QUESTION
best type of trust or other such protection for 79 yr old widower diagnosed w/AD who has 3 children, 2 homes, some stocks/bank accounts
Asked on Jul 28th, 2019 on Elder Law - New York
More details to this question:
may need expensive future medical care (alzheimers), wanted to know the best type of trust two homes (NY home and FL condo) and assets (stocks/funds/savings) could be put into so that maybe in future could qualify for some type of state assistance, lifelong resident of NY, but been snowbirding in FL, but as dementia progresses may need to stay put in NY even if not happy about it, will need at least an aide in the near future, possibly a memory care facility down the road, assets worth up to $1 mill to $1.5 mill? upper middle class former NYC school teacher, somehow did not purchase LTC insurance, has some sort of benefits called SHIP thru UFT, have to review what that is, but as I understand it no real LTC plan, big mistake, more of some sort of catastrophe medical?
1 ANSWER
2 Awards
Transfers to a trust or anyone or anything else for less than fair market value within the 60 months before a nursing home Medicaid application face the rebuttable presumption that they were made in order to qualify for Medicaid. The likelihood of needing nursing home care within five months of an AD diagnosis is high. While the widower can spend his money creating a trust "or other such protection," he is so likely to require nursing home care within five years that this could be a complete waste of money needed to pay for aides, assisted living and other efforts to postpone residence in a nursing home. You might want to consult a local elder law attorney. You can find one using the Find a Lawyer function on the website of the National Academy of Elder Law Attorneys (www.naela.org)
Answered on Jul 29th, 2019 at 5:12 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.