Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That is what I see in OP's posts - I, me and myself. Mom is already out of the picture and dad is not in it.
Nice selective reading and highlighting. You ignored all of the other pertinent parts around that in order to fit your narrative that the OP is greedy.
Midwest,
you likely didn't intend for a semantics response. But I have to admit I'm going to use your line from now on..."a responsible spend down strategy." And under that umbrella, I personally believe that would include asset protection strategies, of course.
but of course...we don't make the rules, we just play within them.
I think you missed the point. The spend down of assets HAS to happen. The mother is about to go really quick to a very tight budget lifestyle. Medicaid rules are written and can be interpreted to make those last few years/months/days more comfortable...and planners will tell you what is Exempt vs Non Exempt purchases.
The idea of careful planning of the spend down being hypocritical is rediculous. If that was the case then every lawyer, accountant, and financial planner would cease to operate.
Had the OP simply asked about a responsible spend down strategy instead of entitlement for themselves, then such raw emotion wouldn't have been stirred up.
The fate of America's Economy does not simply rely on this one occurrence. If you want to argue about the politics involved, please post a thread in the politics forum.
She's not asking for a spend down strategy. She's asking how to get free medical care while hiding assets. This bothers me whoever does it and yes, it bothers me even more that she wants to preserve her mother's money for herself.
I never said the fate of the economy is based on this once occurrence. But it takes a huge beating when at least 70% of the population (at least the population in this thread) is doing this.
Lawyers and financial planners serve other purpose as well. But even if they did not, entitled posters such as the OP and many here would certainly keep them in business.
OP was asking for advice. My advice is that she rethink her motivations and entitlements behind her question.
As long as health care is treated as a property right and not a moral right in this country, I feel zero compulsion to "feel bad". Because health care is a property right, I will use any legal means to protect as much of my family's property as a prudent financial planning decision.
But this isn't this about property rights? You're haven't said anything to suggest that your mom is being denied medical care, only that you don't want to use her money to pay for it. Money = property.
Even if I wasn't the beneficiary, I don't see why my mom should have to spend all of her Roth IRA that she worked so hard to save and invest smartly because of the extremely, ridiculously low chance and bad luck of getting a brain tumor. It's not like she smoked all of her life or is obese and is now trying to get the state to pay for her poor choices. It's not her or our fault, and our family shouldn't have to suffer for it.
How is it that you family will suffer if she has to use her IR? If she hadn't gotten sick and been able to enjoy many more years of life she likely would have started spending the IRA. So please explain this so called suffering to me?
How is it that you family will suffer if she has to use her IR? If she hadn't gotten sick and been able to enjoy many more years of life she likely would have started spending the IRA. So please explain this so called suffering to me?
That much is true if The OP'S mom were to live a long time and spend her IRA on herself, or start taking the required minimum withdrawals as required, unless she gifted you the money or put in in another account for the OP -- he still might not receive any of the money.
That's why trying to defend against critics isn't the way to go, for the OP or anyone else.
The mistake the OP has made is trying to defend himself. NOT because asset protection is INdefensible, but because you can't win when getting into that type of discussion with some people.
If the OP's mom can't spend it on herself, and the OP's mom needs care why shouldn't the the OP spend it on that care? The OP says because his mom wanted him to have it, (should something happen to her before it's spent).
Critics say -- and it's true -- that that may be true but UNTIL she dies it's HER money -- and if the mom needs care the money should be spent on HER....because -- let's say it again -- UNTIL she dies -- it's HER money. Which takes us back to the start of the circle and the OP saying -- yes it is her money, and her wish is for me to have it.
That endless roller coaster aside -- there are legal and very legitimate ways to protect and preserve those assets. Those options can be exercised or not. I take it none of the OP's critics would choose to use those options and that's their choice to make.
"How do I protect my mom's Roth IRA from Medicaid and/or medical creditors? "
By committing Medicare fraud.
ummm....Medicare isn't even in the picture yet. You do understand the difference between Medicare and Medicaid....RIGHT? You should read up on it and then post back .
ummm....Medicare isn't even in the picture yet. You do understand the difference between Medicare and Medicaid....RIGHT? You should read up on it and then post back .
I suppose so. But that's not the topic at hand. Not even close.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
