My uncle might be forced into being put in a retirement home if his foot does not get better and he can "prove" that he can live on his own.He is 76. I am the executor of his will and I am wondering if I have him liquidate his assets now and the family stores his money in a bank so the convelecent home does not have access to it,if this is legal.After all it is his money but if he has to stay in home I am sure they will use up all his estate and then Medicare will kick in..Is this legal to "give" his money away to family so old folks home wont be able to take it all if he can't get out?He says it is just like living in prison with out the bars on the windows.I regret that oldness is wasted on the elderly.I sure don't look forward to growing old..
2007-06-01 14:49:18 · 6 answers · asked by clewis_10_1964 2 in Politics & Government ➔ Law & Ethics
You would have to disburse the estate 5 years before he enter a retirement home.They will check and so will the Government.Each family member can only receive $10,000 minus a penny a year without reporting it as an income and then again there has to be a 5 year span.
I know this as I just went thorough this about my Mother. Medicaid will not help unless one is almost destitute.
2007-06-01 14:56:16 · answer #1 · answered by ♥ Mel 7 · 0⤊ 0⤋
It is possible, and I have seen it as a trust officer for a major Baltimore-based bank.
You have not indicated whether or not "uncle" is married now or is a single man or widower. If he is currently married, it is generally recommended that marital assets be managed such that half are in husband's name and half in wife's name. An attorney will explain that more fully when you meet with him.
Retirement home expenses are variable based on the level of care required. The most expensive are skilled-care nursing homes, followed by intermediate-care nursing homes. The least expensive are assisted living homes. If somebody is currently in a hospital and is discharged to a nursing home, there is a chance that the Federal Medicare program will pick up his initial expenses for an initial period of time. Thereafter, he will be billed on a monthly basis. He doesn't have to turn over all of his money to the nursing home right away.
Your uncle, or, if he has given a power of attorney to somebody, his agent, must work out a cash flow projection to determine his sources and uses of funds while he is receiving nursing home care. Current income, of course, would include pension and Social Security income, if any, as well as current investment income. It may be necessary to develop a plan of liquidation of assets to pay his expenses.
I would recommend that he hire an Elder Law Attorney to help with his planning.
**Problems with Giving Away His Money*** I would also caution against giving away anything of value to family members at this point, because it could disqualify him from receiving Medicaid benefits in the future. The Elder Law Attorney can explain that more fully.
If your uncle has not made funeral arrangements heretofore, I would recommend "pre-paying" the funeral expenses at this point. The law permits prepayment of funeral expenses in a "reasonable" amount.
Medicaid planning would have him pay his own way in a retirement home to a certain point, and have the Medicaid program pick up the bill for his care after he has exhausted his funds.
I can't emphasize enough the need to involve an Elder Law Attorney to help your uncle.
2007-06-01 14:58:51 · answer #2 · answered by Mark 7 · 0⤊ 0⤋
He is too young to go to an old folks home. Get him into a real rehab facility such as "Health South" to make a determination on him. Medicare will pick up the costs for awhile but he will get great care in the meantime. A retirement home is the last option you should ever consider.
2007-06-01 15:03:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hiding money in order to get benefits may very well be fraud, depending on the situations and the contracts signed. The honest thing to do is liquidate his assets, and pay for a convalescent home from that money. When it runs out, medicare will come in, but may not afford him a very nice place to live out his days.
2007-06-01 14:52:42 · answer #4 · answered by Catspaw 6 · 0⤊ 0⤋
Well it would really depend on how I am about to die. If I am about to be murdered or if it's sudden I would ask for 5 minutes to think about my life, the people in my life, and I would prey. If it's another way and I have a good amount of time I would talk to the people I love and see them one last time.
2016-05-19 00:02:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You would be committing welfare fraud and he would be committing fraudulent conversion.
Is this what you want?
Other than a nursing home, why can't you convert the assets to pay for home health care?
2007-06-01 14:56:40 · answer #6 · answered by hexeliebe 6 · 0⤊ 0⤋