QUESTION
What can we do to keep from paying all her money to the nursing home?
Asked on Oct 18th, 2012 on Estate Planning - New York
More details to this question:
Mother in nursing home and she has too much money in the bank for medicade to cover the bill, what can we do to keep from paying all her money to the nursing home. It is currently $5200.00 per month.
11 ANSWERS
Shadi Ala'i AlaiShaffer
Medical Planning! Through proper planning you can achieve this goal and save the money but you have to act soon.
Answered on Oct 23rd, 2012 at 2:30 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Solid medicaid planning is available from most elder law attorneys. There are different rules, techniques and loopholes that can be employed.
Answered on Oct 23rd, 2012 at 2:29 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Unfortunately you are probably too late do to anything..Medicade has a 5 year (60 month) lookback so if you try shielding her assets now they will come after you for the assets back.. There may be other sources of $$ to recoup some of it.. such as if she was a veteran (there is a program that may get you a small amount) HOWEVER If you suspect that she will be in the home for more than 5 years... contact an appropriate estate planning attorney immediately! While she may have to pay the first 5 years, you might be able to shield any assets over $300K (5 yrs x 12 x $5200= $312K).
Answered on Oct 23rd, 2012 at 2:29 PM
Thomas Edward Gates
It is to late to establish a trust. I would start gifting her estate to the maximum amount to her respective beneficiaries. This will reduce her available estate used in calculating her benefits.
Answered on Oct 23rd, 2012 at 7:32 AM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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This should have been planned for years ago. There may be nothing you can do now.
Answered on Oct 23rd, 2012 at 12:52 AM
Tax Attorney serving Naples, FL
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Henderson, Franklin, Starnes & Holt, P.A.
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About the only thing you can do now if purchase a Medicaid compliant annuity, which may help preserve some of the funds. You will need to work with an Elder Law Attorney.
Answered on Oct 22nd, 2012 at 10:18 PM
Trusts and Estates Attorney serving Troy, MI
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Barron, Rosenberg, Mayoras & Mayoras, P.C.
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Honestly this is what I do for a living. If your mother is married I can protect all of a married couples money except for possible income tax consequences on IRA's etc... As for a single person we can protect somewhere between 50% and 70% of the assets and accelerate Medicaid qualification. I need to know more about your situation. I have been doing this for 30 years and have never been denied a Medicaid application. Further, it is usually never too late to plan.
Answered on Oct 22nd, 2012 at 10:08 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Look for cheaper accommodations for your mother or take her back into your home and obtain in home care for her through Dept of California Human and Health Services. By the way, your mother is lucky and so is your family she can afford the care. Accumulated assets are not for the purpose of leaving family members an inheritance but to care for the person who needs the care; if this was otherwise, than the taxpayers suffer the burden of taking care of your mother, which is not right, when assets of the person needing the care are available for that purpose.
Answered on Oct 22nd, 2012 at 9:52 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You could find a geriatric care consultant, and see if there are less expensive alternatives for care which would still provide the level of care your mother requires, but at a lesser cost. But your Mom needs the care she needs, and if that's how her money has to be spent, then that's the way it is.
Answered on Oct 22nd, 2012 at 8:53 PM
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Is she married? If so an asset division may be possible. If not, do her assets exceed $350,000? If not, what is her monthly income and what is the value of her assets? You may wish to consult with an attorney who does elder planning. There may be options, but there may not be any. It all depends upon the facts of her specific situation.
Answered on Oct 22nd, 2012 at 8:52 PM
Personal Injury Attorney serving Yonkers, NY
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The Law Offices of Joseph A. Marra, PLLC
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With proper planning at least one third of your mother's assets can be preserved, possibly more. An attorney experienced in the area of Elder Law such as me will be able to assist you. Unfortunately it will be much more difficult if not impossible to protect her income unless she has a spouse living in the community.
Answered on Oct 19th, 2012 at 9:51 PM