MY grandfather owns his home and has savings. after a gas leak...grandmother is now in a nursing home at $300/day and his future living situation is up in the air.(still in hospital) perhaps will also have to be in nursing home, maybe in home care. grandmother sole named in will and mentally not there.....medicaid won't pay till all assets drained. at $600/day it will only take a year and a half to lose a life time's savings. is there any way legally to get grandmother to be separated from assets? so it doesn't all go so quickly for them....they have potentially 8-10 years left...it would be sad to be reduced to social security checks in such a short time...NO ONE in our family is out for THEIR money..we just want to make right decision. Any help is appreciated...they live in NJ if that matters.
2007-01-19 15:35:12 · 7 answers · asked by heather p 1 in Business & Finance ➔ Renting & Real Estate
Honey you need to seek out a good elder law attorney and I would not sell the house if you do you will have to use that money up as well.
Has Grandma been found incompetent yet If not you may be able to get her to quick clam deed you the property to you. That way you could rent it and then you could have income to pay for care.
Was Grandma or Grandpa Regular Military severed war time service if so they could be entitled to aide and attendance benefits this not only cover the veteran but the spouse for care in Nursing homes assisted livings and home care.
I work in homecare and help people everyday setting up care inn the home. You really need to watch out as Medicare has a 3 year look back on the money so becareful or you can mess this up and they will use every dime and your folks will soon be without.
Hope this helps Diane
Check out http://www.veterans-salute.com/
2007-01-19 15:54:45 · answer #1 · answered by dianehaggart 5 · 0⤊ 0⤋
Wow this is a good question. Good thing we spend our money on wars and not on a social health care system. After all what benefits could the latter bring when the system isn't obviously broken now.
An Estate lawyer or planner might be able to help here. i know that spending more money now doesn't seem like a good idea but you need a pro to move their assets around. One very good way to do this is to establish a trust. A trust is a body of property that exists for your benefit that you do not "technically" own. It is a legal fiction used to save the wealth of rich people as well as provide a relatively tax free way to pass property to loved ones. REsearch the idea of a trust and get working fast before medical providers start getting your grandparents to assign property to them for the purpose of liens. Good luck.
2007-01-19 15:41:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
inspite of you do, do no longer placed any of you money right into a joint checking/fee reductions account with this guy. If he ever receives behind on his toddler help, legally the state can placed a carry on the account and likely take the money. except that, only save each little thing on your call. i'm no longer positive what state you stay in, yet in mine, some thing it truly is gained previously marriage isn't joint resources. make positive you record your taxes seperately to boot. Esp. if he owes any late help. If he does, any refund that you're due will be applies in the route of that and it truly is a lengthy procedure to educate what portion of it you're entitled to. so some distance because the progression is going, search for suggestion from with an criminal professional. In some states, you could purchase the progression in only your call and performance a written settlement that it is not joint resources. make positive you get or replace your Will once you're married. sturdy success!
2016-11-25 21:35:56 · answer #3 · answered by fuchser 4 · 0⤊ 0⤋
Find a good elder law attorney. We did that for our aunt and he was able to save the assets.
2007-01-19 15:43:43 · answer #4 · answered by Bill P 5 · 0⤊ 0⤋
laws change so much on this,,
normally three years on assets like these..
you needs to get an attorney asap to discuss these questions
and possible that a selll or transfer can be done to save
home and some saving...
2007-01-19 15:39:30 · answer #5 · answered by cork 7 · 0⤊ 0⤋
You can donate to care for elderly people via HelpAge India a non- profit organization.
2015-05-14 21:58:51 · answer #6 · answered by Pihu 1 · 0⤊ 0⤋
yes, the others are right, you need an atty practicing "elder law" or "trusts and estates" they will know how to make the best of this situation. good luck
2007-01-19 16:22:59 · answer #7 · answered by njyogibear 7 · 1⤊ 0⤋