Does someone know the answer to this question?
My in-laws have willed their house to my sister-in-law. If one or both of my in-laws ends up in a nursing home and runs out of money to pay for their care, will the nursing home be able to come after the house to pay for their care? The house is a two-family and my SIL lives upstairs. She is worried that the house could be taken by the nursing home.
What about any life insurance policies -- can the nursing home force them to cash them in? 1|1|i think it depends on...whos name it is in|couponsnsamples|cpsnsamples@aol.com|17:22:16|06/23/2010|
my mom.......and my fil was in nursing home......
and i think........even it it is willed to be left to her.......when they pass on........it is still legally theirs.....until death......so i would assume the nursing home
could put a claim on it....if the nursing home bill was in arrears..... 4|2|as far as insurance policys.........my SIL was told|couponsnsamples|cpsnsamples@aol.com|17:28:04|06/23/2010|
when my father in law was in there........he had more than one policy........they couldnt touch them..........but she took it to the funeral home and sign it over to them...........
just to avoid problems with it.......
2|1|Yes it can be attached to pay for care... they aren't dead so it isn't your sil's yet. |Kristy|mi3zons1@yahoo.com|17:23:04|06/23/2010|
"Women should not have children after 35. Thirty-five children are enough." - anonymous (Only 28 to GO!) 3|1|I believe if they sign over the house before hand they wil be ok from what I understood yes they will take the insurance|teener|teenerzacsneenee@yahoo.com|17:24:41|06/23/2010|
if they have any money it would be wise to pre pay their funeral costs now sad and depressing I know Do they have long term care insurance or will they have to go on medicaid? 5|2|have a little more information...|KellyJef|burke3536@yahoo.com|17:46:52|06/23/2010|
We just found out from a lawyer that comes to a senior activity center here that unless a house has been signed over to an heir for at least five years, the nursing home can, indeed, take it to pay expenses.
In-laws are 85 and 86, so they may have already waited too long to sign it over.
Hope this information helps someone else to have this difficult discussion with their parents :(
6|3|Thanks my Mom has been out of her house for years but the insurance thing really sucks planninb the services before hand seems so morbid for me|teener|teenerzacsneenee@yahoo.com|17:49:43|06/23/2010|
>Posted on Jun-23-10 at 05:46 PM (Eastern)
>by 64.12.116.68We just found out from
>a lawyer that comes to a
>senior activity center here that unless
>a house has been signed over
>to an heir for at least
>five years, the nursing home can,
>indeed, take it to pay expenses.
>
>In-laws are 85 and 86, so they
>may have already waited too long
>to sign it over.
>Hope this information helps someone else to
>have this difficult discussion with their
>parents :(
7|3|At this point.....|maraj|maraj64@hotmail.com|17:56:43|06/23/2010|
The best bet then is for your in-laws to "sell" it to your sister-in-law, kwim? ;)
>Posted on Jun-23-10 at 05:46 PM (Eastern)
>by 64.12.116.68We just found out from
>a lawyer that comes to a
>senior activity center here that unless
>a house has been signed over
>to an heir for at least
>five years, the nursing home can,
>indeed, take it to pay expenses.
>
>In-laws are 85 and 86, so they
>may have already waited too long
>to sign it over.
>Hope this information helps someone else to
>have this difficult discussion with their
>parents :(
Please identify yourself in 1st email w/name/username. Due to recent problem trades, if I haven't traded w/you before, I will probably require you send your end 1st or I'll need LEGIT trade references/feedback. I will be happy to provide the same. IF you plan to hold your end til you've received mine, I will need to know that IMMEDIATELY, BEFORE trade is finalized.
8|4|Financial planners advise the elderly to pre-pay their funeral costs, but not for what they actually want spent....for example, let's say someone has $20,000 cash asset in an acct, it is advised they put the whole amount into an acct with the funeral home to cover burial/funeral costs. They then instruct their family on their plans and let's say they plan to spend $10,000 on their total costs for funeral/burial, then the estate would get the balance back from the funeral home. It's all legal and a good way to parlay money tax free.|saint6811|waylan@comcast.net|18:28:53|06/23/2010|
Posted on Jun-23-10 at 06:28 PM (Eastern) by 98.213.152.114
This also applies to life insurance policies from what I understand.
" You'll get what's coming to you ... Unless it was mailed."
