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With all due respect, my question does pertain to this thread, but I made a mistake and typed Medicare instead of Medicaid. Medicaid will cover a variety of in home services and supports to promote aging in place. My question pertained to whether the long term care giving I did would count for anything in mom's favor regarding her eligibility for Medicaid. Additionally, i was wondering if the five year look back comes into play for home care or just nursing home care.
I saw "Medicare" so simply said you'd likely get relevant replies if you started your own thread. Again, I wasn't being rude at all.
Quote:
Originally Posted by BlueJay10
They probably don't answer you because as you've stated, it's been asked already so you should've checked first -AND- you are being rude
Again, I was not being rude at all (and saying they didn't answer because it was asked before makes no sense -- they didn't answer it previously either). I was simply asking the poster why she should get an inheritance while taxpayers pay for her father's Medicaid. No one ever answers that, and that poster didn't either. It's not a rude question -- it's a pretty basic question.
Quote:
Originally Posted by markg91359
Legal doesn't always make it right. Anytime, an older person has assets that could be used to pay for their medical care, I believe those assets should be used up before Medicaid should be expected to pay.
Yep. But kids and grandkids do want their inheritances.
You should get a week off, you'd need to call some senior resource to find out how. All I know is it is not income based and believe it is a Federal Program. So nice of you to care for your Mom.
Regarding our IHSS, it was pretty messed up but is fixed now. It allows someone who is over the limit to "spend down" to qualify for home care. A relative, friend whom-ever can be the in-home provider.
Sounds like you've learned plenty and can hold your own with this topic, good for you. From my research, every little dime given away is going to be tracked heavily by your state.
Keep this in mind- The Secure Act 2.0 will surely go thru. It had unanimous bi-partisan support sailing thru the Ways & Means committee. As it stands for typical medical (Non-Nursing home medical) a Traditional IRA/401k (not Roths) must be in Payout status. meaning must be taking RMD's. With the Secure Act 2.0, not sure how that will work since there are no required RMD's with balances under 100k. So the IRA/401k Traditional kind may count as an asset if there is no such thing as payout status. Hope not. Just wanted to mention this in case it applies to your Mom
Mom never worked outside the home, no 401k, but I have them and just happen to take the RMD in monthly income from my closed end high yield bond funds, but I'm not required to at my age.
My accountant told me a bill was sneaked through Congress at the end of 2020 regarding children losing more of their parent's estate, but I don't know the details. Do you know if my accountant was referring to the 401k's or something else?
Anyway, if I paid a friend or relative to care for Mom, wouldn't I have to give them a W2 form and keep track of everything, like social security, taxes, etc? If so, it sounds like a lot of work.
Thanks for the kind words.
Legal doesn't always make it right. Anytime, an older person has assets that could be used to pay for their medical care, I believe those assets should be used up before Medicaid should be expected to pay.
Yeah, stick Mom in a shared Medicaid room at taxpayer expense so you can get an inheritance.
Or, perhaps ole Mom should have done a better job raising her kids to achieve well enough in life that they're not dependent on an inheritance.
Mom never worked outside the home, no 401k, but I have them and just happen to take the RMD in monthly income from my closed end high yield bond funds, but I'm not required to at my age.
My accountant told me a bill was sneaked through Congress at the end of 2020 regarding children losing more of their parent's estate, but I don't know the details. Do you know if my accountant was referring to the 401k's or something else?
Anyway, if I paid a friend or relative to care for Mom, wouldn't I have to give them a W2 form and keep track of everything, like social security, taxes, etc? If so, it sounds like a lot of work.
Thanks for the kind words.
He could've been referring to the Secure act (The first one, the second hasn't went thru yet) it forces those kids who inherit retirement accounts to take the full balance within 10 years. Offhand I don't know what happens when you don't but prior, you had your entire lifetime to empty the balance. As with everything, there may be some exemptions which usually apply to a select few but if you plan ahead, and clearly you have that mindset, it may make a difference.
We aren't wealthy so 10 years is plenty of time for us but for many, I do feel for them. Cost of living here in California is nuts so to be forced to take it in a decade timespan then pay more taxes seems unfair. I mean it is a GIFT for goodness sakes. A gift that taxes were already paid on.
I swear, cash under a pillow is looking better and better. People say it de-values but what does paying taxes do? Stuff it in a safe, save 15% on taxes, no one knows it;s there so you'lll look poorer on paper. Anyhow i'll stop rambling now....
