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Really? Even in California? Where did you get your JD?
I know this guy is a legend in his own mind, but do yourselves a favor and see a attorney. Anybody that takes anonymous legal advice from the internet is a fool.
If you don't have a will or a trust set up, you're a selfish ***** and your kids will hate you after you die.
i hope your not talking to me because there is not one thing you stated that applies to me. anything i state comes from our estate attorney not the internet and i already stated we have wills and a disclaimer trust ... so not sure who you are referring to .
MEDI-CAL has it's own separate rules which differ from MEDICAID ... for all purposes they are not the same in many respects including counting the house for qualifying .
there are medi-cal trusts that are revocable and don't count the house for qualifying ...that is different then medicaid rules which count the house value in a revocable trust if that is what you are referring to
Last edited by mathjak107; 08-13-2019 at 09:31 AM..
Umm, I quoted you, right? So you're not an attorney, you're just passing along second hand knowledge? What could possibly go wrong?
Got any medical advice you'd like to pass along?
well i am still correct ......this stuff is nothing out of the ordinary . it has always been this way with medicaid . in fact until june 2016 it was the same for medi-cal. you needed an irrevocable trust or else the assets counted for qualifying purpose . that is how it still is for medicaid ... a house in a revocable trust is counted for purposes of qualifying , that is medicaids rules ... unless your state says other wise them rules is the rules .
I have the bulk of my estate, which are in investment accounts, already designated to pass to a beneficiary. However, he will likely predecease me.
So I need a beneficiary for those accounts and my other assets. My biggest problem is deciding on who. I have no descendants. I was going to leave a chunk to a friend, until I found out she would be one of two siblings inheriting a sizable estate from her parents.
There are charities. But I need a real person to handle selling the house and its contents, and such. I suppose I could designate the attorney who did the will.
keep in mind that moving a primary residence in to any kind of revocable living trust takes a protected asset that is not counted for medicaid purpose and unprotects it .
What are the problems of putting my brother's name on the deed to my house, (other than him selling it out from under me, which he won't do)? Does having his name on the deed avoid all this trust/will stuff?
Other than the mortgage-free house, all I have is "stuff". Some valuable, most not.
What are the problems of putting my brother's name on the deed to my house, (other than him selling it out from under me, which he won't do)? Does having his name on the deed avoid all this trust/will stuff?
Other than the mortgage-free house, all I have is "stuff". Some valuable, most not.
not sure of the medicaid ramifications in your state but usually it is considered a gift and has a five year look back on their portion for purposes of qualifying .
The presumption is that adding a name to a deed gives the person a 50% interest. So if the house is worth $250,000, adding one name to the deed makes a gift of $125,000 to that person . Such gift will then cause disqualification from Medicaid eligibility for a number of months, and if either spouse applies for Medicaid within five years of the gift, the penalty won’t start running until the date of Medicaid application. but you really need to see an attorney in your state on this .
. but it could have tax implications , he can be sued if in an accident , possibly creditor liens in some states , divorce if married , there are a lot of potential issues just adding someone to a deed .
keep in mind that moving a primary residence in to any kind of revocable living trust takes a protected asset that is not counted for medicaid purpose and unprotects it .
while the residence would not be counted if under a certain value , it now counts the dollars towards spending down ... many end up having to sell the house and spend down those dollars to qualify for long term care medicaid because their general practitioner and not an estate or elder law attorney had no idea . .
once moved in to the trust it is subject to the look back if you want to reverse it .
we have no use for a trust at this point ... but we do have a special disclaimer trust which the surviving spouse can choose to activate up to 9 months after the death of the first spouse .
we needed those because at the time new yorks estate tax cliff was to low for us .. if you went over the limit by 5% you lost the entire exclusion and paid taxes on the estate from dollar 1 .
so it lets the estate be split in to 2 irrevocable trusts if need be and pass 2x the limit .
as of now ny is high enough we wouldn't need to activate them as we really rather not subject the surviving spouse to living within the terms of an irrevocable trust
not sure of the medicaid ramifications in your state but usually it is considered a gift and has a five year look back on their portion for purposes of qualifying .
