U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-29-2016, 05:23 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,578,100 times
Reputation: 1973

Advertisements

Quote:
Originally Posted by lenora View Post
The cousin should reimburse her mother for the home.
Sure, the cousin is collecting her inheritance before the mother has died and is trying to stick the cost of her mothers care to the government. of course the government can undo any transfers that happened less that 5 years prior so the cousin may have more surprises in her future.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 07-29-2016, 08:19 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,578,100 times
Reputation: 1973
A good article with some statistics,
https://www.caregiver.org/selected-l...are-statistics
Future Issues
•Research suggests that if savings rates are not increased and government programs to assist the elderly are not strengthened, many retirees will face serious problems attaining needed health and long-term care services in the future. By 2030, many retirees will not have enough income and assets to cover basic expenditures or any expenses related to a nursing home stay or services from a home health provider.59
•Shorter hospital stays and increased usage of outpatient procedures—changes that have increased the effectiveness of medical care—have shifted responsibility toward unpaid providers of care from paid providers, increasing burdens on family caregivers.60

An interesting discussion with family members might be in order.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-29-2016, 08:25 PM
 
1,640 posts, read 953,030 times
Reputation: 5957
Quote:
Originally Posted by honobob View Post
Sure, the cousin is collecting her inheritance before the mother has died and is trying to stick the cost of her mothers care to the government. of course the government can undo any transfers that happened less that 5 years prior so the cousin may have more surprises in her future.
You are right - this was all thought out carefully to stick the government with the payment of care. What the cousin didn't plan on was facilities now looking for 2-3 years private payment before Medicaid. Unfortunately, six years have gone by and she will never give up the house. Her mother has lived longer than she figured on.

My husband even called the lawyer at the time, protesting the situation and indicating the aunt didn't connect with the seriousness of her actions, but was shot down. Since the aunt was mentally competent, the lawyer said it was solely her decision. Obviously we thought there were other pressures on her, but we could do nothing.

Really an infuriating and upsetting situation . . .
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-29-2016, 09:14 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,578,100 times
Reputation: 1973
Quote:
Originally Posted by shamrock4 View Post
You are right - this was all thought out carefully to stick the government with the payment of care. What the cousin didn't plan on was facilities now looking for 2-3 years private payment before Medicaid. Unfortunately, six years have gone by and she will never give up the house. Her mother has lived longer than she figured on.

My husband even called the lawyer at the time, protesting the situation and indicating the aunt didn't connect with the seriousness of her actions, but was shot down. Since the aunt was mentally competent, the lawyer said it was solely her decision. Obviously we thought there were other pressures on her, but we could do nothing.

Really an infuriating and upsetting situation . . .
If Mom has a few hundred thousand dollars and just wanted to protect the family home for generations and she had the financial knowledge to have an attorney and a viable estate plan then I can be a little sympathetic with Mom. But if that was her only asset then I think your cousin can still be in for a world of hurt. Is Mom still living in the house? I hope the attorney had the sense to protect her by at least giving her a life estate. If the daughter gets divorced the husband can claim half the house. If she has an accident she can be sued and the house can be at risk. If the lawyer did nothing to protect the Mom then Adult Protective Services might be interested in talking to him. If Mom is not aware of these potential problems she probably will want to have another attorney talk to the daughter about signing the house back.


But if all else fails,


Filial Responsibility - Lawyers.com

http://graphics8.nytimes.com/package...A/30states.pdf
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-29-2016, 10:05 PM
 
31,027 posts, read 37,064,404 times
Reputation: 13325
I think Lenora because of her professional background has a good handle on the potential crisis coming in senior health care especially when home, assisted or nursing care is needed. It could be ugly and become the ultimate inequality in our society. The current contrast between the haves and and have nots is startling and only going to get worse.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-29-2016, 10:35 PM
 
1,640 posts, read 953,030 times
Reputation: 5957
Quote:
Originally Posted by honobob View Post
If Mom has a few hundred thousand dollars and just wanted to protect the family home for generations and she had the financial knowledge to have an attorney and a viable estate plan then I can be a little sympathetic with Mom. But if that was her only asset then I think your cousin can still be in for a world of hurt. Is Mom still living in the house? I hope the attorney had the sense to protect her by at least giving her a life estate. If the daughter gets divorced the husband can claim half the house. If she has an accident she can be sued and the house can be at risk. If the lawyer did nothing to protect the Mom then Adult Protective Services might be interested in talking to him. If Mom is not aware of these potential problems she probably will want to have another attorney talk to the daughter about signing the house back.


But if all else fails,


Filial Responsibility - Lawyers.com

http://graphics8.nytimes.com/package...A/30states.pdf
"Mom" lives in the home, as does daughter who is divorced. There is a life estate provision, mainly due to my husband's questioning the legalities with the lawyer. There is virtually nothing in other assets, certainly less than one year of private pay in assisted living or skilled nursing. Small pension and smaller SS payments. Believe me, the daughter would never sign the house back as she feels totally entitled to the house (worth less than $150k). She also had the other sibs written out of the will as they "don't need it" on the same lawyer visit as turning over the house.

Daughter told Mom she would take care of her, then immediately tried to put her into a facility after the 5 years passed. Quite a surprise to daughter when not one would take her without private funds, but "Mom" is in quite good shape and wouldn't qualify anyway for Medicaid. Daughter had no clue of ADL requirements. She seriously thought she could drop off "Mom" and the government would pay!

Well, you know what they say about karma . . . I hope "Mom" lives to 100. Daughter will be alone in life afterwards as the rest of the family has written her off.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-30-2016, 04:38 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,578,100 times
Reputation: 1973
Quote:
Originally Posted by shamrock4 View Post
"Mom" lives in the home, as does daughter who is divorced. There is a life estate provision, mainly due to my husband's questioning the legalities with the lawyer.
Good for you and your husband being there as her advocate. This is part of the "Plan" that everyone can do and that is making sure people know your plan and selecting someone willing to advocate for you.

It would be interesting to know the extent of the life estate protections. Does it end if she has to go into a facility or is it actually good until her death and the facility could require the daughter to pay fair market rent to them until the mothers death?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-30-2016, 08:30 PM
 
31,027 posts, read 37,064,404 times
Reputation: 13325
Part of our plan involves multiple ways to attack the long term health care problem. Wife and I as I noted recently just sent a fee to be put on the future resident list for a very nice new CCRC. Not planning to go now but in 5-7 years or so. However part of the plan is that if one of us passes prior to having entered the surviving spouse will go within the following year and be secure and solid for the remainder of their life. Our plans for retirement have worked perfectly and we were able to lock the initial stage down and we now want to be able to do it for the second half. Yes there is reduncancy and we are paying for duplicate resources but it provides another level of security in the latter years.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2016, 02:24 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,578,100 times
Reputation: 1973
Myths of LTCi

https://www.youtube.com/watch?v=-aPMmMt312A
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-01-2016, 07:27 PM
 
Location: Guadalajara, MX
8,470 posts, read 4,104,605 times
Reputation: 15659
There are lots of stats out there, most of which are released by LTC advocacy type groups.

I find interesting:
- How many die within a year
- How many are discharged within a year
- How many are discharged within their elimination period
- How many are instead cared for with assistance from family
- How many never receive a dime despite nursing home stay
- How many policies lapse
- Any cap in length of coverage, which is what you're betting against with your premiums

I'm too lazy to find all that right now but it is worth looking into. A lot of the costs are due to higher labor costs in the United States as well, it is possible to find quality long term care in lower cost countries much more affordable, especially for dementia related care which is a large percentage of LTC.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top