He could've been referring to the Secure act (The first one, the second hasn't went thru yet) it forces those kids who inherit retirement accounts to take the full balance within 10 years. Offhand I don't know what happens when you don't but prior, you had your entire lifetime to empty the balance. As with everything, there may be some exemptions which usually apply to a select few but if you plan ahead, and clearly you have that mindset, it may make a difference.
We aren't wealthy so 10 years is plenty of time for us but for many, I do feel for them. Cost of living here in California is nuts so to be forced to take it in a decade timespan then pay more taxes seems unfair. I mean it is a GIFT for goodness sakes. A gift that taxes were already paid on.
I swear, cash under a pillow is looking better and better. People say it de-values but what does paying taxes do? Stuff it in a safe, save 15% on taxes, no one knows it;s there so you'lll look poorer on paper. Anyhow i'll stop rambling now....
I stayed in southern California for three months about ten years ago, the third day I was there I get a $400 red light camera ticket, after I spent so much money on the trip, that's how I was rewarded. The locals told me it was a trap to be avoided after I got the fine, three separate traffic lights over three lanes with a railroad crossing besides. I was following the GPS and didn't know which traffic light was controlling which lane and by the time I figured it out, I must have very slowly passed the red light. The judge wouldn't reduce my fine, yet when my cousin got a red light camera ticket he paid nothing, the judge let him slide because he is a local Ca. resident college student. The camera fine in NY is $50. Needless to say, I will never go back, but you live in a beautiful state, too bad they want unsuspecting tourists to pay their bills with heavy fines.
BTW, I like how you think about financial issues, you might as well hide money in the floor boards with the low yielding interest rates and the government ready to grab more and more.
I stayed in southern California for three months about ten years ago, the third day I was there I get a $400 red light camera ticket, after I spent so much money on the trip, that's how I was rewarded. The locals told me it was a trap to be avoided after I got the fine, three separate traffic lights over three lanes with a railroad crossing besides. I was following the GPS and didn't know which traffic light was controlling which lane and by the time I figured it out, I must have very slowly passed the red light. The judge wouldn't reduce my fine, yet when my cousin got a red light camera ticket he paid nothing, the judge let him slide because he is a local Ca. resident college student. The camera fine in NY is $50. Needless to say, I will never go back, but you live in a beautiful state, too bad they want unsuspecting tourists to pay their bills with heavy fines.
BTW, I like how you think about financial issues, you might as well hide money in the floor boards with the low yielding interest rates and the government ready to grab more and more.
Yes the criminal justice system is running wild here convicting people like mad. They just want money, not necessarily jail time. I wish we could move but we have family here so it's not feeling like an option.
Yes it is beautiful, especially where we are at. Clean AiR & Water, we cycle alot yet we are in the Sierra Mountains about 1 hr from Reno
Mom never worked outside the home, no 401k, but I have them and just happen to take the RMD in monthly income from my closed end high yield bond funds, but I'm not required to at my age.
My accountant told me a bill was sneaked through Congress at the end of 2020 regarding children losing more of their parent's estate, but I don't know the details. Do you know if my accountant was referring to the 401k's or something else?
Anyway, if I paid a friend or relative to care for Mom, wouldn't I have to give them a W2 form and keep track of everything, like social security, taxes, etc? If so, it sounds like a lot of work.
Thanks for the kind words.
If your accountant told you that, you need to call HIM/HER and ask for the details. But I can tell you that nothing has passed...yet. Good ol' Bernie Sanders (who clearly lives in another world) has proposed reducing the estate exemption from 11.7 million, to 3.5 million for 2021, and then down to ONE million for 2022. THAT will affect a whole helluva lot of people. It would not have affected my parents, as they really had no estate to speak of - everything was in our names already.
If your accountant told you that, you need to call HIM/HER and ask for the details. But I can tell you that nothing has passed...yet. Good ol' Bernie Sanders (who clearly lives in another world) has proposed reducing the estate exemption from 11.7 million, to 3.5 million for 2021, and then down to ONE million for 2022. THAT will affect a whole helluva lot of people. It would not have affected my parents, as they really had no estate to speak of - everything was in our names already.
Now I remember I asked my accountant what was going on with the 401k's in case I had something to worry about, he responded talking about legislation being sneaked in last year regarding children getting less in inheritance. That part of the changes to 401k's doesn't pertain to me if it's passed or passes, so I have no reason to call him about it. Other parts of it pertain to me, like raising the RMD age, so I'll have to keep up on what changes take place.
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THAT will affect a whole helluva lot of people. It would not have affected my parents, as they really had no estate to speak of - everything was in our names already.
