she has just recently entered the nursing home, may or may not ever be able to leave, hasn't been detemined yet, but she just sold her house and is closing on it next month. how do we keep all of that money from going to the nursing home for ehr care?
2006-06-18 13:02:00 · 6 answers · asked by mysticpit 1 in Business & Finance ➔ Personal Finance
You should speak with an Estate Planning Attorney:
" to preserve your estate in a manner that allows you, your surviving spouse and their children to have the use and benefit of their property and at the same time, protect it from creditors and estate taxes."
2006-06-18 13:08:07 · answer #1 · answered by bluejeanrose 3 · 0⤊ 0⤋
Actually this is quite common. An elder law attorney will help you navigate this maze as the laws in each state are different. In California, the typical method for preserving assets in this scenario is creating a specific type of trust and putting the assets in the trust.
Again, an attorney will help you with this but the basics are that in CA, your mom would open a non-revocable trust. She would not be the person in charge of that trust. Therefore she will no longer have assets that can be used for the nursing home.
California will then provide the nursing home care at a facility they chose. The assets in the trust can then be used to pay for niceties for you mom, things to make her more comfortable.
To find an elder law attorney you can go to:
http://www.naela.com/
For more info on personal finance, including estate planning, listen to my podcast www.promoneytalk.com It's the #1 personal finance podcast in the world.
Hope this helps,
Jason
2006-06-19 04:27:00 · answer #2 · answered by www.promoneytalk.com 2 · 0⤊ 0⤋
Check for a lawyer versed in Medicaid law. But I don't believe there is much that can be done. The nursing home has to be paid, and if your mother has the income, she will have to pay. Medicaid will pay for nursing home costs, but only after meeting eligibility requirements, so personal income first has to be expended. However, if your mother lives for many years at the home, and her personal income is all spent, they can not throw her out because the Medicaid will cover her expenses from that point on.
2006-06-18 22:24:16 · answer #3 · answered by Piggiepants 7 · 0⤊ 0⤋
Find an elder-law attorney. This is his or her specialty. Of course you can look in the yellow pages, but you can contact a local hospital who would deal with many elderly patients and they can recommend a few elder law attorney. Call their legal dept. - they usually advise family members with this info if an elderly patient is terminal and certain legal documents need to be filled out such as medical power of atty.
2006-06-18 20:08:35 · answer #4 · answered by Laurel C 1 · 0⤊ 0⤋
You need to find a legitimate lawyer and ask them this. You can't get a good answer to this question on the internet. Good luck!
2006-06-18 20:15:54 · answer #5 · answered by lilbit_kendall 1 · 0⤊ 1⤋
kill her before she get in the home
better yet, mind your own business, it's her money
it's her life LEAVE HER AND HER MONEY ALONE!!!!!
2006-06-18 20:06:49 · answer #6 · answered by Pobept 6 · 0⤊ 1⤋