How To Protect Your Assets from Nursing Home Costs

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MarshallParkerLaw

MarshallParkerLaw

Күн бұрын

Certified Elder Law Attorney Matthew Parker discusses:
• Statistics
• Cost of nursing home care
• Sources of payment for nursing home care
• Medicaid resource limitations
• 5 year lookback
• Asset protection trusts
• Spend down
• Spousal Medicaid Annuity

Пікірлер: 85
@Mlspky
@Mlspky 7 ай бұрын
The “look back period” differs from state to state. The time is 6 years now not 5 years. You can’t give your money to your children or anyone else within this time frame to reduce your income and resources to make your self eligible. Start looking into the current rules and regulations now. I worked for State Government for 26 years in the Medicaid section so I know something about these rules.
@Jen-ur4ut
@Jen-ur4ut 5 ай бұрын
It’s still 5 years in FL & there’s no look back period in CA.
@Jennifr1966
@Jennifr1966 4 ай бұрын
​@Jen-ur4ut dang I wish I could afford to live in California! Sounds awesome! Do they have a very good home hospice care? Problem here is we only make $2500 per month together but received $100k. Don't know what to do with it. We currently rent and have OLD cars!
@monarene44
@monarene44 Ай бұрын
@@Jennifr1966. What do you mean you don’t know what to do with $100k? Drawing down on it only supplements your income by $4-5k a year. Spend it.
@reginaldlee3993
@reginaldlee3993 5 ай бұрын
Great info!
@Bandaid17
@Bandaid17 9 ай бұрын
What is your opinion of short term insurance. My husband and I did not qualify for long term insurance We are 71 and 70 even though we could afford the premiums and do not have any big medical issues.
@JJNow-gg9so
@JJNow-gg9so Ай бұрын
Your opinion is needed. Alone no dependents no one to help me registered nurse who has worked in enough of these facilities that I don't want to be in one. Please give me advice...👵
@SkyCharter
@SkyCharter 8 ай бұрын
There needs to be some discussion about what happens to the health care facility bill footed by the state being attached to the estate of the deceased receiver of the care.
@philnewton2011
@philnewton2011 8 ай бұрын
If services are provided under Medicaid, the state where services are provided will have a claim against the estate. That claim is not exercised in the case of married persons where one (the "well spouse") is not receiving Medicaid services. That claim will be exercised when the well spouse dies.
@deanahodell7815
@deanahodell7815 8 ай бұрын
How about the adult child caregiver who lived in the home while taking care of their aging parent? Will Medicaid force them out of a home they had been living in as a caregiver?
@EmeraldJade66
@EmeraldJade66 7 ай бұрын
@@deanahodell7815 This is what I went through and now going through Hell trying to recover from it all because it left me with almost nothing and have one foot out of the door almost homeless! Whoever the wise guy was in Congress who came up with the Medicaid crap wasn't sealed too tight and that's putting it lightly. Angers me to no end. They didn't take into consideration people like you and me when an adult child giver is living with the aging parent. And you'd better not put your name on the Deed to the House because they will come after you to pay the bill or they will take the home while you're in it. Either way you're screwed while your parent is living and when they die when it comes to taking the home because they want that $$$$ to pay that bill while they were residing in the N.Home. Evil Government and people who are in it needless to say. I don't expect "taxpayers" to pay for anything in my life and would rather DIE than for that to happen as well. But Congress could've put more empathy and thought into coming up with a better solution re: medicaid and people who have to go into nursing homes. Empathy can take people a LONG way to happy and balanced solutions on both sides for both parties involved!
@kam7056
@kam7056 9 ай бұрын
@doreeneclose6295
@doreeneclose6295 5 ай бұрын
If the home is the only asset and the children are on the note of the home too, with a reality trust having the children as beneficiaries, will Medicare make them pay back nursing care on sale of home? The trust was set up 20 years ago.
@leonaschulman7568
@leonaschulman7568 Жыл бұрын
My mother had a home health aide. There is no look back
@philnewton2011
@philnewton2011 8 ай бұрын
Home health is a Medicare program, as is hospice, although Medicaid will also pay for this. If the home health is provided under Medicare, there is no look-back. There isn't any look-back for any Medicare-provided service.
@gottaprepordie
@gottaprepordie 5 ай бұрын
​@@philnewton2011well I hope you're right, but everyone including medicaid requires says that there is look back. 🤔
