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Old 10-02-2017, 09:29 AM
 
1,487 posts, read 415,557 times
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Quote:
Originally Posted by mathjak107 View Post
every time we see the grand kids we go " this is the reason we didn't kill our own kids when they were growing up "
Truer words were never spoken.
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Old 10-02-2017, 09:34 AM
 
6,800 posts, read 4,457,082 times
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Quote:
Originally Posted by mathjak107 View Post
you can argue it all you like but those are the rules and laws .

if you disagree don't do it and just resent those who do . on the other hand those who have that much in assets to worry about preservation , likely paid a whole lot in taxes too over their working lifetimes , so they see it as preserving more of what they worked for and merely seeing a piece of what they paid in to used by them instead of others , simply because the laws say they can get a piece of what they paid in to .

medicaid is funded by people who work and it is generally given to people who don't work or can't work . so why shouldn't they use their own money if they can do so legally ?

everyone will do what they see morally and financially fit for them and they are not wrong in either case in my opinion . .
Its not about legality, its about hypocrisy.
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Old 10-02-2017, 11:05 AM
 
Location: Raleigh
8,047 posts, read 5,903,506 times
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Isn't the cite of the transfer on the house from parents to children in the article incorrect? I thought the transfer would be evaluated at the value at the time of transfer, not the original purchase price for purposes of capital gains on the ultimate sale? Or is that for stocks and such property only?
It's all so complicated, I can never figure it out.
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Old 10-02-2017, 11:07 AM
 
Location: Raleigh
8,047 posts, read 5,903,506 times
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Quote:
Originally Posted by mathjak107 View Post
every time we see the grand kids we go " this is the reason we didn't kill our own kids when they were growing up "
Who's the comedian that said, "I figured out why God makes babies so cute; so you don't kill them."
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Old 10-02-2017, 11:15 AM
 
Location: Proxima Centauri
4,826 posts, read 1,993,700 times
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That had to be the most useful piece of information that I've had in months. I learned that an irrevocable trust doesn't necessarily shield assets from medicaid. I learned that a revocable trust doesn't shield assets from medicaid. Gifts can effect medicaid eligibility. Transferring assets without a trust can have tax consequences.

Thank you
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Old 10-02-2017, 11:23 AM
 
Location: Raleigh
8,047 posts, read 5,903,506 times
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Quote:
Originally Posted by mathjak107 View Post
<>medicaid is funded by people who work and it is generally given to people who don't work or can't work .<>
I sense some confusion here; perhaps it is on my part, but isn't Medicaid funded from the general tax funds?
From Bing:
"Medicaid is a jointly funded state-federal program that pays for health care services
delivered primarily to low-income families and children, pregnant women,
the elderly and persons with disabilities"

It is not to be confused with Medicare which is supposedly funded from workers contributions.
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Old 10-02-2017, 11:29 AM
 
Location: Raleigh
8,047 posts, read 5,903,506 times
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Quote:
Originally Posted by BC1960 View Post
Its not about legality, its about hypocrisy.
Judge Learned Hand (1934) said:
"Anyone may arrange his affairs so that his taxes shall be as low as possible;
he is not bound to choose that pattern which best pays the treasury.
There is not even a patriotic duty to increase one’s taxes.
Over and over again the Courts have said that there is nothing sinister
in so arranging affairs as to keep taxes as low as possible. "

Last edited by Crashj007; 10-02-2017 at 11:29 AM.. Reason: Add date
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Old 10-02-2017, 11:37 AM
 
Location: Central Massachusetts
4,800 posts, read 4,853,880 times
Reputation: 6379
Quote:
Originally Posted by Crashj007 View Post
Judge Learned Hand (1934) said:
"Anyone may arrange his affairs so that his taxes shall be as low as possible;
he is not bound to choose that pattern which best pays the treasury.
There is not even a patriotic duty to increase one’s taxes.
Over and over again the Courts have said that there is nothing sinister
in so arranging affairs as to keep taxes as low as possible. "
Tax avoidance is legal, tax evasion is not.
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Old 10-02-2017, 11:56 AM
 
13,961 posts, read 7,434,967 times
Reputation: 25467
Quote:
Originally Posted by mathjak107 View Post
you can argue it all you like but those are the rules and laws .

if you disagree don't do it and just resent those who do . on the other hand those who have that much in assets to worry about preservation , likely paid a whole lot in taxes too over their working lifetimes , so they see it as preserving more of what they worked for and merely seeing a piece of what they paid in to used by them instead of others , simply because the laws say they can get a piece of what they paid in to .

medicaid is funded by people who work and it is generally given to people who don't work or can't work . so why shouldn't they use their own money if they can do so legally ?

everyone will do what they see morally and financially fit for them and they are not wrong in either case in my opinion . .
So what happens if ACA is repealed and Medicaid goes to block grants? That crushes New York and California. Basically, divide-by-2 on the Medicaid budget. There's no money to pay for nursing homes. You want to play legal games to hide your assets from Medicaid? Fine. The state then has no choice but to start enforcing filial responsibility law.

This almost happened. It had 49 votes in the Senate last week.
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Old 10-02-2017, 12:05 PM
 
1,227 posts, read 1,261,865 times
Reputation: 4310
I'm hoping you will explain away my confusion:

So, my thinking has always been that the one thing I don't want to ever have happen to me is to be at the mercy of Medicaid. I have been told that nicer nursing homes have a habit of sending the Medicaid patients to the hospital and then not accepting them back after their hospital stay. I have been told that the nursing homes that I would be in as a Medicaid patient might not be the nicest or have the best care. I've been told that the Medicaid patients share small rooms.

I've been working really hard to make sure that there is enough money coming in monthly to cover my expenses, including in-home care or nursing home care. I've been working really hard to make sure I can afford a CCRC which will have a better quality nursing home.

What happens if you put your money into a trust and are then at the mercy of the Medicaid system? If you are going to wind up in a place you wouldn't want to be.... what happens?
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