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Admitted To Nursing Home WITHIN 5 Year Lookback Period 😱 

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It's common for middle class elderly Americans to transfer assets out of their name and hope that they remain out of the nursing home for a period of at least five years after the transfer was made.
Trying to protect family assets from the forced sale and spend down that is required when one enters the nursing home can be complex. To make informed decisions, you must understand your particular state's long term care rules.
For prospective law firm clients who want to schedule a free 30 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney

Опубликовано:

 

7 авг 2024

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Комментарии : 11   
@megk.4599
@megk.4599 3 года назад
Great information Paul. I learned from experience it’s prudent to think about these things well before a need arises. Thanks for education 👍.
@lindagallagher2794
@lindagallagher2794 7 месяцев назад
My mom transferred the deed to her home 5 years age and I was her caregiver spending time at the home. Who is responsible for taxes and mantaince of that home during the 5 years?
@carolapostolos8929
@carolapostolos8929 3 года назад
Excellent information and advice 👌
@williamroberts4913
@williamroberts4913 3 года назад
Paul, Thx for all your great video advice. Regarding the video on the "5 year lookback", I have a few questions that I don't think are covered or I missed. My concerns lie with funds inside the lookback period and what records are sufficient to prove their aging. Specifically, If I use the current $15,000 per person per year gifting rule, I know I need to file IRS Form 509 -OK with that and have been filing each year. But my children intermingle these gifts within their savings accounts, so will Medicaid accept their Bank Statements showing the dates the funds were deposited? Some funds in the accounts may be older than 5 years and some less. What is best documentation to prove these gifts ages beyond Form 509?? Should I make all gifts using Personal Checks so I have these for proof? What other advice/proof would we need? Thank you, Bill
@johnkleinhenz1487
@johnkleinhenz1487 Год назад
What if the $ is moved to an Irrevocable Trust and now needs nursing home in 6 months after transfer
@johnkleinhenz1487
@johnkleinhenz1487 Год назад
Great content
@emeliafeliz91
@emeliafeliz91 Год назад
What about if I gave my brother in law a check to send to me the money abroad? How do I prove them that I did not just give it ?
@susanrinaldi9131
@susanrinaldi9131 Год назад
If I sell my house and gift my family members with more than $5000 then 3 years later I go into a nursing home. Do they have to give back the money?
@FreeDom-fv8wy
@FreeDom-fv8wy Год назад
What about medicare?
@splendid_is_she1614
@splendid_is_she1614 9 месяцев назад
@FreeDom-fv8wy Medicare doesn't count in the 30 mos or five years "Look Back" period
@spiderpig24321
@spiderpig24321 Год назад
What if Grandma spends the money herself ?
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