9|3|yes, there is a period of time in which assets must be turned over PRIOR to any claims on Medicaid coverage for longterm care expenses. I can't recall the term that Medicaid uses for that time period, but it is examined carefully by them when someone applies for Medicaid.|saint6811|waylan@comcast.net|18:32:47|06/23/2010|
" You'll get what's coming to you ... Unless it was mailed."
10|4|Wanted to add, they may want to start that process of signing the house over to her now, just in case the five years pass before they would pass away....I have more patients in their mid and late 90's than I do in their 80's....people are living longer these days.|saint6811|waylan@comcast.net|18:36:44|06/23/2010|
" You'll get what's coming to you ... Unless it was mailed."
11|5|ok...some points from NJ....|BusterBrown|srfreezerqueen@hotmail.com|19:19:03|06/23/2010|
have been going thru this with hubbys gma...
1-house must be sold for at least 3(may be more) years before monies from house are untouchable...
2-insurance policies? hubbys mom just met with funeral home director last night to preplan. Was told that while the policies can be earmarked for the funeral, if gma goes on medicaid(i think aid, not care)....then they can touch them...
3-bottom line...house needs to be sold with actual monies...not a paper sale and be prepared to go thru the money before they die...looks like gma will blow thru hers in the alzhemiers asst living unit...
4-mind you...none of us 4 kids have gotten my dad to sign his over/sell it to us....he will not consider it....so lesson is not being applied by us...
Good luck! 13|6|NY WAS 3 YEARS FOR MY MIL AND SHE DID IT ALL BEFORE THAT..........IN FL, MY MOM'S INSURANCE WAS SAFE, FLORIDA DOESN'T TOUCH IT...THEY PREFER FOR THEM TO HAVE LIFE INS SO THEY ARE COVERED FOR THEMSELVES...|JOYHAPPYONE|DAIDOLA5@AOL.COM|20:00:29|06/23/2010|
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Amen."
12|1|Medicaid "look-back" period is now 5 years|brainyblonde|brainyblonde@prodigy.net|19:55:37|06/23/2010|
The Deficit Reduction Act that went into effect 2/8/06 changed the "look back" period from 3 years to 5 years and the penalty period went from the date of transfer of assets to the date the person applies for Medicaid. If assets are transferred for less than Fair Market Value, Medicaid benefits are denied for a period of time based upon the amount of assets transferred.
Generally, cash value life insurance policies are "countable" assets. Medicaid will exempt small life insurance policies (total of $1,500 in face amount/death benefit). Burial plots, irrevocable pre-paid funeral plans are generally exempt.
Medicaid was established as "needs based" to provide assistance for the truly indigent. The DRA was enacted to close the loophole that allowed the wealthy, able to pay for their own care, from transferring assets to avoid the "spend down" to qualify for Medicaid.
Medicaid is administered at the state level, so there may be differences in the value of "countable" and "exempt" assets. You might be wise to find an elder care attorney that offers an initial free consultation.
Just my two cents....
Debbie 14|2|Joy's right - they have a "look back" period...|Sara_s_Mom|IClipCoupons@gmail.com|11:53:59|06/24/2010|
Here's a link to look at: http://www.virtuallawoffice.com/transfer.html
Also, when you will something to someone, this is done subject to any liens. This includes mortgages and any welfare liens. The state can force a sale, but this isn't usually done until the person dies. Lawyers who take care of estates and all the legal stuff that goes with closing out an estate (property transfer, etc.) do a lien search. If the decedent owes the state any money for care, the state will send a letter detailing the lien. Depending upon the cost of care, it can dwarf the value of the house. In that case, the house would be sold and all the proceeds would go to satisfy the lien(s).
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15|3|thanks for all the great information :)|KellyJef|burke3536@yahoo.com|13:00:24|06/24/2010|
I'm sure others were helped as well. 16|1|I do know that before an elderly person goes on public aid.....|Quietwaters|Quietwaters39@hotmail.com|22:54:53|06/24/2010|
you have to spend down their assets first, but this makes sense for them to pay for their own health care as long as possible. I know you have to sell anything that is in their name, except for personal items, house, cars ect. You can prepay funeral, which really is a great idea. You have to cash in insurance, but with my dad, he had a term policy, and since he was the only one who could make changes, and he was considered not in a state of mind to make those changes, they would not allow him to cancel the policy. Once the person passes away, public aid can not come after those who are the beneficiaries on that account.
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