How To Protect Assets From The Nursing Home 

100's that I have watched, this has to be the most CLEAREST, SIMPLE, to the POINT informational explanation. Personally can't thank YOU enough. Timing the Speed, the CLARITY of it.....BRAVO.

Wow. This is a really good video. One thing to note is that many nursing homes require a minimum amount of money before they will accept Medicaid. However, if you want to pass down any inheritance, a medicaid trust sounds like the way to go. I wish this lawyer was in my state. He really explains everything very well.

My local attorney has a meeting on this issue; from listening to this video, I am for sure going

Nursing homes in the United States have the most deplorable conditions. The CEO reap the rewards of the elderly residents finances while the staff is underpaid and minimal staff to patient ratio. Abuse is common in nursing homes, neglect, and living conditions are unacceptable. The CEO should only make 10 times the lowest paid staff member in nursing homes. This measure would allow to the nursing home to hire more staff to care for the patients properly and maintain the nursing home structure and living areas. It amazes me that in a country like the United States we allow the elderly to just be sent off to a place which is disgusting to say the least. How can someone find it acceptable to send their family member to a nursing home where they take all of your money put a lien on your house and still have disgusting interiors and minimal care for your family member. If you send someone to a nursing home expecting them to get better care and attention and they would at home you are mistaken. They will be neglected, they will be left to lay in their own excrement. There will be no one to sit there and hold her hand or talk to them after they get home from work and show them respect and love. You’ll have no time to visit them because you’re working and you think they’re being well taken care of. Don’t be fooled the entrance is always the most beautiful part of the nursing home. People should realize that this is a travesty to our elderly population and that someday you may end up having to go to a nursing home and you’ll regret never speaking out on such issues.

Thank you so much you explained very clear.

Clear, concise and valuable information. You have no future in politics.

Great video! Thank you for sharing.

Bottom line: don't put your folks in a nursing home

State nursing homes that are covered by Medicaid are horrible 😢I pray to stay healthy to my last days with all my efforts

Excellent

Thank you, it was clear and to the point. 👍

Currently my 88 year old mother is going into a memory care facility due to dementia. None of the facilities will give a monthly rate without giving them all of he financials.

He is good. He explained it well. Does anyone know someone as good in Los Angeles, California ?

The best thing I ever did was set up a Trust, 7 years ago, to protect my assets. The only downside of doing it is the cost. Don't let that stop you though. It's best to set it up before age 60. If you wait until you are retired, you are taking a chance, because the Trust doesn't start working the second you sign the papers.

No, it's more like 4 thousand to 6 thousand a month. Unless youre living in a swanky country club resort nursing home. Either way, it's way too much. You're better off living in a smaller home, paid off in full, and hiring a full time care giver or two part time care givers and paying them a regular income each month as a independent contractor that they are responsible for their own taxes. Medicare - not medicaid, but medicare and if you have a secondary supplemental meducal Healthcare insurance, the two will pay for someone to come into the home and care for you, as a private care giver. Also, they will pay for your transport to and from your medical appointments. Medicaid can and will come after your estate, while Medicare will not. Steer clear from Medicaid if at all possible. You're far better off, and you won't have to worry about a spin down, nor will you need to sign your property over either. Personally, I'd go with two part time private care givers. Most home health companies offer both full time and part time care givers too. And, they'll do everything from caring for you, from bathing, to dressing to getting you up fir the day to cooking and preparing your meals, to cleaning your house and doung laundrey, or dropping your laundrey at a laundrey service, and many will also take you to your appointments as well. IF your Medicare and supplemental insurance will pay for your home Healthcare, it will cost you none to very little from your own pocket to do this. If your Medicare and supplemental insurance will pay part of these costs, it will cost a little more, and if neither will pay for any costs- you are still saving a lot of money, and might be looking at $2500 a month costs, and then you'll only have your regular household bills being you'll have your smaller home paid off, this will be your utilities, insurance, taxes, phone, and groceries, and perhaps some on your medications co payments. Dkung it this way keeps your property safe, your money or income safe and you're more likely to get far better care in a much better environment. If there are patient lifts, wheelchairs, hospital beds, oxygen machines involved- then your Medicare will pay for those items too to be rented by the month. The main problem with nursing homes, is they prey on your finances, they charge without your permission additional charges, hence they run your bill up deliberately, they smell, vulnerability for abuse to occur, good care begins to bad care, tge food is terrible, you'll lay in bed and not be turned and developed skim decubes and tears due to neglect of proper care, you'll die therr leaving a huge bill and facing their lawyers ready to pounce on your probate and, or estate or both. And the lawyers are just as bad, too - begween the two- they are the only ones who win in the situation. If you've got a family member who can and will care for you, your Medicare will also pay them to care for you too, providing your physician will type a letter up, and or code the treatment for a home health care provider or person to care for you. So, start planning now, see who will be reliable and wants to care for you now, before the time comes, and get it all prepared and ready in advance, and if you don't have someone consider a home health care company having a care giver or two part time ones come care for you, start talking to them now, and get it all ready, a plan set up and taken care of in advance. They'll even give you a choice, a CNA, a LPN or if need be a RN, and you csn have a MIX of the two or three come care for you, depending on your individual needs, and as you age your needs can and will likely change. That allowance of $3,016 dollars, is only half allowed for a married couple, the other spouse to keep ONLY IF YOU RECEIVE MORE THAN $6, 032 00 a month income. Most elderly people do NOT receive $6, 032.00 a month to live off of. So keep that in mind, because as a married spouse, you'll only be allowed to receive half of your combined marital income. That in example might be $2500 a month which is fairly average, then you'd only be allowed to keep $1,250.00 a month. And it could be considerably even less in many cases. I say, go for the home Healthcare if possible and keep yourseld happy, cared for and keep the crooks outnof your pockets, will, and estate. Best wishes.

