. Now at 54 years old I'm in a wheelchair myself.

[@reneebrown2968]

@@0annonymous I've been thru pt but it didn't help. The nerves are dead in my left leg, so no amount of exercise is going to help that.

[@genxx2724]

@@reneebrown2968 I’m terribly sorry. May I ask the cause? Best regards.

[@jdenino6022]

I’m not in a wheelchair but I have bad arthritis in my spine which gives me limited mobility. I feel for you.😢

[@joltjolt5060]

I'm so sorry, me too but verbally abused as well. Life is hard I know, I have a VERY bad back too, part of it IS being a caregiver from the age of 8.

[@karlabritfeld7104]

There are always vultures waiting and looking for any opportunity to rob you of everything you've got.

[@npkrn6764]

But here is the problem with us kids/grandkids who do not want our elders in a care facility (and I use that word "care" tongue in cheek 🙄) - I was one of those people who said I would NEVER want them to end up in a facility - BUT--- My Grandfather had Alzheimer's and he only had one child, my Mom, and one grandchild, me. At a certain point, people with Alzheimer's need to be watched every minute. Just like a two year old you wouldn't leave alone in the house to even run to the store for milk, same thing. And that stage can go on for years (and only gets worse, not better like with two year olds). Well when it got to that point, and my Mom and I worked, and we couldn't afford a 24/7 nurse, aide, or babysitter... then you are screwed. ---- So to all of the people saying "never" out there, you cannot say that. You HAVE TO plan. Even if a family member doesn't work and is willing to live with the elder, at a certain point with a person with Alzheimer's, you aren't PHYSICALLY able. My Mom and I are women and we couldn't have carried my Grandfather to the bath for a shower, or picked him up when he fell, or the onslaught of a ton of other physical tasks (and mental) that go on every minute with a patient with Alzheimer's. I promise you... 99% of people cannot do that. I could write a book on this and as a nurse myself I try to educate families, but many don't listen and live in denial. Unless you have money enough for 24/7 care in the home, AND you can 100% guarantee your elder will not develop dementia related Alzheimer's disease (which you cannot guarantee that!) - then you MUST plan. Listen to this man, watch his videos and have the hard conversations with your elders and other family and get a rock solid plan in place. Then if and when the sh** hits the fan, at least financially and logistically, you'll know how to proceed and a lot of stress will be mitigated. The emotional part isn't something you can prepare for, but the rest of it is. Do it.

[@ginginthing]

I'm so thankful for all your videos, and this one was most important to me and made me see things I did not consider before. You are a very generous man, and attorney, that is giving us little people so much great free advise. Thx again.

[@cruz47144]

Good point about the quality care you will get if you pay yourself. A good option is a reverse mortgage to pay for that care

[@dathyr1]

So another words, we are screwed to try and protect our assets and still be able to use them. I guess the final word is, Dont Get OLD!!!!!!!!!

[@thurstonpowell8687]

Aside from the recovery period after a stroke. Mom stayed with me. I hired caregivers for the nine hours needed to continue working. Her SS and pension paid for the care giver, she had poor medical coverage, I covered housing and food, everything required of a parent to care for a child. I was lucky to spend time with her but my back will never recover. She passed at home after 8 years. Those years with her proved to be the best investment I ever made. I worked until retirement and now survive on my SS and 401K plan. Slow death for me will be a dismal undertaking. Trust would be no more than a cash-out for a family that doesn't even seem like mine. I have never seen a nursing home that provides the care or love a family could, but they have a well oiled machine for circling the wagons. Siblings, nieces, nephews and grandchildren are complete zeros.

[@pamostman516]

Almost all nursing homes accept medicaid but not all. Also most staff do not know the pay source for a residents care so therefore people don't get worse care just because they are on medicaid. I've worked in a facility were all residents had a private room regardless of pay source. Do your research, check online for state health inspection results. Yes there are awful facilities but not as many as is perpetrated in the news. Also become a strong advocate for your loved one who resides in a nursing home. If you are unhappy with the care search for another one and transfer them there, it's not a prison you can move out.

[@vegetabohls9124]

While the staff do not generally know if a person is private pay or Medicaid, facilities that are primarily Medicaid cannot pay a high enough wage to attract quality staff. In contrast, a primarily private pay facility can afford to pay staff a higher wage and therefore attract more highly qualified staff.

[@SandfordSmythe]

Number of Medicaid beds may depend on the state. My experience is that it is not "almost all", and some have a long waiting list for their Medicaid beds.

[@celyn5869]

I agree, I work in a nursing home, and the facility have beds for private pay and Medicaid beds as well. The care they receive is the same and not better because you’re private paid individual. The best thing for family before bringing their love ones in a facility is do their research, ask people that knows someone in that facility, visit the facility or check online first before committing to that place. Since I work in a nursing home for many years, I have learned so much. If you’re in youre 50s or 60s, allot a budget for long term care insurance. I have seen how helpful it is for a family later on. There’s not a lot of people I have met have one but I have seen the difference. I agree to most of this video as well, the only thing is research the facility you’re sending your family to go because Medicaid or private pay don’t make a difference with care in many places I’ve worked in. Maybe the difference is not to choose mainly Medicaid facility.

