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That would defeat the purpose. But yes, we'll have a little $$ saved, and we are inheriting $500 thousand dollars + a 350 thousand dollar house soon.
But this is not part of my question
I am not going to be sorry though nothing is guaranteed.
You have no idea what you are talking about nor does this have anything to do with my question.
Unfortunately I know exactly what I am talking about with regards to my question. I wish it were not so
If you have $500k you won't qualify. You'll have to spend down first.
what markets do not co-operate and they need that long term care money when markets are down 50%
the problem with self insuring , and i was guilty of it too before we were shown why , is you cannot invest money ear marked as insurance in volatile investments like all your other money can be if it is long term money .
money ear marked for insurance needs to be stable and that means low returns .
we were once featured in money magazine and their team of pro's argued with me on this .
they were correct . so doing the math showed that taking a ny partnership plan for 1% of the long term returns allowed us to have that money invested in volatile assets and generated more than trying to self insure improperly .
There are gift limitations. If you gift it to your son during your lifetime, you will have to stay within those annual gift guidelines or be taxed on it, as will your son. If you leave it as part of your estate, it will be subject to recovery by the government. IHSS is for those truly in poverty, not those who give away their money so that they can use taxpayer money for insurance they could have bought for themselves.
IHSS is Taxpayer funded. Taxpayer money is MY money. I don't give a hoot if you lay your own eggs. If you hide assets or attempt to "work the system" you are ripping ME and the other taxpayers off.
I ran this one by my wife, who works as a Claims Authorizer for Social Security (above the benefits authorizers you may interface with at local field offices).
She said she understood what the OP is trying to do: essentially insure against a catastrophic event. To answer the OP's question directly, yes, she doesn't have to file for SS payments, it would just get dicey with Medicare Part B if the OP wanted that.
She then said this is a very dangerous game, essentially the OP is trying to thread a needle. If IHSS requirements change between now and FRA, she's screwed. If SS rules change between now and FRA, she's screwed. If one or both had to go on disability before FRA, they're screwed. She listed a few more scenarios, but you get the idea.
It'd probably be best then to save as much as possible, and live off that interest. If a catastrophic event comes up, you have the nest egg you can raid. If a catastrophic event doesn't come up, your children get more financial security. Win-win, less risk.
Correct
Again, the use of IHSS in California doesn't result in your estate being grabbed by the government. Stop pushing lies, you've been corrected already. The use of MEDICAID as a health insurance policy does. LTC can. We call this program Medi-Cal here in California. It is a health program/policy for those whose income is within what the government has deemed "poverty level"
IHSS is for whomever qualifies. This is YOUR OWN wording. No one whom has given away money to their kin or anyone else earlier in life is excluded from IHSS except if that money is substantial and has been gifted within 5 years of applying for this service. And even then, you may qualify but only after a disqualification period.
And Social Security is MY MONEY going to YOU someday. So get off your high horse, we're all paying into the various kitties in some way or another. You have little credibility anymore, even after being corrected multiple times. And your crazy criminal imagination, take it somewhere else. Actually don't, instead try to obey the law instead. This is my thread. Stop your drama and false accusations. Your hoodlum mindset is getting annoying.
You're going to inherit $850k, and rather than using the income from investing that to fund LTC insurance, you're trying to hide your assets to game the system. Then you get huffy because people call it what it is.
If you really could live on just $1875 in total income even today, and you weren't interested in scamming the system in the future, you wouldn't bother saving anything. You'd spend like a drunken sailor now, and then blow through that $850k, too, so you wouldn't have any assets you'd have to spend down in order to qualify for aid. That you're sooooo interested in trying to maintain the fiction of being poor in your retirement says that you plan the opposite.
Well, guess what, you're not ENTITLED to bilk the US taxpayer in order to pass on an inheritance to your children if you or your spouse happen to need long-term care. If you want to protect your assets in case you need LTC, then buy insurance.
Umm, I guess you could have called the Social Security Administration directly instead of getting huffy with people taking time to try to help you.
^^^
Quote:
Originally Posted by Rubi3
Why don't you ask Social Security?
It's probably not the best idea to call the FBI to give you pointers on how best to launder drug money ... nor the SSA on how to game the system. I'm sure the OP's insistence on keeping the family's total below $1875 would be what raised red flags ... just like it did for posters on this thread.
Gawd bless these spousal schemes...er, strategies.
The SSA had better jettison these "enhanced benefits" for those who didn't earn them, before they reduce (or eliminate) the benefits of ONE PERSON who's collecting based on his or her own work record.
It's this type of garbaghe that's burdening the system.
There have been some rumblings that Congress may look into revamping current spousal benefits rules, especially since the manipulation of these rules primarily benefit upper income SS recipients.
here in new york the courts have been supporting the right to say no law along with ct and florida .
our estate attorney told us that the courts have been ordering medicaid to find a reasonable payment that a spouse can afford without a change in lifestyle or impoverishment .
it started with a ruling by the high court in ct who refused to impoverish the people of his state because we have a poor long term care system here .
so he ordered medicaid who was suing a spouse who said no , to find a suitable payment amount .
ny and florida have adopted the ruling and our estate attorney who normally has many cases between medicaid and folks not paying has none now on the calendar . only negotiations at this point
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My gawd, inheritance of $850k (cash and real estate), ages 46 and 54 - it could be 15-30 years or more before LTC is needed - IF EVER.
I am of the firm belief, if one is working, one does NOT turn down the possibility of earning MORE just because you might have retirement income which wouldn't qualify you for a welfare benefit 20 years hence.
No. 1, it's wrong thinking, No. 2, you have no way of knowing if that benefit will be there IF you need it or what the requirements will be at that time to qualify. Given the opportunity, you take the opportunity to earn more unless your current relationships w/husband/children would suffer. US is land of opportunity. Many people don't have any. Be grateful you aren't one of them.
The more you earn now, the more you can save, the greater your SS benefits, the higher your retirement income, the easier your life is when that time comes. That is a GOOD thing. That $850k inheritance in 20 years could be worth, easily, over $2.3 million if it just compounds at 5%. Invested properly, your returns should exceed that.
There is no problem here except very small thinking, imho.
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