The presumption is that adding a name to a deed gives the person a 50% interest. So if the house is worth $250,000, adding one name to the deed makes a gift of $125,000 to that person . Such gift will then cause disqualification from Medicaid eligibility for a number of months, and if either spouse applies for Medicaid within five years of the gift, the penalty won’t start running until the date of Medicaid application. but you really need to see an attorney in your state on this .
. but it could have tax implications , he can be sued if in an accident , possibly creditor liens in some states , divorce if married , there are a lot of potential issues just adding someone to a deed .
We told our sister not to add us, my brothers and me in her house deed. We don’t want her liability. However, she told us her IRA has our names as beneficiaries.
We hope to never need it .... but our New York State partnership plan covers all the LTC COSTS once the 3 years insurance runs out and no assets are counted , no look back , no nothing needed ...
We went to see my coworker yesterday in a facility ..he was paying 14k a month ..he has severe Parkinson’s ...as of this month Medicaid starts paying finally ..he completed his spend down. What a nice place as far as nursing homes go
Last edited by mathjak107; 08-13-2019 at 12:59 PM..
And it costs money to create a trust A trust can be set up incorrectly just like a will can contain faulty wording
A trust usually requires paying an administrator a fee in relation to the time and effort to administer the trust
My father also had trusts set up. The attorneys I saw told me they were clueless why the attorney even did my fathers will the way he did. He said there were better ways to achieve what my dad needed done. In the end, the final will was rewrite 3 or 4 and had faulty wording, dates were wrong..
Quote:
Originally Posted by ysr_racer
Imagine how happy your son and your dad would have been if he'd had given him the tool box while he was still alive?
Me, I'll probably die with nothing left but real estate and and investments, because I give away my personal property like candy to my grandkids.
They're happy and I'm happy. Win/win.
I don't recall why we didn't bring it the 7 blocks to my house because my dad had given me a few things he wanted out of the house.
As I said, we didn't think my mother would do that to my son because he was the apple of her eye. I woke up one morning soon after my dad passed to find 2 or 3 trash bags on my porch. That's what they did to my dads stuff, bagged it like trash to give me.
Quote:
Originally Posted by Mr5150
My attorney (wife) does trusts for about $1500 to $2000. You avoid the cost of probate, which could be well in excess of tens of 1000s of dollars. Plus probate could take a year or two to distribute the estate. With a trust the distribution could be as quick as 41 days in most states. But of course you’ll be dead so it won’t matter to you.
Mediation could be expensive too. I spent close to $150,000 because I was one of 3 executors; they wanted me to step down. I refused. The mediator was an ex-judge, he told me he's never seen anyone out for blood as they were. They also wanted my dads ashes back from me, saying mine were the largest which was a lie. They had all picked theirs up and left me with 2 small containers for my kids and a container equal to 2 small ones for me. The ex-judge said there's no mediating with "people" like that.
So everyone should know that no matter who you designate as trustee, they could be forced to step down like I was.
Quote:
Originally Posted by Nik4me
Too bad in your case- even with the lawyers- no guarantees.
You should have gone with the lawyer malpractice insurance claim
Estate lawyers could be dangerous.
Read the article “ How the elderly lose their rights” - The New Yorker” - truly scary, what is going on behind those legal doors.
Thanks for posting about it. Very long article but it was a great article. Scary that seniors and their families can't do anything to stop them needing a guardian that isn't their family; even when they thought they had safe guards in place.
Once the court approved the guardianship, the wards were often removed from their homes, which were eventually sold. Terry Williams, whose father’s estate was taken over by strangers even though he’d named her the executor of his will, has spent years combing through guardianship, probate, and real-estate records in Clark County. “I kept researching, because I was so fascinated that these people could literally take over the lives and assets of people under color of law, in less than ten minutes, and nobody was asking questions,” she told me. “These people spent their lives accumulating wealth and, in a blink of an eye, it was someone else’s.”
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