[@AE-yt4lx]

I may be wrong, but this varies from state to state. There are beautiful facilities that cost thousands per month and are onky private pay and there are facilitites that cost less, but do accept gov’t pay. They are considered to be low budget and not nice. I am referring to NY & NJ.

[@pamostman516]

@@AE-yt4lx In Indiana the LTC I worked at 104 beds with 100 of them private with in room shower. the only reason 4 beds were not was d/t the layout of the building and not wanting to lose any of their certified beds. All beds were dually certified for Medicaid. It still shocks me that newly built facilities continue to follow the hospital model. It pays to do your research, especially before a need arises if you can.

[@vw4x4]

Nursing homes suck? Nailed it.

[@joandavis1718]

Paul: This video really hit home for me. I've struggled with what my husband and I should be doing with our estate. I thought our goal was to protect our assets from the nursing home, but we just need to hang on to our assets and plan for the "best" home nursing care that we can afford. I've seen what COVID has done in our local nursing homes and I will not let that happen to my husband or to me...Thanks for opening my eyes to what I already knew.

[@HighCountryRambler]

My mother was in a 'Medicaid' nursing home for over 5 years. I would visit weekly and just destroy my heart watching her be neglected. Medicaid required a double room, all 3 roommates she had were abusive, the place smelled, only broken English spoken and food sucked. During the Covid PLANdemic she was moved to a hospice room on 1st floor so us kids could still visit with full surgical gowns which made my mom think the world outside was coming to a end. Then our Governor found out they were allowing us in and threatened to shut them down. My mom passed weeks later all by herself wondering what happened to her family. Looking back now that most of that overaction was for nothing but a power grab, I get mad at government overreaching, and makes me want to plan for my own future better.

[@genxx2724]

@@HighCountryRambler What happened in the nursing homes was disgusting. I do not agree that the government overacted. People in nursing homes were dying in droves, and they thought they were abandoned. They couldn’t hear their loved ones on the phone, or see them on FaceTime. I believe staff were infecting them. It was not right for you to be going in. Some places had visiting outside, or put residents near first-floor windows and family could be outside. I am very sorry for your loss, and your mom’s and your family’s emotional distress.

[@bethlovesdogs]

Very helpful video. Thank you.

[@rebeccacarter9522]

​@@genxx2724pp hot fried Chicken on 189th😊

[@charlottestewart5802]

@@HighCountryRambler I'm so sorry for your mother! Of course your heart is broken 💔💔💔. Nevertheless, I'm troubled you believe it was a plandemic. I'm no fan of his, but once Pres. Trump finally did get moving, I believe he tried. He could have told us about it earlier, but he could not help what happened in China.

[@baltocingel7597]

I know take care of your parents and don’t put them in a nursing home.. they took care of us for 18 years.. we owe them 18 years.

[@mariat3276]

I took care of my Mom for 10 years. She wasn’t remembering to take her pills. And had what the doctor thought the beginnings of Alzheimer’s. Turns out she did. I promised her she would pass in her own home. I kept my promise. My sibling, who retired and moved to The Villages in Florida soon after he called me out of the blue and said “go live with Mom, you are disabled and do nothing all day or I’ll put her in a nursing home!” He never visited her. I moved in with Mom at his request(he had Mom change her will leaving him and his wife as POA and executors of her will which she told me she told me in her own words, I know I made a mistake but wanted him to stop nagging and screaming at me”. He had closed all of her grandchildren’s ITF accounts and deposited money into Moms checking account before she passed. And put her home up for sale 3 days after I buried my Mom. Not only did he now have to pay estate tax on that ITF money, he held back giving it to children until after he took me to court to have me evicted after 2 months. I had had a stroke a week after Mom passed. Took almost a year, but I recuperated almost fully. I thought I could trust my daughter who I took in along with my baby grandson when she separated from her husband in 2016, I put her name on my home to avoid estate tax, but finding out more and more not so…she now wants me out, states she owns half this house…Trust no one. Sad in Pennsylvania

[@kebl1965]

I moved my father into my home for the last 7 years of his life. Best decision ever.

[@itguru2037]

For who? You or him?

[@itguru2037]

In Florida your home is protected. Ever hear of Lady Bird?

[@kebl1965]

@@itguru2037 my comment was more about how I was able to spend every single day with my dad for 7 years once he was no longer physically able to care for himself. We traveled the country, vacationed, and shared quality time together. I could never put him in a home. He deserved better and he got better. I’d do it all over again. At 92 he was still a roller coaster lover. No, moving into my home wasn’t about protecting assets, it was about maintaining his quality of life and allowing me to be with him.