@philnewton2011
@philnewton2011 5 ай бұрын
There is a 6 year lookback for Medicaid programs. There is no lookback period for Medicare. Medicaid is public assistance. Medicare is not, and therefore there is no lookback feature. @@gottaprepordie
@monarene44
@monarene44 Ай бұрын
@@gottaprepordie. No look back for Medicare. You have to actually apply for Medicaid and then they look back at 5 years of your bank or investment account statements.
@sandramiller7972
@sandramiller7972 Жыл бұрын
Do not do business with Nursing Homes that overcharge. Pay a relative. F. Miller
@davidparker7156
@davidparker7156 9 ай бұрын
cant you just do spousal right of refusal?
@poetmaggie1
@poetmaggie1 2 жыл бұрын
I think it isn’t so much the nursing Home care is high, it is how it impoverishes Survivors of nursing homes.
@EmeraldJade66
@EmeraldJade66 Жыл бұрын
poetmaggie1 ... I totally agree! It's just all about money nothing more or less just the money! One word: GREED! How many average hardworking people have nursing home care funds to put aside through out their lives along with daily living including mortgage/rent? I rest my case! It's just all about taking everyone's lifelong hard earned money and the family member who cared for them well just throw them in the streets to become homeless! No one cares about you as a human. It's all about the money ... that's the main concern. Sorry but no Nursing Home is worth $5,000 or more per month for the services they DO NOT render to the poor patients then to have the audacity to turn to the person who was that patients loved one and who cared for them to be thrown out in the streets because they need the house too in the end!!!! I know all of this because I'm going through it now and it's literally eating me alive. Just the stress of this and knowing I'll be homeless soon is enough to kill anyone. Let me see now my options suicide or homelessness in -10 degree weather as we're having now? Yes choices, choices and all because of the nasty most incompetent non caring politician who passed such a bill on our nation's citizens. Now don't forget. We the American citizen get treated like subhumans but all of the illegals coming over get free everything from our Government. Right! 😡😕Sad thing is, it's beyond hard and next to impossible to fight Medicaid or the N. Home's especially when you didn't "plan ahead"! Just unreal!!!! Sad very sickening and sad. Someone needs to change this sick "law" with Medicaid and the N. Homes.
@skeezix8156
@skeezix8156 Жыл бұрын
@@EmeraldJade66 while I agree with a lot of what you said, costs are tied to wages and lawsuits. Liabilities are causing these high rates
@gonesideways6621
@gonesideways6621 Жыл бұрын
@@EmeraldJade66 I agree we treat our children (day care expensive) and our elderly (very expensive) very poorly. We in America a country that is ready to send billions of dollars to other countries treat our elderly and young as we do shame on us. Elect political leaders who leave office with millions and are looked after to time of their death, we the people need a voice for these two groups, not acceptable in a nation of wealth.
@thomast3570
@thomast3570 Жыл бұрын
@@EmeraldJade66 If people have money, they should use that before making the taxpayers pick up the bill.
@SandfordSmythe
@SandfordSmythe Жыл бұрын
@@EmeraldJade66 You pay for services.
@fordgt8847
@fordgt8847 5 ай бұрын
My parents setup a revokable trust, dad passed in 2020 and mom is 90 (in very good health) and in assisted living memory care. They had 2 properties, one in NJ which we sold after dad passed. That money has been paying for her care but were almost out of cash. The other is a summer home in NH valued at over 1 million and has been in the family for over 50 years and now were afraid we may have to sell it all to continue moms care. My dad would be out of his mind if he knew this was going to happen. Any advise to avoid this major loss?
@Jen-ur4ut
@Jen-ur4ut 5 ай бұрын
Hire an elder law attorney immediately. Rent out the NH house. It won’t count against assets. Unfortunately you should have planned long ago. Might have been able to keep the NJ house.
@fabianmckenna8197
@fabianmckenna8197 2 ай бұрын
That's life........ Either you want your mum to be well looked after or you bring her home and look after her yourselves! My mother-in-law looked after her father for thirty two years as he didn't want the family home sold to pay for his care. She then inherited the house and lost it when she suffered from dementia and had to sell it to cover her own care home costs. When the money finally ran out, the council came after her family to pay for her care which just wasn't feasible at over £1,100 a week. Transferred into a basic council run care home although by this time, she new nothing about anything and had totally forgotten her own family. Quite a sad ending but one that happens every month with government cleaning out savings, property, shares etc until there's nothing left. The alternative is to hide the cash and property away in trusts which will of course stop it being used to provide a nice care home for your parents who worked hard to accumulate it all. Who cares what happens to them just so long as the kids get their hands on "their inheritance "?
