Protect Your Home and Life Savings From Nursing Home Expenses
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- Опубликовано: 4 июл 2024
- 00:00 Long Term Care Medicaid Planning
3:48 Medicaid Planning is about Making Yourself Destitute
4:15 Medicaid Planning is Not for Everyone
13:22 Who Might Medicaid Planning Be For?
14:38 Medicaid Eligibility Rules
16:52 Exempt and Countable Resources
18:14 Countable Resources
22:20 Estate Recovery
24:07 Transfers
28:16 Are $18k Annual Exclusion Gifts OK?
31:20 Planning Strategies
31:38 Crisis Planning
32:45 Preplanning
34:15 Transfer Assets Directly to Kids
36:38 Transfer Assets to Trust
43:29 Q&A
My mother was in a nursing home in Wisconsin paying full price & her roommate was on Medicade and they got the same treatment as far as I could tell, this was to answer someone question here.
It makes me sick. All your life you work and toil just to give it away. Verses living poor and spending all your money on alcohol, cigarettes, fancy hub caps, gold jewelry, living the high life and being taken care of at the end for free. It’s not fair. I’ve tried to figure this out. The only thing I can think of is cash. But then again, it could be stolen. You have to find a way to hide your assets.
Someone 's
More info on living trust vs will.
Thank you for taking the time to make your informative videos. I have watched many of them as a POA, Trustee, and Personal Rep for my 94-year-old mother. You have been very helpful and informative. Your family must be very proud of you....
Wonderful!
This was amazing! Thank you! My parents are 80 and 82….currently living on their own, but I don’t know how much longer that is possible.
Wonderful!
Glad to see you are back, doing your thing. Love it🎉. Thank you Dear Sir.
Always appreciate how you tackle a difficult and timely subject and make the parts of that subject understandable. Thank you for all of the many various subjects that you cover.
I appreciate that!
Thanks, Paul !!!
Happy New Year !
You clarified alot for me. Im turning 72..and this year i must decide and complete my plan. Control has been with me all my life and its very scary giving it up.Ideally i will do everything to stay in my house independent. Next step may be jumping in my river. Thats no guarantee either. Helping future generations is very important too. Your intelligence and kindness and way of communicating is appreciated. Now i ask for spiritual guidance and meet with my family. I must do this🎉by 2025
Don’t jump in the river. Just be prepared. And if necessary, go to a lawyer and get some advice.
Lawyers are $350 hr here. I haven't found them to be worth it..I like this guy though
Wow!... thank you paul very informative. But still so overwhelmed.
You can do it!
Did you mention a very modest pension income? How does Medicare consider income?
When we have our yearly Medicare exam, we are pressed to put into writing end of life directives. The circumstances we have that bother them is that both of us have no close living relatives, siblings hone and close trusted friends gone. So if something happens to both at the same time, the hospital wants the directive on file. So the problem there is two fold, how do you trust them and what if you are not taken to that hospital? I am in the medical field, studying dementia and I know full well that they will not always follow your directives.
What do you think about someone that has a farm? The worst outcome would be to lose the farm to nursing home expenses. Family farms are multi-generational and to lose it would likely mean the next generation would never have the opportunity to farm because the barriers to starting a farm from scratch on their own are pretty overwhelming. Transferring the land and not other assets would make some sense to me. Spend your money for the nursing home but save the land for the next generation.....or is this better done with a trust?
Are you going to touch on Medicaid waiver eligibility and services?
I set a up a certified family home in 2014 for two years until my dad died. I didn’t realize it was Medicaid attached and we got a bill at the end of when he died for 55,000 to Medicaid so I wonder when that look back time starts because my mom is still alive and we sold their home in 2018 and I am scared about losing any money that I do have still because she has been under hospice care.
How are life insurance beneficiaries handled?
Hi Paul,
If I purchase a Single Premium Immediate Life Annuity at age 65, for my wife (with me as beneficiary if she dies) , and then I need into a nursing home at age 80, will this violate the medicaid complaint rule for annuities? We are looking at retiring to Florida so that my wife can exercise "spousal refusal" if something happens to me.
I’ve been told that the nursing home staff (the actual caregivers) do not know which resident is or is not on Medicaid. Therefore the care should be equally provided well. Is this true? Here in Illinois.
