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10 Tips to Protect Assets When Your Spouse Needs Nursing Home Care 

ElderLawBoston
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10 Tips for Protecting Assets When Your Spouse Needs Nursing Home Care
Kathy McNair, A Massachusetts Elder Law Attorney explains important considerations for protecting assets including discussing Medicaid/MassHealth, Medicare, and steps to protect assets.
If you are in the Boston/Eastern Massachusetts area and want to learn more, please go to our website: www.seniorsolutionsinfo.com, where you can schedule a free initial consultation with an attorney or use this link:
seniorsolutions.as.me/initial...

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7 авг 2024

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Комментарии : 30   
@uncareid5557
@uncareid5557 Год назад
Great advice! My mom spent her last days in a Medicaid bed in the nicest nursing home I have ever been in, and I have been in a few. She received excellent care and my retired brother could visit her daily. She was wise enough to be generous with her kids many years before the look back. Not that she was swimming in cash. I'm very thankful for Medicare, Medicaid, and Social Security.
@SandfordSmythe
@SandfordSmythe 9 месяцев назад
Medicaid usually will limit the choice of homes since it pays so little.
@cathybateman6340
@cathybateman6340 2 месяца назад
Thank you , I love yours show it does help me to understand more about the nursing home and Medicare, Medicaid 👍💕🙏
@suzannehousden1779
@suzannehousden1779 Год назад
What a sweet blessing that message was thank you for your diligence!
@themagicofmotivation1
@themagicofmotivation1 Год назад
Thanks so much Suzanne! I am glad it helped.
@bruce8162
@bruce8162 Год назад
Thanks for taking the time to make this video. It has a lot of good information. I have saved it in case I ever need it.
@themagicofmotivation1
@themagicofmotivation1 Год назад
Thanks Bruce!
@gmad5952
@gmad5952 Год назад
Thank you for this information, though I live across the nation!
@elderlawboston
@elderlawboston Год назад
Thank you! I am glad you watched it.
@sarahgarcia4361
@sarahgarcia4361 Год назад
Thank you for this information.
@elderlawboston
@elderlawboston Год назад
Thank you! I am glad you liked it!
@marianne1959
@marianne1959 Год назад
I have been a Medicaid specialist for over 15 yrs in nursing home, assisting families who need Mdcd after being cut from their skilled Medicare stay. Totally disagree with you on the premise that we push for private funds vs trying to get their Mdcd approved. It's been my experience that Eldercate attorneys often give advice that ends up with the pt being put on a restricted Medicaid stay due to improper transfer and they take 6 months or more to get the Medicaid approved which does indeed place the facility at a hardship, essentially taking care of the resident for free. There is no urgency on the part of the attorney and it's unfair to the facility to be expected to provide free care. The attorney is collecting revenue from the client while the facility who is caring for the pt receives nothing until the Mdcd is approved.
@rhondadeakin8051
@rhondadeakin8051 Год назад
Totally agree with you. I am a Nurse who works in a small vintage non-profit nursing home in an underserved area and we have taken care of many who arrive and are unable to sign their Mdcd application and so we take care of them for months for free. It's especially hard right now b/c of staff wages rising and inflation. Right now we are trying to find used bedside tables that are in decent shape for the residents because the ones we have are falling apart. It's a very financially challenged environment right now making it even more difficult.
@redcarpetformalwear3243
@redcarpetformalwear3243 Год назад
What’s the alternative to a revocable trust which is what I already have. I will be moving to Florida. Thank you
@elderlawboston
@elderlawboston Год назад
Hello, you should probably check with an Elder Law Attorney in Florida. I wish you the best of luck!
@Dallashygienist
@Dallashygienist Год назад
Look onto medicare asset protection trust.
@BlindSquirrel425
@BlindSquirrel425 Год назад
Thank you! You've flagged some important points for my situation. 👍🏼🙏
@monarene44
@monarene44 Год назад
@@Dallashygienist It’s called Medicaid asset protection not Medicare.
@diffened
@diffened Год назад
Moving to Florida? aahahahaaaha ....Good luck living in that hell hole..................... where education and freedom go to die.
@garbo8962
@garbo8962 Год назад
My wife of 50 years has dementia and want to be able to save some of our IRA funds to our son & grandchildren. Thinking about going to a lawyer that specializes in elder care. Heard there is a five year look back but feel like just giving my son most of our money right now. He does not make much money even whole working six days a week and offered to go in on a house with a think its called mother in law area.
@elderlawboston
@elderlawboston Год назад
You have to be very careful because when you take money out of your IRA, you get taxed at your ordinary income tax rate. If your wife needs help within the next five years, it could also cause problems if you want to apply for Medicaid benefits for her. There are certain exceptions for the transfer of real estate for children who live at home with their parents and help them stay at home rather than needing nursing home care. I think you should consult with an elder law attorney in your area, because a tiny mistake could cost you lots of money. You can look at this website to find a lawyer near you: www.naela.org.
@garbo8962
@garbo8962 Год назад
Thank you.
@Brokenbones2
@Brokenbones2 Год назад
​@@carollynt You must not have kids...
@ellieanderson2875
@ellieanderson2875 Год назад
ElderlawIdaho
@monarene44
@monarene44 Год назад
Don’t transfer out funds and mess yourself up. See an elder law attorney asap.
@russm1757
@russm1757 Год назад
have you ever heard of a health care trust fund in Mass.?
@963ag
@963ag Год назад
Would having a durable power of attorney ( and naming a trusted family member) help protect the finances of the patient and prevent the nursing home from administering/ taking their money? Isn't it true that anyone on a fixed income (disability/ retirement) only receives a tiny stipend of that income if they go into a facility? ... the facility gets the rest.
@themagicofmotivation1
@themagicofmotivation1 Год назад
It is helpful to have a Power of Attorney appointed to act on your behalf if you are not able to take care of financial affairs. But that document does not provide any protection of your assets. You are correct once someone is on Medicaid benefits,, in a nursing home, they are only allowed to keep a small portion of their income each month. In Massachusetts, it is $72.80.
@penelope5500
@penelope5500 Год назад
@@themagicofmotivation1 I agree. As a former Medicaid CM I cannot see where having a POA would help w/ preserving assets.
@SandfordSmythe
@SandfordSmythe 9 месяцев назад
The facilities do need to be paid.Why would you object?
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