[@Just_forfun9140]

Medicare should have a built in coverage or a separate option to buy Long-term care insurance, at least it should cover a year. The problem is one can get severely ill for a year or two and wind up spending all their assets on LTC, after they recover they have zero $ in the bank, and out of a job too, its like going bankrupt. And this can happen to anyone at any age, not just seniors. So, Medicare and all health insurance plans should have by default one year of LTC, only a small percentage will windup using it, so the cost should be minimal as everyone pays.

[@HB-yq8gy]

I think NJ has something like that where you spend down to a certain point then you apply for the state medicaid plan.

[@vegetabohls9124]

Yeah and they also need to pay for dental and vision, but that will never happen even if the health of your mouth and teeth are just as important as your overall health.

[@SandfordSmythe]

Who would be willing to pay for this?

[@billysmith5721]

dream on...till we stay out of wars that last 20 years. i vote Donald Trump

[@charlescurran1289]

As usual, the poor get taken care of, the rich can take care of themselves but the middle class gets bankrupted. Some system.

[@SandfordSmythe]

That's how welfare works, you have to be poor to be eligible, unless you want a socialist system.

[@lmr691]

saddest incidents from two personal friends and one family member , after going into a nursing home, even “quality” care , personal clothing and other items were stolen with no concern from administrator. Wrote name on new clothing but still not there on next visit. One friend asked me to check used clothing stores,her items were high quality clothing. So sad treatment like this. great info on this today thank you

[@genxx2724]

That happened with my great-grandma back in the late 1970s - early ‘80s.

[@lmr691]

@@genxx2724 so sorry it happened to her;shouldn’t be.Just heard from another person who now has a locker at foot of his bed. He alone has access. Thought it’s a great idea.

[@genxx2724]

@@lmr691 Clothes are taken to be laundered and never make it back. My mom bought her loose-fitting floral dresses in pretty colors with snaps down the front, and cardigans to match. Her name was on everything. Writing it in inch-high letters in the dresses made no difference. She was in her late eighties, not ambulatory, and couldn’t see well. She was in no condition to get out of bed and access a foot locker. She was a nursing home patient. They’re helpless.

[@lmr691]

@@genxx2724 Yes, it is so sad and very frustrating for you. My mother-in-law’s new clothes were marked as you did but it didn’t matter. Her clothes weren’t always hers and new items always disappeared. I just don’t know how our loved ones can be protected.

[@beautiful20106]

@@genxx2724hy don’t you take care your mom at home ? And stop to complain

[@robedmund9948]

The government believes that since you came into this world with nothing you should leave in the same condition.

[@Dinngg0]

Another reason is, if you are wise about when to enter a nursing home, you won't be there very long. If you're not at the very last months of life, very likely there are other less expensive care options.

[@toonboy4067]

Here in California I was told by my aunt's social worker that if we decide to go with the Medicaid route be prepared for a 3 year waiting list so plan accordingly.

[@markpashia7067]

Number ten is that every dime Medicaid spends on their care will be put as a lien on the exempt home so you pay it in the end anyway unless the parents are renters. So many miss that asset when they are planning because they are told it is exempt. It is called Expense Recovery.

[@Jen-ur4ut]

Lady Bird Deed takes care of that. Not all states allow it but FL does.

[@markpashia7067]

@@Jen-ur4ut Yes, some states have made recovery nearly impossible or totally impossible, but the states that allow it are relentless. They won't kick a surviving spouse out but when they die, the rest of the family is out and they take it. I've seen a few adult children evicted and homeless due to this action here in Missouri.

[@raiden031]

​​@@Jen-ur4utmy grandmother lived in FL and my dad and aunt fought over whether to sell her house to pay for better care or protect it and use Medicaid so they could inherit it. I think my dad won the battle (protect the house) but it seemed wrong to me.

[@mmhervey3449]

I have an 86 year old sister who has been in and out of the hospital for at least a couple of months now. She has several serious health problems such as congestive heart failure, Stage 4 kidney disease and uncontrolled diabetes. Her husband was recently diagnosed as having dementia so he’s not much help in taking care of her. Her 2 daughters are determined that she will never go to a nursing home. So in the meantime when she is out of the hospital she is sometimes staying at the one nieces home who works full time. The other niece takes care of her two grandchildren who are both babies and a third one on the way. I sometimes fill in to stay with my sister as she needs someone with her 24/7. This has been going on for a couple of months. They also need someone to take her to one of her many doctor visits and I fill in there also. I don’t know how much longer they can keep this up. My sister can feed herself and can move around some with a walker but she is very unstable and needs all her meals prepared and at least someone to help with her bathing. She is not on Medicaid. She has a Medicare Advantage Plan and I believe another supplemental insurance plan. I think she would probably be better off in a skilled nursing facility or someone to be with her 8 to 9 hours a day which is what one daughter is trying to arrange for her. I think it is very easy for her family to say they don’t want her in a nursing home but it’s a very big burden on everyone right now.

[@argusfleibeit1165]

Medicare does not pay for long-term care. It pays for a limited number of days after you are released from a hospital. After that, good luck. The "advice" in this video is only for people with very large estates. If you are middle class, they will make you spend down your assets out of pocket, until you have nothing, then you are eligible for Medicaid.