@PeterHernandez-lg2eh
@PeterHernandez-lg2eh 4 ай бұрын
Nursing home care in Colombia or Mexico
@kennetzel6101
@kennetzel6101 5 ай бұрын
People who need nursing home care should not be "protecting their assets". They should be paying for the care that they need or not pursuing the care in the first place. You can't have it both ways. There is no requirement for anyone to leave something behind for children to inherit.
@jeanninegodwin2285
@jeanninegodwin2285 2 ай бұрын
The expense is outrageous! Stop defending robbery!
@SandfordSmythe
@SandfordSmythe Ай бұрын
​@jeanninegodwin2285 No excuse
@roberts1159
@roberts1159 3 жыл бұрын
What’s your opinion of revocable trusts with respect to estate planning ? Advantages and disadvantages?
@MarshallParkerLaw
@MarshallParkerLaw 3 жыл бұрын
If you are concerned about paying for nursing home costs, a revocable trust is not the way to go. There may be an estate planning reason for a revocable living trust in Pennsylvania, but it would depend upon your specific goals, assets, family dynamics and other factors. An individualized consultation would give you the best answer.
@roberts1159
@roberts1159 3 жыл бұрын
@@MarshallParkerLaw I am located in North Carolina. Understand this is not a cut and dry question as well. Currently have a revocable trust but rethinking if that was really a good idea. Thanks for your reply.
@jimmsumm
@jimmsumm 2 жыл бұрын
is there any way a person can protect their life savings to give to their children if they have to go into a nursing home.
@bigtoeknee11
@bigtoeknee11 2 жыл бұрын
Irrevocable trust
@commonsense3055
@commonsense3055 Жыл бұрын
give everything to them 5 or more years before going into nursing home
@motowngirl5891
@motowngirl5891 Жыл бұрын
@@commonsense3055 you never know when someone will go in a nursing home You can’t predict
@KCFlyer2
@KCFlyer2 8 ай бұрын
yes...give the money away to your kids at least 6 years before you need it and then you can take advantage of a government program that most people doing this will vote against.
@SuperFunJess
@SuperFunJess 4 ай бұрын
Dont a lot ot rich people open a trust fund and put theirself as the beneficiary, then open a family trust fund within that trust fund where they and their family are the beneficiaries, placing everything in their families names at least 6 years before they need to go into a nursing home
@vassoccaloviras6630
@vassoccaloviras6630 3 жыл бұрын
What shoud I do to proctec my estate, which is less than $500,000. I am soon going to hit my 85th year. I own my home and the rest is invested in IRA and two TOD accounts
@MarshallParkerLaw
@MarshallParkerLaw 2 жыл бұрын
If you are a Pennsylvania resident, we would be happy to meet with you and develop an individualized plan after we know some more about you, your health, your family situation and other pertinent facts. Contact webmail@paelderlaw.com to set up an appointment.
@doreenfiallos4717
@doreenfiallos4717 2 жыл бұрын
Where are you located.?
@coastal5228
@coastal5228 2 жыл бұрын
Don't do it.
@carlthornton3076
@carlthornton3076 9 ай бұрын
Very Good!... #36 ✝ {10-9-2023}
@ronald6138
@ronald6138 Ай бұрын
this video does not answer any write in question going back 3 yrs
@MrSluggo47
@MrSluggo47 5 ай бұрын
If Mom or Dad has the resources to pay for their own care, why are you encouraging your audience to try shifting the cost onto everyone else?
@Jen-ur4ut
@Jen-ur4ut 5 ай бұрын
Most people are in the middle - not enough to pay but just enough to not qualify for aid.
@SandfordSmythe
@SandfordSmythe 2 ай бұрын
​@Jen-ur4ut Sometimes paying a few years privately in good nursing home, will get them to keep you on Medicaid afterwards.
@briandarr8149
@briandarr8149 6 ай бұрын
What about personal responsibility and accountability? Should we pay our way or manipulate the system to hide our assets and use tax payers money? Every person not planning for THEIR old age care appear to to be as bad as those who do not plan for the day they cannot or do not want to continue working because of aging. Sign of the times I guess!
@sojibrajii
@sojibrajii Жыл бұрын
Hello Sir, U need attractive KZbin thumbnail designer?
@Glindagood04
@Glindagood04 5 күн бұрын
Don’t like this guy at all. Evil.
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