This is why I moved to Europe.

Just head to Mexico, or hire a part-time caregiver at home for assisted living when the time comes! Sorry kids, you’re gonna have to help out with your parents care when the time comes! The US is so corrupt on every level! Just disgusting! Buy yourself all the senior items necessary to live a normal life before you retire...walker, wheelchair, walk-in tub, meal delivery, etc. Just choose to die at home! I’m not gonna buy LTC insurance, Medicare, Affordable Care Act, nothing! And how bout I rent for the rest of my life and don’t keep any assets in the bank!? What happened to them?! I didn’t give them to nobody! I spent it all! Keep govt out of your biznass! :)

Excellent information. You are good!!! Thank you so much . Do you know anyone good like you in Dallas texas?

I’m NEVER going into a nursing home. Old? Sick? And institutionalized? No thanks. I’m walking out on the ice.

CT thresholds R double or MUCH hIGHER ... if U acquire a elderly Nx home insurance etc see pdf for CT we wrote the book

Isn't that price different form state to state???

First time I have heard of Medicaid Trust. Is that something different from a Living Trust?

Don't know if it's the same for ever state, but when my mom went into a nursing home, we were afraid they would take her house. But apparently my state (WV) has like an exemption for homes, up to certain threshold so when they saw moms was only appraised at $78,000 they didn't even look at it for medicaid purposes.

The state by state distinction is a valid point. I believe LTC policies have priced themselves right out of affordability. I have heard they can double overnight and some companies are getting away from them. Hybrid policies have a death benefit but are 3-4 times as expensive. Capitalism at its worse. The trust sounds interesting but isn't that only for someone who has a large portfolio?

So a Medicare trust is the same as a family trust?

Excellent video, great explanation, thank you! I recently set up a family trust, and with few questions from my estate attorney, he set up a revocable trust for me. I now realize that won’t protect my assents from nursing home costs. I want to keep my cash to supplement my social security income. Can I have an additional irrevocable trust and just put my house in there and have both trusts?

Are annuities purchased with after-tax funds a countable asset?

Thanks for this informative video. Why is it called “Medicaid Trust” ? Is it because it is good ONLY effective for Medicaid ? Thanks

I put the house in a trust myself. Didn't cost me anything.

Thanks for the information . I have met with "Elder lawers" but they did not cover what you did .

Can we do a revocable "Grantor Trust" instead of irrevocable medicaid trust? By calling it Medicaid trust, is just to title the trust? Nothing in the trust will benefit medicaid right? If the children are the beneficiaries of the trust, what provisions should be reflected in the trust so they will not be taxed when they get the $$ from the trust? Does a home need to be paid in full in order to be reflected in the trust? Please recommend a state attorney in Austin TX.