[@brianmack3665]

I am sure if you offer to pay the 7 to 15k a month it will cost at a nursing home the family will give your opinion the proper weight. Also remember most homes are chronically understaffed and filled with near minimum wage rotating workers. Instead of changes as needed based on bowel movements many locations check in at a set timeframe that easily extends hours based on staffing and workloads. Bed sores and infections often follow. So be prepared to be blamed on the poor service you chose when only paying 7-12k a month for services. If you pay around 13-20k a month you will find more care givers per patient, your mileage will vary on how nice the caregivers actually treat your loved one.

[@brianmack3665]

Also forgot…. The home will do a means test on the application. Your loved one’s estate must contain enough assets to pay for their projected lifetime. If no many high end homes will not accept the application.

[@robinsmith8846]

Spend or move out of your name then hand over any pension or doc security monthly, and sell family home if not in an irrevocable trust! I am getting trust anyway to avoid probate for my kids!

[@AmyKelly-fq2xz]

I recently spoke with a nurse practitioner, whose grandmother had a wonderful experience for 18 months in hospice. You may want to look into that because you don’t have to take the person to doctor appointments. The nurse that comes to the home communicates with the doctor about what the person needs. This is something we’re thinking about

[@jujubees711]

You're a good guy. Your video is making me re-think doing an Irrevocable Trust as we were advised to do for my mom, and just doing a Revocable Trust for her. I want to do what's best for her. She worked hard for her money and deserves the best care from me and aides. You give good, sound, conscientious, ethical advice. Your clients are lucky to have you and your knowledge.

[@Han-dle598]

Appreciate this video confirming thoughts I have had since my wife is disabled and on SSDI. We're in our 40s and we hear a lot about this Medicaid planning. It hasn't made sense to me since I make a lot of money, and we even have long-term care insurance if we need it (which we bought in our 30s, so cheaper), so I wondered about Medicaid nursing homes. This video confirmed that Medicaid planning is not for us. I also have wondered morally about Medicaid paying, since we have resources. While my wife does have Medicaid, it's only a secondary insurance to my primary, so it rarely pays anything (though it drops the negotiated rate so we rarely have coinsurance), making me feel better.

[@jerrysimms4717]

Protected half our mothers assets just prior to going in , with “ the half a loaf “ technique.

[@lindalembeck7286]

Number 9 is absolutely true: Nursing Homes Suck!

[@crimwil]

These private pay facilities are $5k-15k per month .

[@alanbirkner1958]

Our mom (I'm one of 4) lost $$$$$ on get rich quick schemes. She thought we'd pay for a deluxe nursing home. Since she had verbally or physically abused all of us no one wanted her near them. I put her near me, and used her remaining funds to care for her. I'd visit, until she'd start screaming at me, then I'd leave. Tina, Al's wife

[@CJScrol]

It’ a sad experience. I experienced something similar w my mum.

[@marlenestewart7442]

I am sorry that your mother was an awful person. I am glad that you were decent to her at the end, although it was a tough row to hoe, and your took the brunt of it for your sibs. I hope that they appreciate you, I do.

[@vhodges4724]

Your story is very familiar. My sister quit her job in order to take our mother in. Unfortunately, after a couple years, my mother grew demanding and difficult to be around. Early, one morning she decided to take her car and leave while everyone was asleep and drove cross-country and returned to where her house was. Then she talked my brother into taking her in by downplaying how much help she really needed. Once she moved in with him, he quickly realized what a big mistake he made. With his work schedule it became unsafe for her to live with him and we ultimately had to move her to a nursing home. Unfortunately, some parents just can't (or won't) live under their children's roof and their best option really is a nursing home.

[@ajalicea1091]

My biggest complaint is when a single parent (that has dementia/Alzheimer's) is placed in a nursing home and the medical proxy DOES NOT let the nursing home know that there is LIVING family. My mother lived in Massachusetts and I live in Georgia. When she was placed in the nursing home I tried to contact nursing home to ask a variety of questions. They refused to speak with me, stating that there were NO LIVING FAMILY listed in her initial paper work. That the medical proxy said there was none. Yet when she passed away in October; who did they want to claim her and pay for cremation and burial?

[@irishka_zolotse]

Now, this is bizarre, dont you have her name on your birth certificate? So wrong not to let you 2 be with her when she was still around...

[@laveraparato258]

That is evil! Regardless, non-relatives can visit.

[@janebishop5885]

All if your points are valid. As a single person with no children, my estate will go to several relatives. I long ago decided I would not relinquish control of my assets as I have never seen that work very well. So, I don't know how I will achieve it, but I do know that the resources I have worked a lifetime for, I want to be a benefit to someone else and not for keeping a broken body breathing. If I can't function, then I want it ended because I don't want to be a burden to myself or anyone else. This "keep the lights on" by any means available is part of a sick society and I hope to have the ability to use a bullet if that is my only option. ...just trying to be realistic.

