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Old 05-13-2007, 03:17 PM   #1
trukdoc
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Need finance advise.

My father in law is in very poor health to the point he is having a feeding tube put in and has been bed ridden for nearly a year. Health insurance to cover him is cost prohibitive and they cannot get assistance due to too much cash in their account. They are not rich by no means, but had enough to live descent on the interest and SS. My mother in law has recieved ADVISE from someone that is in no position to do so. The advise is to divide the money between the three daughters and if it is put in a NON interest bearing account there is no taxes on the transaction and of coarse no interest income on this... WHAT? I suggested a finance laywer and so far the ADVISOR is winning the debate. Advisor told her the laywer could steal all the money... watch what you sign and move forward.
Has anyone had any experiance on this and mabe information on the web to chase.
 
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Old 05-13-2007, 03:56 PM   #2
sailer
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sounds like a day dream to me .. look up a good attorny or tax const to get answers.. but 1st aree they not on medicare
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Old 05-14-2007, 04:15 PM   #3
sreigle
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You need to go talk to the state agency that will pay for his nursing home when his money is gone. In Kansas that is SRS. They administer Medicaid. Those folks will require that his money be used until his balance reaches a set amount. After that they'll pick up the bill. It's far more tricky than it sounds so talk to those folks. When the time comes for them to pick up the bill they will look back for a period of time, the "lookback period", to see if money was distributed with intent to avoid using it for his welfare and thereby getting the govt to pick up the tab sooner. If they find that, they'll come after it and they may well press charges. You need to have a good understanding of this. They will exempt some things from the "paydown". It's complicated. I see no need for an attorney on this but you do need to talk with someone in the know. I'd suggest you start with the govt agency that administers Medicaid. My father was in a similar situation to yours and was spending down his money for my mother's nursing home (over $4k per month including medication) and what we thought would soon be his nursing home, as well.

I am not an expert but unless your state has some oddball law I would not think whether an account bears interest or makes income would have any impact whatsoever. Distributing that money without having all the facts is just asking for big trouble, in my opinion.
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Old 05-14-2007, 04:25 PM   #4
richfaa
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I echo what Steve.S has posted. we have been through this twice..once in Pa and once in Ohio. It is to late to attempt to save their assets that should have been done 2 or 3 years (the lookback period) ago.
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Old 05-14-2007, 04:40 PM   #5
trukdoc
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I am a common sense type of person....What you are telling me sounds close to what the real deal is going to be. To get on targe we need expert advise. What I am dealing with is a mother in law getting backyard advise and believing it, my wife seeing 100K being put in her name and basically telling me to mind my own business. Being we file a joint return in conjuntion with a sole propietorship business I see it as very much my business. Very messy!!! Sad thing my father in law has not passed yet and it is already starting. And another sad situation, all I am reading and being told here is they are in for a very bad suprise (Worse than my pinbox suprise) and in the end they all will end up with nothing. Sounds like I need to file seperate till this smooths out. Thanks for the support and advise. It has helped a lot, basically confirming my suspicions.
Tomorrow I will be calling my CPA. I will post back. This may help others as well! And as the old saying goes, A fool and his/ her money are soon parted!
Rick
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Old 05-14-2007, 05:33 PM   #6
Tom Gina 06
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Keep them in the family home with home health care and hospise and you will be able to keep the Nursing home people from getting it all. If that is not possible and in patient health care is required kiss it all good bye. Try to hide it, you will be the one paying the bills plus interest and penalty. That is what is sad most families have to have 2 wage earners and with kids and everything else do not have time to handle our aging parents. We here could learn much from people in other parts of the world.

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Old 05-15-2007, 02:36 AM   #7
vickster
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It has been my experience that people in these stressful situations start dealing with their emotions and get hung up on the money. I gather that family is trying to "preserve assets", therefore you may want to let the fingers do the walking in your yellow pages and make an appointment with an experienced attorney that specializes in "elder law". They will know the current laws and pending changes that are to go into effect in July, how they will effect your current situation and may be able to offer solutions to the family. Oftentimes an unbaised third party can help settle family emotions and get back on track to what is best for all involved parties. Good luck to you.

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Old 05-15-2007, 03:27 AM   #8
steves
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I agree with contacting the Medicaid office for info and the elder care attorney. It would behoove you to spend a couple of hundred for advice to save thousands. I believe with a living spouse situation 1/2 the assets would be protected from being consumed for nursing and medical costs but may require proper fillings with appropriate agencies. Unfortunately, this is an area where many of us are not fully qualified to advise others.
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Old 05-15-2007, 04:08 AM   #9
richfaa
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Yes do contact an Attorney that specializes in "elder care" My parents made financial arrangements well in advance so that the Children (myself and 2 Sisters) would be able to care for them and maintain their quality of life. Helen's did not and we were placed in a position where the State and other agencies had primary control over their well being and their assets. Money is not the issue here The well being and dignity of the individual in their final years is.No matter how much money the individual has accumulated over the years it belongs to them, they have earned it. It does not belong to the children or the State and should be spent with their benefit in mind..not anyone Else's.We kept our aging and ailing parents at home as long as possible, in assisted living homes and finally the best nursing home that WE chose. There was not much left from their eatate when they were both gone.But we did what they wanted us to do, we maintained there dignity to the end . We feel good about that and that is worth more than money.
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Old 05-15-2007, 04:48 AM   #10
Bob & Lee
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The state of Az got all our family assets and when they were gone came after the rest of the family to pay the bills till the end. Get a good attorney you can trust. best of luck it is hard for the family somtimes to see past what they thought was there's $$.
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Old 05-15-2007, 05:26 AM   #11
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I agree with SteveR on this one. You do not need an attorney but you must talk to the Social Workers in your parents county to get the facts on what you can and can not do. An attorney will only give you the same answers but will charge you for them. When I was working in that field about 10 years ago the law was that any assets that were disposed of for less than fair market value in the past three years. All assets were split between the spouses INCLUDING their home and the person with the health care problem went on a spend down until they reach $3000.00. They were allowed to have a burial fund also so if you don't have one you might want to look into that right away. I am not a lawyer but I have worked in the financial world with the elderly. Both County and Federal. As I said before, it has been more than 10 years since I did this so I am sure things have changed but Bill's mother is in a nursing home now and has reached her spend down. In her case, the assets have been depleted for quite some time and Medicaid is picking up the difference between her Social Security and the cost of the nursing home. They also take care of all of her medical expenses. She is allowed $82 a month which just covers her cable TV and hair appointments. She is taken care of just as well as those with tons of money.

Rick.... The last thing you want to do is file separately from you wife on your taxes. As long as you two are living together it will cost you mucho bucks extra if you use the married filing seperate status.

Helen
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Old 05-15-2007, 07:43 AM   #12
DarMar
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I agree with Richfaa on this one and would like everyone to re-read his latest post. He is bang on with his statements concerning whose money this really is and how that money should be spent. It does not belong to the children (yet)!
There seems to be a trend that has developed where it is ok for the children to GRAB cash and run with it. Not so, all elders deserve the benefit of all they have worked hard for and in most cases the previous generations worked a lot harder, for a lot less, and did without a lot more, than we ever did. Remember most of us here own expensive RV's and are striving to retire at an early age, let's not do that on the backs of our deserving parents.
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