I am a retired nurse,, we did know who was on medical (calif) and who wasn't. I did not see where anyone was treated any differently. I never treated anyone different. And as a patient when I was on medical and the person in the next bed had insurance .. I saw no difference in being treated differently. I did see as a nurse that some doctors did not like certain wealthy people and some did not like some on medical. If you are not liked no matter how much money you have. Some people might not treat you as well as some other patients. I had my favorites,, but I thought I treated all my patients the same. I loved being a nurse. I do not know about Illinois. This was in Calif. In skilled nursing at least where I worked everyone was treated equally.
Years ago I was training for CNA in nursing home . They told me that they put Medicaid patients and self insured or self pay in different areas . And some supplies that the self insured or self pay get the Medicaid don't get because of cost . I believe the treatment or actual treatment of care depends on the care giver they have . Weather bad or good . But maybe Medicaid patients don't get the better food? Or won't have as many baths? Not sure about all of that . I could imagine there are different quality of care price wise .
Mother has term insurance, has planned giving each of her children an inheritance. She is on medicaid when she dies. Does medicaid take her life insurance benefit for estate recovery?
Medicaid pays also for in home care by a family member one who lives with them. To avoid nursing care . Does this apply to this also. Is it considered the same . Since they pay for care ? Will they than come after house ? House is worth 180,000 or less ? No spouse widowed .
curious if I leave a beneficiary on a Roth IRA, if that will have a govt lien on it after my passing, or count towards denial of govt care?
also wondering what amount of $ is ____ is worth or not worth setting up /putting in irrevocable trust, running long term stock for distribution, to leave something for others, while still qualifying for State/Federal care?
-what mandates an irrevocable trustee to distribute assets?
-can irrevocable trust have a sequence or series of 2nd, 3rd choice trustees (in case trustees can't, won't or pass away themselves?)
*appreciate the information & your presentation; it makes rather confusing information, very follow-able & approachable..
My mom and I have joint bank accounts. Does Medicaid get to take it all?
Is life insurance taken away from a spouse after his or her spouse passes. I was wondering if Medicare could take it.
Can I reapply if I don’t qualify the first time if I meet the requirements later?
I set up a certified family home in 2014 and kept that until my dad died in 2016 when does that five year look back start because that the house was sold in 2018 and that money is gone except I have a couple CDs worth 26,000 and I’m worried about Medicaid coming back for that would they
If one goes into the nursing home and the wife is still in the home. Can they still qualify for medical
Here's a thought. It's your money and real estate. So use it all to pay your health care bills which can include a nursing home stay. Use it and stop worrying about who get's what and when. Spend all your money on yourself for whatever. Period. So simple.
What if parent is already on medicaid and they have assest of 200k in house only.
What about this scenario. Single person with $1,500 in assets and $4,000 per month in Social Security. In this scenario, is the person ineligible for Medicaid?
If you own a 500 thousand dollar home and owe 50 thousand on it do you for medicaid?
Our gov is currently diverting about half of ss dolars to single mothers and illegals. Many of the people receiving gov benefit haven't paid into the system. People are coming in claiming economic asylum and getting benefits including free medical care. So now the people that funded the system are paying again.
Those same people elected democ-Rats... they reaped what they chose !
LET'S GO BRANDON !!!!!
It's been going on before tht..all the past republican and democrat presidents allowed this. Let's go dumb Americans for not seeing the hustle and demanding it stop
We clearly are spending our way out of debt!!!
Thank you very much for your opening comments. As a taxpayer I find it a bit disturbing that people with assets in the millions will try to hide their assets in order to get other tax payers to pay for their nursing home expenses. That is outrageous and unethical.
Actually people w/ millions do not get involved usually because their income alone, recurring yearly, is too high.
@@jeroldpaquette9068 & to elaborate on what you said ppl "with millions" usually already have (their estate planner) AND better health insurance (if they are that stupid to NOT then likely they're not holding "millions")
Let alone nursing homes ($10k mo. on average in fl for instance) isnt REALLY at top of one "holding millions" biggest concern, its likely so far down on their "planning" list and nursing home can be a visiting nurse, family member, etc...
Stupid views today 😅
This is criminal in my opinion. Why should we taxpayers cover your expenses? Be responsible and plan e.g. save or buy Long Term Care Insurance. And shame on you "America's Estate Planning Lawyers" for enabling such legal deceit.
are you aware of the price of long-term care insurance?? many cannot afford it, so shame on you for assuming everyone can, or that everyone can save half a million dollars in case the need for a nursing home ever arises. And, those that end up on Medicaid are taxpayers their whole lives too, so they have paid the same taxes as you, just not as fortunate with their health as others that never require long term care