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Old 11-23-2011, 10:58 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,548 posts, read 39,934,465 times
Reputation: 23673

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Quote:
Originally Posted by PatRoy1 View Post
Usually the requirement is that you "spend down" all assets to a couple thousand dollars. You can keep your home, I believe. I guess ... or so I've been told, if your income is over $1600 and you do not require nursing care such as would be provided in a SNF, you are on your own.

I found a provision to allow some clients to keep some assets.

I just had to position a second home asset for a couple preparing for Medcaid / VA assitance. Their DIL and grandkids are in this house I didn't know they owned. (Their son passed away quite young).

I added the DiL as a 'partner' in ownership, thus the senior couple DO NOT have 100% control of the asset (Nor have they 'gifted' / transferred it (which would not work either)). When property is held in partnership, the elderly person needing to spend down that asset to qualify, does not have 100% control to do so. Thus it is not considered expendable / available for asset contribution.
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Old 11-24-2011, 03:29 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,819,764 times
Reputation: 8293
The Scary part of spending down is whether or not MediCare will be allowed to exist and how the states are changing it. Once you are spent down you are destitute
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Old 11-24-2011, 07:42 PM
 
Location: Near a river
16,042 posts, read 18,971,705 times
Reputation: 15649
Quote:
Originally Posted by StealthRabbit View Post
I found a provision to allow some clients to keep some assets.

I just had to position a second home asset for a couple preparing for Medcaid / VA assitance. Their DIL and grandkids are in this house I didn't know they owned. (Their son passed away quite young).

I added the DiL as a 'partner' in ownership, thus the senior couple DO NOT have 100% control of the asset (Nor have they 'gifted' / transferred it (which would not work either)). When property is held in partnership, the elderly person needing to spend down that asset to qualify, does not have 100% control to do so. Thus it is not considered expendable / available for asset contribution.
In "partnership," are both names on the deed?
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Old 11-25-2011, 01:52 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,548 posts, read 39,934,465 times
Reputation: 23673
Quote:
Originally Posted by newenglandgirl View Post
In "partnership," are both names on the deed?
YES, they all need to show ownership RIGHT but not necessarily equal equity.

Certainly not in this case.. The DiL has no $$, but I did convince her to start making minimal monthly payments to elderly partners to show INTENT to purchase / acquire equity. I also have DiL pay taxes and utilities, tho both parties share in repairs and Insurance.

There are probably few cases this can work well (benevolent and responsible family / friends).

Now the elderly folks get dinged for the monthly income of 'payments' on house, but are not required to sell and spend down the entire asset.
(their cost of care far exceeds monthly income)
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Old 11-25-2011, 10:48 AM
 
Location: SW US
2,218 posts, read 2,034,725 times
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Quote:
Originally Posted by Boompa View Post
The Scary part of spending down is whether or not MediCare will be allowed to exist and how the states are changing it. Once you are spent down you are destitute
Medicaid not Medicare pays for nursing homes and requires spending down.
It may be even more at risk than Medicare since it helps poor people.
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Old 12-04-2011, 02:33 PM
 
2 posts, read 1,821 times
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Yes, I know about the Nov-Apr heating, but here in NC we heat (not as much, granted) from sometime Dec to March and then on goes the A/C until maybe Nov. Sometimes we get a month in the spring w/out some kind of temperature alteration, but not often. Price-wise, it comes close to or surpasses (some years) the heating costs of NH. I prefer it colder, but I've had my share of the ice storms, winter winds, blizzards, etc. That's why I am trying the snow-bird approach. I do realize though, that moving about twice a year is a pain and also stops you from being committed to either place for long-term things (certain volunteer work or any work, clubs, socio-political endeavors of any sort, etc). I've never tried that--maybe a certain detachment will be fun.
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Old 12-04-2011, 03:15 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,577,349 times
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Quote:
Originally Posted by Texas User View Post
Which CA cities have very low cost of living?
Paradise and Magalia, also Oroville is affordable in comparison to other CA cities. You can get to the bay area in about 3.5 to 4 hours.
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Old 12-04-2011, 07:04 PM
 
Location: Prospect, KY
5,288 posts, read 17,955,447 times
Reputation: 6544
Quote:
Originally Posted by Escort Rider View Post
Lots of hyperbole in the above post. I have also lived in California for a long time (48 years) and I still do. California is a big state, so big that you might as well talk about the cost of living in the United States. Things like groceries and haircuts are really no more expensive than anywhere else - and yes, I travel quite a bit and buy groceries and meals in other states. Within walking distance of my townhouse there are three or four hair places where the price of a haircut varies from $8 to $15. And that is not in a "sub-par" neighborhood, but in a clean, safe, middle class area.