In an irrevocable trust can the trustee be a family member? And the trustee and beneficiary the same family member? Thanks

Buy nursing home insurance. People are not willing to spent a little money to save a lot. A lot of nursing homes do not accept Medicaid patients, so you have no choice of nursing homes.

Did you say, a person who gave away his or her money 5 years prior to applying for nursing home medicaid is not eligible, and had to get back the money or will never be qualified? Is this forever? Isn’t there a look back calculations that will make the person qualified after several years of several months if he cannot get the money back? Why are you omitting this?

If you put taxable assets into a trust, dont they get taxed at a higher rate?

If I have a irrevocable trust and just draw interest on there do I have to claim interest if I apply for Medicaid

My parents and My Father in Law had a trust and never went to a nursing home. It was a pain in the ass for us to distribute to all the heirs. Also the average cost to set up a trust is 8-12K. What a waste of money!! Please do more homework.

Does my 401K have to be spent or can I transfer it into my child’s name?

In an irrevocable trust, can a family member be the trustee? Can the same family member be the trustee and beneficiary?

Can one place into irrevocable Medicaid trust one’s Traditional IRA & Roth IRA ? Is this a taxable event ? HARI HARI 🙏

Great video but I was a SNF Administrator for 7 years in Cali. If families were hiding money I simply called our Assistant Attorney General. He got medi cal stopped, slapped liens, filed elder abuse (fiduciary). Trusts never stopped Bill Lockyer and his team. He even got Medicare dis-enrolled which was lots of fun. California Judges would adjudicate truly dementia patients as incompetent and the public guardians office as the conservator and the kids got squat. County Council and court investigators would go through the trusts and see if they using the money properly. You will find greedy people don’t follow rules very well. In all these cases kids were very focused on holding on to millions while the person who earned that money suffered.

The house, car, personal belongings, etc. does not count in terms of assets. The house must be a principal residence and does not count as long as the nursing home resident or their spouse lives there or intends to return there

Does the transfer of the assets create a tax event?

ppL divorce... on paper...

Someone has to pay in this musical chair scheme...

Medicaid? Did you mean to say Medicare?

Question....So I have lets say 150K in a 401K which is pre-tax contributions originally from my IRA which I transferred to a 401K after I retired.......now are you saying that, that cannot be counted as countable asset or not????? Thanks in advance.

All I'm hearing is never put your loved one in a nursing home and just do home care/assistance.

Why is it called “Medicaid Trust” ? It it because it is only effective for Medicare and nursing home issues? And no other cases ?

Can I put my home in my child’s name or do I have to sell it to them?

Is what you are calling the Medicade Trust the same as the Smith Family Trust? (in Michigan for example)

What happens to Jim when he has no money and no Medicaid?

Stick URE $monies in the basement safe deposit box "certain" ethnic groups do it ... & get both... & nothing is in the house there's a monthly mortgage TAKE IT OUT...& just be a tenant 2 URE "place" or got ot Philippines... :)) Peso 200 per day is private duty in house care.. starting...

Also , people had fewer children ,everyone has jobs , unable to care for parents

Hubby and I have no children to leave money to, but if one of us goes into a nursing home we don't want the community spouse to become impoverished. Do we need a medicare trust? Or would it make just as much sense to get divorced and live in sin for the rest of our lives? :-) That way at least half of the money would be protected from the nursing home. We're in our 60s.

Easy ,don’t go into nursing home

Some slick math and logic, pay an attorney 8k to set it up, then you get caught within the look back period, you must pay down your assets....ok, but he said the amount paid to the attorney would have gone to the costs anyway....hold on, no, because you'd have 8k more to pay down the costs! Watch the shells closely, keep your eye on your money. Consider a "Single Premium" life insurance policy, you pay a lump some up front for a larger amount in a death benefit, that policy funds the Trust. The Trust may own the policy. There is a reason my grandfather kept cash under the bed, especially when interest earned was very low, a bird in hand is worth two in the bush, but just one bird, don't put the whole flock under your bed.

So let’s see.. you want the nursing home to take care of your family member but you don’t want to pay for it yourself. This is why taxes are so high as people expect the government to pay for their care