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You aren't eligible for Medicaid until virtually all your assets are gone. And if you try and get Medicaid while hiding assets, you'll go to jail, on top of losing the assets.
After my Dad scrimped and saved his whole life, ending up in a nursing home at $6,000 a month (7 years ago) quickly took his life savings. Had he NOT saved that nest egg, Medicaid would have picked up the entire tab.
I'm not sure why anyone works hard and tries to save money anymore.
You aren't eligible for Medicaid until virtually all your assets are gone. And if you try and get Medicaid while hiding assets, you'll go to jail, on top of losing the assets.
After my Dad scrimped and saved his whole life, ending up in a nursing home at $6,000 a month (7 years ago) quickly took his life savings. Had he NOT saved that nest egg, Medicaid would have picked up the entire tab.
I'm not sure why anyone works hard and tries to save money anymore.
Yes, my grandmother was very ill (near death) a few years ago and that's when my family became familiar with the 5-year lookback law that prevents people from divesting assets to immediate family members when someone gets sick. Luckily, my grandmother is still alive and her assets have been transferred over to my mother and her siblings. If she makes it past the 5 year mark, those assets will be untouchable and legitimately owned by my mother, etc.
I highly recommend anyone who seeks to protect family assets from being taken by the government to pay for health-related services in the sunset years that they divest assets sooner rather than later. There needs to be a 5 year gap between divestiture and a related death in the family. Otherwise, Uncle Sam gets it.
It appears that Obamacare took this old provision of the law and injected it with steroids. That's shameful.
Yes, my grandmother was very ill (near death) a few years ago and that's when my family became familiar with the 5-year lookback law that prevents people from divesting assets to immediate family members when someone gets sick. Luckily, my grandmother is still alive and her assets have been transferred over to my mother and her siblings. If she makes it past the 5 year mark, those assets will be untouchable and legitimately owned by my mother, etc.
I highly recommend anyone who seeks to protect family assets from being taken by the government to pay for health-related services in the sunset years that they divest assets sooner rather than later. There needs to be a 5 year gap between divestiture and a related death in the family. Otherwise, Uncle Sam gets it.
It appears that Obamacare took this old provision of the law and injected it with steroids. That's shameful.
Yep!! You can legally transfer $10K/year of your estate tax free to anyone you want. The key is to start early to divest yourself of your lifes earnings before some leech gets it courtesy of the government.
You have to pass it to find out whats in it............
Newsflash! The hospital/medical center can put a lien on everything you own to pay any medical bills that were not covered by insurance. This was the case for several decades now.
Yes, my grandmother was very ill (near death) a few years ago and that's when my family became familiar with the 5-year lookback law that prevents people from divesting assets to immediate family members when someone gets sick. Luckily, my grandmother is still alive and her assets have been transferred over to my mother and her siblings. If she makes it past the 5 year mark, those assets will be untouchable and legitimately owned by my mother, etc.
I highly recommend anyone who seeks to protect family assets from being taken by the government to pay for health-related services in the sunset years that they divest assets sooner rather than later. There needs to be a 5 year gap between divestiture and a related death in the family. Otherwise, Uncle Sam gets it.
It appears that Obamacare took this old provision of the law and injected it with steroids. That's shameful.
Let me make sure I understand this post. You are advocating using the government teet (i.e. taxpayers money) to pay for long term care instead of personal responsibility. Wouldn't this preference be consistent with socialized healthcare?
Yep!! You can legally transfer $10K/year of your estate tax free to anyone you want. The key is to start early to divest yourself of your lifes earnings before some leech gets it courtesy of the government.
Why don't we just get it over with and have a National healthcare system. You are already advocating that taxes cover the medical care of whomever you advise to divest their assets.
You aren't eligible for Medicaid until virtually all your assets are gone. And if you try and get Medicaid while hiding assets, you'll go to jail, on top of losing the assets.
After my Dad scrimped and saved his whole life, ending up in a nursing home at $6,000 a month (7 years ago) quickly took his life savings. Had he NOT saved that nest egg, Medicaid would have picked up the entire tab.
I'm not sure why anyone works hard and tries to save money anymore.
Newsflash! The hospital/medical center can put a lien on everything you own to pay any medical bills that were not covered by insurance. This was the case for several decades now.
They are seizing assets for what Medicare pays, not what the individual owes.
They are seizing assets for what Medicare pays, not what the individual owes.
Do you mean "Medicaid?" Again, this is nothing new.
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