[@Milesco]

While I agree with you, that's not the issue that Mr. Rabalais is talking about. He's not talking about keeping someone alive in a hospital at all costs, he's talking about nursing home care and how to protect one's estate from getting entirely consumed by the enormous cost of it, and whether the actions that one has to take in order to gain that protection are worth the downsides.

[@marciasloan534]

Not legal

[@johnlouis820]

I agree completely. I am not rich, but I have strived to save money so that retirement won't be a terrible burden. And when I go, I would like to leave something for my children. My hope is to create some generational wealth or at least some additional assets to help them going forward. I'll figure it out so that I leave something behind.

[@joycef8443]

@@marciasloan534so….there is assisted suicide in my state and at least one other.

[@lmcg16291]

You are so absolutely right Sr! This is coming from a retired nurse!

[@mali6491]

All of the reasons for and against are too mind numbing to consider correctly. I think what would really help would be to structure a series of interview question formatted as a flowchart that would help decision making, making sure no circumstances are left out and the decision is appropriate for any given scenario.

[@genxx2724]

Watch again and take notes.

[@lauraweiss7875]

Imagine having “the problem” of having $2-3M in retirement savings.😂

[@Just_forfun9140]

Very good info, few know or think this way. I have to save this video. Single people are always at a major disadvantage when it comes to taxes, benefits, long term care,etc.

[@genxx2724]

Single people subsidize everyone else, while using nothing but the some of the country’s physical infrastructure: roads, sewers, etc. When we need something, we’re on our own. We need help when we are ill, recovering from surgery, and when we’re elderly. We get told to go pound sand, and oh, by the way, keep paying taxes to provide for others while you’re at it.

[@robinsmith8846]

Incomplete info!!! There are other reasons to do an irrevocable trust, but many here are just saying ok good I don’t need this! Find the lawyers and courts will take a good chunk of your estate and your kids will have the hell of probate. This video gives the idea you don’t need a trust for this one reason. But should warn there are other reasons you may want one anyway!

[@jodylarson4697]

Excellent information. Why shouldn't my assets pay for my care? Why should others benefit more than I would?

[@MC-ci1kq]

What foolish advice. Private pay nursing homes take Medicaid patients. They don’t care who pays. The nurses are the same. The aides are the same. You might even share a room with someone there via Medicaid. It’s the same facilities. There is no special treatment.

[@SandfordSmythe]

But nursing homes that don't take Medicaid are better.

[@PATSYBSWEET]

We paid close to 7K totally for my Dad’s nursing home a month. He was in a double room. The guy who was in with him was on Medicaid and received the same care as my Dad did. It took all my Dad’s money for the last 14 months of his life.

[@bg5215]

You overpaid for a double room. His room mate was lucky. My mother paid for herself and got good care. My Aunt went on medicaid and was transferred to a double room. A nightmare for her to be with a patient who played the TV loud 24 hours a day and we couldn't get it changed.

[@Essays4College]

If you could pay $7,000 per month why was he in a Medicaid-patient facility?

[@PATSYBSWEET]

@@Essays4College Most nursing homes take both private pay and state pay. It wasn’t a state nursing home but a private nursing home that also took both.

[@Essays4College]

@@PATSYBSWEET So what's all the hubbub about having this private care and long-term care insurance then?

[@PATSYBSWEET]

@@Essays4College I don’t know. My parents had it for 2 years. It was $700 a month for both. They were in their early 80s I think. When I moved to their property, they canceled it. I know some people have it but I do not.

[@KCFlyer2]

In a lot of cases, "protecting assets" really means "protecting inheritance". I guess it's okay provided that neither the parents nor the children voted for candidates who promised to cut Medicaid.

[@user-is6de8pp7k]

The Bottom line is Don’t put your loved ones in a nursing home unless you hate them. I know at least 8 people that died due to neglect in nursing homes. There is nothing you can do. It Unbelievable what goes on inside of nursing homes. Figure something else out. Forget this money moving shenanigans.

[@TerryProthero]

You forgot one of the best reasons not to protect your assets from nursing homes. You don't have any. You are broke. But don't count on getting into a nursing home under those circumstances. My sister had to be cared for at home because no nursing home would take her. They claimed it was for other reasons. But as soon as they found out she was on medicaid, they suddenly had no vacancies. So maybe that's a final reason to add to your list. If you have to rely on medicaid to pay for your nursing home visit, you might not be accepted into a nursing home anyway. So you would be better off spending your time and effort figuring out a better way to get the care you need. As for the quality of nursing home care. My mother was sent to one of the better nursing homes in my area shortly before she died. And the care she received was pretty terrible. She was ignored for hours at a time while she was in extreme pain. They didn't even come to help her go to the bathroom. I walked out in the hallway, and talked a staff member. She claimed they didn't have anyone available because they were caring for so many patients. I told her I didn't care who she had to call, she better get someone in there. When I'm angry, I don't yell or scream. But I can give people the impression that I may be responsible for some bodies that the police haven't found yet. I'm also autistic, so I tend to be even more brutally honest than usual. It's what I refer to as going autistic on someone. My family knows precisely what I mean by that. A nurse came and checked on her, and she was immediately sent back to the hospital in an ambulance. She died shortly after she arrived. They were giving her CPR. A doctor came out to talk to us, and asked if we wanted them to continue to try to revive her. I said that they shouldn't. My brother was her medical power of attorney and agreed we me. So we went in to see her, and they officially declared her dead. I think they then sent in the chaplain to talk to us and offer his condolences.

