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Was a three year look back for asset transfers
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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Sun, 22 May 2016 04:55:09 Share Post by Email
In Reply to: Re: OT: a lot of sad stories, Tom G [Profile/Gallery] , Sat, 21 May 2016 20:53:38
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My experience was over 20 years ago and I know things have changed. Now the Gov't can seize 50% of the family home's value via a lien to cover the cost of Nursing Home care. 20 years ago the home was sacrosanct.

Twenty years ago the Gov't would look for any transfer of assets within the 36 month window prior to application for Medicaid Nursing Home coverage. Any discovered such transfers could be nullified and assets captured for payment. Now the 'look-back' window may be longer.

Part of the irony in my parent's scenario is that my Dad's stroke happened on the day before my parents were to meet with a Funeral Home Director to pre-plan their funeral arrangements. An appointment with an Elder Law Att'y hadn't yet been scheduled but I assume it would have been next on their agenda. Hard for any of us to know where that 'five year out' point is.

As a result of helping my Mother agonize through these decisions when I was only in my mid-30's, my wife and I started doing a number of things that made others our age raise their eyebrows.

- We bought a crypt for our eventual internment (we got pre-construction pricing in the bottom row of the cheap seats with 0% financing for 10 or 15 years!) while in our 30's.
- We bought Long Term Care Insurance while in our 40's
- We created and perpetually update our Wills.
- We created (had created is more accurate) an interweaving network of Trusts which convey our desires (no directives), but more importantly provide a financial legacy for our kids.
- Our Trusts contain Anti-Floozie and Anti-Scoundrel clauses to prevent our children's legacy from being cheated by a second spouse or partner when our minds are no longer as sharp.

This may not be a pleasant dinner table discussion topic at Holiday Time, but it is a discussion we all need to have with our families.

->Posting last edited on Sun, 22 May 2016 05:08:54.
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
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