Did you live in the San Fransisco Bay area? If so, that would explain your post. That is an outrageously expensive area, especially for the cost of housing. In Los Angeles, there are certain chi-chi neighborhoods that are also quite expensive, and there are also clean, safe, nice areas that are much more reasonable, and there are also "sub-par" areas.

Gasoline is, like you say, more expensive in California because the environmental controls are stricter, but we are talking about perhaps 20 or 30 cents per gallon more. Unless you drive a whole lot, that is just negligible.

In California, you don't have to "not run your heater in the winter" to have reasonable utility bills because (unless you live in the mountains) the winters are so mild that we run our heaters just a small amount. Ususally we have a few light frosts overnight every year, but last winter I don't remember a single one.

You must think that every neighborhood that is not in a chi-chi area is "sub-par" but that is absolutely untrue. People read posts like yours and come away with a skewed view of what it's like to live in California, cost-wise. Pay close attention to what I have been saying. I am not claiming that California is a low cost-of-living state. In many other states there is indeed a lower cost-of-living, and also lower taxes. I am just trying to correct your over-wrought exaggerations.
I lived in So. California for almost 58 years and I never lived in an exclusive neighborhood - stricktly middle class. My post is not full of hyperbole - it is based on living in so. California for over half a century - I was born there. I have also handled all the money in our family for the last 35 years.

I have a good base of cost comparison because we retired to another state where many things are cheaper than in our Southern California area. Our standard of living took a big turn upward when we retired and moved out of So. California. We have lived in Kentucky for 3 1/2 years now and we have more expendable cash, a bigger, nicer house, more property, more investments and savings and nicer cars than we did in So. California - yet we make no more money here than we did there.....hmmm, could it possibly be that it costs less money to live here?
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Old 12-04-2011, 11:07 PM
 
Location: Los Angeles area
14,018 posts, read 17,732,288 times
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Quote:
Originally Posted by Cattknap View Post
I lived in So. California for almost 58 years and I never lived in an exclusive neighborhood - stricktly middle class. My post is not full of hyperbole - it is based on living in so. California for over half a century - I was born there. I have also handled all the money in our family for the last 35 years.

I have a good base of cost comparison because we retired to another state where many things are cheaper than in our Southern California area. Our standard of living took a big turn upward when we retired and moved out of So. California. We have lived in Kentucky for 3 1/2 years now and we have more expendable cash, a bigger, nicer house, more property, more investments and savings and nicer cars than we did in So. California - yet we make no more money here than we did there.....hmmm, could it possibly be that it costs less money to live here?
You need to re-read my post, particularly the last paragraph where I stated that California is a high cost-of-living state. So I have no quarrel with your final statement; of course it costs less to live in Kentucky - that was never the issue. The issue is the degree of difference. You used exaggerated language, for example "eating beans for dinner every night", and not running the furnace in the winter, and "eke out a living", as if that were what is required to live in California. You didn't just state your case, you wildly over-stated it, and that's what I took issue with.
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Old 12-05-2011, 12:59 AM
 
Location: Prospect, KY
5,288 posts, read 17,955,447 times
Reputation: 6544
Quote:
Originally Posted by Escort Rider View Post
You need to re-read my post, particularly the last paragraph where I stated that California is a high cost-of-living state. So I have no quarrel with your final statement; of course it costs less to live in Kentucky - that was never the issue. The issue is the degree of difference. You used exaggerated language, for example "eating beans for dinner every night", and not running the furnace in the winter, and "eke out a living", as if that were what is required to live in California. You didn't just state your case, you wildly over-stated it, and that's what I took issue with.
For some retirees living in California, especially So. California would be an extreme hardship. I knew quite a few seniors who had a hard time making ends meet as they lived primarily on SS. They could have made their income stretch further in another state.

You accused me, not so indirectly, of being rich, which I am not. Having worked as the president of a very large woman's group with international chapters, I am well aware of the financial struggles that some seniors face. Saving even a few hundred dollars per year can literally make the difference for some seniors between eating a healthy diet or eating beans (or worse) and staying warm in the winter or not be able to run their furnace on a regular basis when it is cold. If I was on a limited, frugal income, I would not live in So. California.
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