[@genxx2724]

All these places are short-staffed even though they rake in the money. The owners take it as profit. I’m sorry about your mother’s experience.

[@niftynimbus5808]

​@@genxx2724wonder who these wonderfully owners are?

[@stanleykijek6983]

Sad story. I worked at 3 nursing homes over the last 12 years and can attest that you're telling the truth about staffing shortages and lack of help from staff who are there but are too busy playing with/on their phones. However, there are nursing homes who "need" residents to fill their beds, so some will accept Medicaid patients if they need the income. They simply have to settle for less money as Medicaid pays substantially less than private insurance.

[@justwannasay5454]

My mother's (at home) hospice doctor told me everyone wants to be at home. They don't want to be in assisted/skilled nursing. She is 88, has been at home for 12 years with Alzheimers and no longer needs a hospice doctor. She is doing too well. 🤭

[@jameskelly9243]

My folks didnt plan so when my mother get dementia the home in NJ cost her $20,000 a month and she lived for 3 years

[@vegetabohls9124]

Thank you for this information. It definitely confirms that I made the right decision for my mother to NOT put her farm property interests into a trust. It's been less than 5 years and she is able to be in one of the top nursing homes in the area. This home does take Medicaid, but is primarily a private pay facility. It has only been a few days, but I can already see she is getting so much better care where she is at than my father-in-law who is at a primarily Medicaid facility. I also have the philosophy that retirement planning is done for you to use for living including any care you need. An individual does not plan for retirement so that their children can have an inheritance. As far as COVID, the facility where she is at had very few cases and/or deaths. Where my father-in-law is at had one of the biggest outbreaks in the area. Mom did not get it, but my father-in-law did. It really does make a difference when the facility is primarily a Medicaid facility vs. a primarily private pay facility.

[@SandfordSmythe]

Some of these homes are willing to offer a Medicaid bed when it will later be needed.

[@justwannasay5454]

That is good to know. That makes sense!

[@justwannasay5454]

@@SandfordSmythe Yes. I have heard that as well.

[@angiebshouse]

@@SandfordSmythe Yes, they do as does the home my mom is in. It’s just that primarily private pay facilities typically provide a higher quality of care even if they accept Medicaid.

[@SandfordSmythe]

@Cathy Berry Are you trying to drag Biden into this? This existed for decades. Medicaid [ not Medicare] is mostly a state thing. The feds will require certain basic mandated programs for the states. How they are set up in states is a local decision. One factor is the amount Medicaid will pay for nursing home providers. It is very minimal and many nursing home can do better with private pay. Paying for nursing home placements is a very expensive proposition, and many states would have their citizens complaining about taxes. This was considered for earlier versions of Obamacare, but it was rejected as being too expensive.

[@allent1034]

Great points. I personally disagree with people who assume there is some moral issue with estate planning for Medicaid. Medicaid is paid for by your Medicare taxes (insurance) that you pay along with your income taxes. It is exactly like Social Security tax. It is an insurance that you pay all your working life in order to take the benefit when you retire. The promise from the Government is that they will collect your money and give it back to you when you need it. Only with Medicare, they only give it back if you were irresponsible or very misfortunate and spent all your money before you were old. If you think accepting Social Security for retired people is immoral then it is OK to judge people who estate plan but if you are OK with elderly cashing their Social Security check, even if they still have some money in the bank, then you should not have any problem with then getting Medicaid.

[@SandfordSmythe]

Medicaid has nothing to do with Medicare. It is paid out of general federal and state taxes to care for people that are indigent, not for people who make themselves indigent.

[@barbaraurban9824]

Im.not sure but Medicaid is not paid from your social security payments. It is a state benefit. Here in nys medicAid is largely funded by our local county tax levies. .

[@Vantasma]

why do boomers not know how anything works? no, you didn't "pay into" anything, tax payers pay for every cent you make the day after you retire. the govt promised it would *redirect tax dollars* to fund your lifestyle and medical bills. you're not paying for anything.

[@katherinepll]

Wrong! It is welfare, paid by taxpayers. If you can pay for your care, don’t sponge off of taxpayers.

[@genxx2724]

That is incorrect.

[@jcjensenllc]

You just contradicted everything you said in a video that stated 5 reasons to do the opposite. Anyway seems like this is better advice... depending on net worth.

[@vegetabohls9124]

Both videos are very informative. I don't think they are contradictory. They just give advice on both sides of the coin so that one can make the best decision for themselves.

