Business & Investing
Sponsored by

Elder Care Estate Protection

846 Views | 3 Replies | Last: 4 mo ago by Casey TableTennis
DBird
How long do you want to ignore this user?
If anyone can push me in the right direction I would appreciate it.

So, my grandmother is 80 years old and we are beginning to have conversations about putting her into a care home. An issue with blood clots from dialysis has started to give her issues with walking. She has enough money to cover about two years worth of care.

Her assets are a small pickup, 1/3rd of an heirs account (roughly 300 acres), and a house on 5 acres.

Once the money runs out how do I protect her property and home if she has to go on medicaid?
retiredintx
How long do you want to ignore this user?
AG
Suggest you get with an elder care advisor with the care facility you're considering. The "home and property" will most likely preclude her from qualifying for Medicaid. Know the rules and guidelines prior to her care begins …. The rules can be complicated and onerous.

There is free expert advice available ….. in respect tot his site, be careful here; go to the experts.
DBird
How long do you want to ignore this user?
retiredintx said:

Suggest you get with an elder care advisor with the care facility you're considering. The "home and property" will most likely preclude her from qualifying for Medicaid. Know the rules and guidelines prior to her care begins …. The rules can be complicated and onerous.
This is what I needed thank you.
Casey TableTennis
How long do you want to ignore this user?
AG
Medicaid planning is specifically what you are looking for.

Gifting assets to heirs typically works best, assuming gifting is appropriate for the donor (not just recipients). If there isn't current capacity (cognition), and POA/trust don't allow gifting, that could be off the table.

Generally need to keep 5 years of spend as there is a 5 year look back that will force clawback of assets to qualify for Medicaid.

There are other rules to be aware of, but this is the general framework to work within.
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.