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Old 12-26-2015, 08:07 AM
 
Location: Ponte Vedra Beach FL
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No one has mentioned an important point. That many good places either don't accept Medicaid residents at all. Or they only accept a few under very limited circumstances. The best SNF in my area wouldn't accept someone who has done what the OP is thinking of doing (its rules are quite explicit). Robyn
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Old 12-26-2015, 08:10 AM
 
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that is a very valid point . many nice places in the tristate area only keep a certain amount of beds for medicaid patients day 1 .

but if you are already in and are a resident then they have no problem keeping you once you transition to medicaid .
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Old 12-26-2015, 10:11 AM
 
Location: Near a river
16,042 posts, read 18,982,141 times
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Quote:
Originally Posted by Robyn55 View Post
No one has mentioned an important point. That many good places either don't accept Medicaid residents at all. Or they only accept a few under very limited circumstances. The best SNF in my area wouldn't accept someone who has done what the OP is thinking of doing (its rules are quite explicit). Robyn
You're right, but many who go into assisted living or SNF have a lot of money that these facilities can take before the residents spend down to under $2000 to receive Medicaid. That is likely why their monthly rates are so high, so they can skim the cream off the top of the residents' assets during the first 5 to 10 years or so, then by the time the residents spend down to Medicaid eligibility many of them would not live a whole lot longer anyway. I have had three quite wealthy elder friends in upscale facilities who did spend down over a number of years to the point Medicaid picked up the tab thereafter, and these friends were not kicked out or even sent to a shared room. Two died within just a few years of that point.
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Old 12-26-2015, 10:28 AM
 
Location: Florida
4,366 posts, read 3,704,692 times
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Quote:
Originally Posted by Harpaint View Post
Why would she put it in a non revocable trust? I sure wouldn't. She can be the trustee. She can choose a trusted person to be trustee either temporarily or permanently if she becomes unable. Upon death and after her bills have been paid, the remaining assets are distributed according to the directions spelled out in the trust.

I do not know if a trust can be used to hide assets from medicaid. I very much doubt that it does, and I hope not.
I agree and I would not either. That is one reason I said to get a second opinion from an attorney (ie one not trying to sell trusts). I do not think the OP understands what he is considering and fortunately he is trying to get an education in advance of the meeting.
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Old 12-26-2015, 10:55 AM
 
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at one time medicaid divorces were an option .

it isn't easy to get what is called a medicaid divorce in many states which is usually what was done when a major health event happened .

two very powerful laws here in ny have been upheld and there are very very few medicaid divorces today .
all court actions are now pretty much based on right of refusal .

our two laws that pretty much killed off medicaid divorce are :

(1) Section 5-311 of the General Obligation Law which provides that except as provided in Section 236 of the Domestic Relations Law, a husband and wife cannot contract to relieve either his or her liability to support the other in such a manner that he or she will become incapable of self support, and therefore likely to become a public charge; and

(2) Family Court Act Section 415 which provides that the spouse or parent of a recipient of public assistance or care, or of a person liable to become in need thereof, or a patient in an institution in the department of mental hygiene if of sufficient ability, is responsible for the support of such a person. The Court has the discretion to require any such person to contribute a fair and reasonable sum for such support (child up to 21 years of age).

also if it is eventually determined that a divorce is to be pursued, the divorce needs to satisfy all of the requirements of the Domestic Relations Law, such as establishing one of the requisite grounds for a divorce. This may be difficult to accomplish because of the illness or disability of one spouse
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Old 12-26-2015, 01:06 PM
 
9,683 posts, read 15,871,097 times
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Originally Posted by Blanco111 View Post
In a couple of weeks I will be meeting with an estate attorney to discuss setting up a trust to protect my "estate" should I need to go into an assisted living arrangement. (I'm 63 and perfectly healthy.) The purpose is to have medicare pay for my assisted living, and I wouldn't have to deplete all my assets first to qualify. An investor I work with suggested I do this. She said the asset protection takes effect in five years from the date the trust is completed. The estate attorney charges about $2,000 to set up the trust. The initial consultation is free. Does anyone know anything about this? I once heard there's insurance you can purchase to protect your assets, but that's not what this is.


First of all, get your terms straight. Medicare does NOT pay for nursing home care beyond the first 60 days. MEDICAID pays nursing home facilities when assets have been depleted.


Medicaid is a state program. One question to ask is what if you move to another state? Will Medicaid in that state pick up your care? Are the provisions, look-back period, etc the same? I've heard horror stories of people being stuck in one state on assisted care while their families are in another state....Good you're checking things out now. Many people don't know these things until after the fact and all they can do is react o the situation.
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Old 12-26-2015, 01:16 PM
 
Location: Central IL
15,246 posts, read 8,538,301 times
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Quote:
Originally Posted by Blanco111 View Post
Okay. I did a quick Google search. It is Medicaid. And it's for nursing homes. To tell you the truth, I don't even know the difference.

Update: I just learned the difference between nursing homes and assisted living.

But it does get very confusing.

Thanks for all your comments. Very helpful. I'll hear what the lawyer has to say. Something I'm not looking forward to.
It sounds like you need to do a lot more research on your own before paying an attorney to do something that won't even help you. There are a lot of schemes out there to try to get out of the Medicaid "look back" period but be careful what you are paying scammers to do for you!
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Old 12-26-2015, 02:00 PM
 
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the states all have different waiting periods to apply for medicaid as far as how long you need to be a full time resident as well as different requirements to qualify .

http://longtermcare.gov/medicare-med...more/medicaid/
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Old 12-26-2015, 02:08 PM
 
1,075 posts, read 1,118,445 times
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Originally Posted by metalmancpa View Post
See what your attorney plans. It's a wise move for Medicaid planning. If you don't plan early enough, an alternative measure would be to convert assets to annuities, but those are expensive. The idea is to shield the assets from the 5 year lookback period IF you had to go to a nursing home, giving you the best chance to preserve assets in your estate for beneficiaries.
You can purchase a immediate index annuity in the well spouses name. But it has to meet all of medicaid's requirements to qualify. It has to be for a term shorter than the annuitants life expectancy, monthly equal payments and no cash value. Medicaid has to be named as the benificiary.
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Old 12-26-2015, 02:12 PM
 
71,648 posts, read 71,777,271 times
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here are the details

Annuities and Medicaid Planning | ElderLawAnswers.

these are usually not the best way to plan . there are quite a few reasons for not doing it as well as much better options.

http://www.tn-elderlaw.com/resources...buy-an-annuity

Last edited by mathjak107; 12-26-2015 at 02:24 PM..
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