[@dwdwone]

If you're going into a nursing home, your income is going to be the last of your concerns. I doubt you'll be taking a cruise to Maui..

[@jogordon1530]

You make it sound as if all nursing homes are the same. My mother has dementia and half the time does know where she is. I am a disabled child taking care of her but there is only so much I can do. I will have no other choice but to put her in a home or an assisted living facility. For most of us who don’t have a pot to piss in, it’s our only choice! It must be so nice with your lawyer income that you could afford to have in-home care for your loved ones but the people you are advising have very little, if that.

[@rosaortiz4495]

Thank you.

[@theodorevegh6030]

Thanks. We all need to know this. - TAV ♥️🇺🇸🌎👍

[@jamee6]

I don't believe people are demeaning those who choose to use Medicaid. I believe people are saying it would be immoral to transfer out all of their assets so that money could be later divided as inheritance to the kids...while relying on Medicaid to pay for the nursing home. No one is knocking those who need to use Medicaid from the start

[@ritabiffle2628]

Wow Americas always getting jacked...

[@blackpine6693]

How about committing Medicaid fraud by the children …what are the implications……hiding assets and pension income…

[@ebones6957]

Medicare and SSI are meant to be used for an individuals final care should they need it. Why should I pay for someone else’s care ( through my taxes) when they have the assets to pay for their own. I’m all in for charity but not for making someone else , or their children rich.

[@stanleykijek6983]

I agree. That's how it should work. Unfortunately, any time a government, company, individual, etc. offers cash, benefits, paid time off, etc. people will find ways to game the system.

[@anntrope491]

Leave a life insurance policy for your family if you want. Have long term policy for yourself. Use your savings, 401KS, Roth IRA, Bonds, S.S., Retirement, etc... for living. If you don't want to pass on your home, you can do a reverse mortgage, but fully investigate the terms. If you get in a bind you can sell the life insurance policy too.

[@danburch9989]

Reverse mortgages are another scam. You'll get maybe 65% of the equity you have in the home. Some of that money must be used to maintain the home and pay insurance and taxes. If you go into the Medicare program, you'll have to account for all those assets (except life insurance) as to when transferred or sold within the past 60 months and what you did with the proceeds. The gov't motto: "We've got what it takes to take what you've got."

[@richardt1792]

I am divorced, 70, and have twin daughters. I have $2.6 million in savings and $53K annual social security. I have been hearing for years that I need some scheme to protect my money from nursing homes. I have always thought that this is ridiculous. I easily have enough money to pay for top notch care. I did not buy long term care insurance because I feel I have enough money to self insure. It seems criminal to hide your money so that other tax payers cover my care. Glad to see one video that actually encourages people not to scheme and hide their money.

[@marycain5668]

Both my parents died at home never went into the nursing home and my dad was 95! My mom is 87!

[@Mytube5202]

My parents saved their money to pay for their care. Why should we expect the government to pay for their care?

[@SandfordSmythe]

Many never had the money

[@sinebar]

I would die before going into a nursing home and let them take everything I own. My grandparents are in their late 60's and they told me never trust a nursing home and I believe them.

[@Vintagenegro]

I checking out. some type of drug or something. Fuck that.

[@genxx2724]

My great-grandma was in nursing homes when I was a teenager. As a result of this trauma, I have lived my life being careful with money and investing for retirement.

[@carolalvarez3925]

Agree!

[@stanleykijek6983]

If you want to die, it won't cost you a cent. All you need to do is stop eating for a month. I've seen several nursing home residents do this to themselves as they simply gave up the will to live.

[@junehudson5474]

He must be talking about rich people.

[@1linkbelt]

This just may be your best video with some great points made. Thanks!!

[@americasestateplanninglawy1946]

Thanks. Just trying to keep it real.

[@myreviews7936]

Hey Paul so when a person is under 70 I’ve heard they should have their assets in a living trust to keep their assets protected. When you are over 70 it sounds you should move the assets into irrevocable trust? Makes me think about all ira and 401k’s. I guess it is a good idea to start withdrawing that down too and place those funds in the irrevocable trust too. Thanks for all these great info videos. I live in NOLA im guessing that you could assist with both living and irrevocable trust. Go tigers!

[@JoyceFerguson-g1y]

The Kevorkian Kit! Only way for millions to die with dignity………

[@stanleykijek6983]

You don't need a Kevorkian kit. Just stop eating all together and you should be gone within a month's time. I've seen it happen multiple times at nursing homes I worked at. The resident just gives up his/her will to keep on living.

[@clawie24]

Honest information. Thank you - I was on the verge of transferring property into an irrevocable trust until I found out my income would disqualify me from receiving Medicaid assistance. Your video reinforced my research and saved me over $5,000 legal fee. I now believe if I need to go into a nursing home, then I will use my assets to help pay for a well researched, close to perfect home. (Does anyone believe there is a 5 year/5 star nursing home?). If there is please reply.

