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Old 10-01-2017, 04:26 AM
 
71,514 posts, read 71,694,121 times
Reputation: 49088

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our estate/elder law attorney has a monthly newsletter . i found this month's very interesting because it shows how careful and complex planning can be based on end goals .

it also shows why a good elder law /estate attorney is so important because each form of trust has it's own benefits and minefields .

i don't want to debate the ethics and morals of medicaid planning here . that is a different topic all together .

this is strictly to show how when you do x , y is effected and there can be consequences that were not even on the drawing board .


Last edited by mathjak107; 10-01-2017 at 04:37 AM..
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Old 10-01-2017, 08:54 AM
 
1,053 posts, read 513,755 times
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Every time I see things like this I'm glad I'm single and childless. So much easier.
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Old 10-02-2017, 03:21 AM
 
71,514 posts, read 71,694,121 times
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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 "
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Old 10-02-2017, 04:15 AM
 
Location: Ypsilanti, MI
2,437 posts, read 3,661,951 times
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Why we have Long Term Care Insurance; with all its wrinkles and warts.
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Old 10-02-2017, 04:22 AM
 
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Sorry, but I find articles like this to be vulgar. So many older voters are conservative and will talk about people mooching off of welfare. Fine. Then how do you excuse yourself from intentionally planning for years on mooching off the system when you clearly have the option of getting LTCi or just using your assets to pay for your care.
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Old 10-02-2017, 06:23 AM
 
71,514 posts, read 71,694,121 times
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medicaid planning is typically used for when the insurance runs out .


why do medicaid planning ? because the laws say you can .. these laws and tools are left in place just for that purpose . all these laws are not loop holes , they are very specific laws that allow certain protections if you choose to utilize them .

you can dislike the idea all you want but it is what it is .

in fact i specifically have a ny state partnership plan for long term care and pay hefty premiums for it . once the 3 years insurance runs out or 6 years in home /assisted living care , they protect all our assets 100% with no look back , no restrictions on income and agree to pay all bills via a special version of medicaid called extended medicaid , created for that purpose specifically .

it is designed with no asset requirements or income restrictions for the community spouse.


other states have their own versions . so having states full of impoverished seniors is not what they want .

Last edited by mathjak107; 10-02-2017 at 07:20 AM..
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Old 10-02-2017, 08:10 AM
 
11,125 posts, read 8,531,120 times
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If someone's insurance runs out, then they have to suck it up. Isn't that the common advice given to other people? Why should I pay for someone's elder care? Funny how what goes around, comes around.
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Old 10-02-2017, 08:13 AM
 
71,514 posts, read 71,694,121 times
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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 . .

Last edited by mathjak107; 10-02-2017 at 08:28 AM..
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Old 10-02-2017, 08:51 AM
 
1,053 posts, read 513,755 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 "
Lol. I'm not sure I could have been as disciplined as you were....
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Old 10-02-2017, 08:53 AM
 
2,590 posts, read 1,932,509 times
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Why care so much with will and estate planning. Just have a regular will like passing your asset to the next kin in family. You already suffer enough in life, let the alive figure it out themselves. A dead person should not worry any more.
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