[@dani323]

@nitah congratulations! for your decision to live through your final days enjoying the fruit of your labor. I recently learned if you leave assets to your children, means you did not calculate well for your life expenses. Enjoy ❤

[@susanmarie2231]

Many thanks for being clear, concise, and to the point as so many videos are not. Great job.

[@justwannasay5454]

Here in central California one (good place) here locally is approx. $2750 a month plus a one-time charge of $500 for accounting. That price is for a shared room. I think the rate goes up $50 a year. That doesnt include extras like in house hair salon etc. I have been taking care of her for 11 years in her home and she is pretty much thriving. No major health issues (except for Alzheimers). She is going to be 88 on Dec. 3, 2021 and she has had Alzheimers for 11 years. I think shes gonna break records. She gets the best food and coffee at home. If I didnt take care of her, her house would be gone.

[@vegetabohls9124]

I would not be surprised if you learned that $2750 is grossly understated. I'm in Illinois, one of the least expensive places to live in the US, and a good nursing home in my area is between $8000-11,000 a month. $2750 would be the Medicaid payment and I would rather my mom die than put her in one of those homes.

[@jojo-pq5lo]

Are you getting paid as a caregiver?

[@janebishop5885]

It's terrible to pay that kind of money for a shared room. Small rooms, ok.....shared, no way.

[@justwannasay5454]

@@vegetabohls9124She isnt on medicaid. And I thought $2750 was ridiculous! 🤯 Are you guys talking about the cost of "skilled nursing" because yes that is like triple the cost of assisted living.

[@justwannasay5454]

@@jojo-pq5lo No. I am her daughter.

[@lanieroberts8029]

Thank you. Excellent advice. I just lived this scenerio

[@galeweaver790]

This is one of your best videos from my perspective and needs.

[@Jen-ur4ut]

This is not accurate. You DO NOT have to get EVERYTHING out of your name. Retirement accounts are exempt. Primary residence is exempt up $688k in equity. 1 car is exempt. In CA, there is no asset cap & no look back period.

[@MarkShy-sz8zo]

3 years in California

[@Jen-ur4ut]

@@MarkShy-sz8zo Nope. It changed Jan 1 of this year. No look back period and they don't care what your assets are. They do, however, have a more stringent income cap. But there's always a solution.

[@MarkShy-sz8zo]

@@Jen-ur4ut ok

[@dogshaff9307]

But America canngives trillions to other countries every year, time for America first

[@StraightShooter.]

I imagine that Hell is like a Nursing Home.

[@Vic72075]

I wonder if the Kardashian’s have this problem 🤔

[@nancynicolaou8375]

Pay close attention to this lawyer he’s heard horror stories from other clients do not go into a medical care nursing home it’s a nightmare

[@FINELINEVAN]

Thank you for video. All you hear is moving g assents but your last point said it all. Totally took that moving assets out of our thoughts now. Thanks

[@rainmon]

I reached out to this attorney regarding 2 matters, one, I need help with my personal estate planning (which should be a simple matter given I'm single and retired), second, help with a different estate situation and more complex legal matter that may require litigation. I requested a litigator referral or ask if he could handle both matters. The guy replied with a very curt email saying he's not a litigator and just totally BLEW ME OFF in a very disrespectful manor canceling my consultation times already scheduled, and it was obvious he didn't even spend the 2 minutes required to read my entire original email, WTF? You've got to wonder about a lawyer's credibility if he's running a KZbin channel to earn income begging for subscriptions and likes for ad revenue and clicks, how pathetic. This just confirms the disdain for and reputation of this profession. I would suggest If you need help setting up a trust/estate planning, don't waster your time contacting this guy. There's plenty of other options including flat rate trust and will estate planning websites/lawyers worth looking into instead of a 'KZbin lawyer'.

[@hedvigjenson4902]

Thanks for the warning. 👍🏼

[@acer4237]

#5 so responsible savers get penalized and those that abused government assistance get rewarded. Unethical? Fair?

[@SandfordSmythe]

"Abused government assistance"?

[@glenmattson3765]

From my current perspective, this was the best and most important video you made. Thank you!

[@americasestateplanninglawy1946]

Thanks Glen. Just trying to keep it real!

[@Mo-qe3yv]

I don't know what state the gentleman lives in, but my sister is in a nursing home in Rochester, NY and the cost is $19,000 a month plus her prescription drugs. That is $228,000 + a year. You do the math. She will lose everything she has accumulated over a lifetime. And to make matters worse, the care is abysmal, the place is filthy and the entire floor reeks of urine. This is one of the "higher" rated nursing homes in the area, and there was such a waiting list to get into ANY nursing home that we were told we were "lucky" that she got into this one.

[@andreawisner7358]

#10 - You have spent a significant number of years investing in long-term care insurance and you are financially able to continue doing so.

[@craigcohen3682]

I know ... right? I can't believe he didn't mention this one. You seem to be the only one who mentioned this

[@Wildpony98]

Can you be in a nursing home currently (and being able to 100% self pay out through 5 years with LT Health Care insurance/pension) while moving other assets out of your name (home /savings) with out any 5 year look back penalties ?