What’s With This 5 Year Medicaid Rule?

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Many people understand the general rule that if you own more than $2,000 of assets (there are definitions of "assets") when you enter a nursing home, then you will not be eligible for Medicaid, and you must privately pay the entire nursing home expense, which in every state is many thousands of dollars monthly.
However, most people, if they must enter a nursing home for long term care services, would prefer to have Medicaid cover this expense, rather than have to pay for it out of their own life savings. But in order to qualify for Medicaid, you have to meet your state's definition of "poor."
For starters, when you enter a nursing home and apply for Medicaid, you can have no more than $2,000 of countable resources. Countable resources include things like money in the bank, investments, savings bonds, retirement accounts, real estate (not your home), and interests in a business or LLC.
Some uneducated folks think they can get around this rule by "quietly" transferring assets out of their name just prior to going into a nursing home. But the Medicaid Manual's rules are quite extensive - making it impossible to get around the rules.
When one enters a nursing home having transferred assets out of their name at least 60 months prior to applying for Medicaid, then it is likely that those assets are, as people say, "protected."
It's much trickier if assets are transferred within the 60 months prior to entering a nursing home.
If you are considering transferring assets to start the five-year clock ticking, you'll likely consider whether you should transfer assets to individuals or trusts. Most people who get educated on the subject tend to transfer assets to particular types of trusts, for two reasons: (1) control reasons; and (2) tax reasons (income tax and capital gains tax).
If you take one item away from this discussion, it's that there are rules which make it very difficult to avoid losing your life savings and home if you enter a nursing home, but by planning ahead (ideally, at least five years before entering a nursing home), you can protect a very large portion of what you own for yourself and your loved ones. But know that the rules are complicated and you need good legal help - ideally, from an attorney who is well-versed on the ins and outs of your state's Medicaid eligibility rules.
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
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450

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2 июн 2024

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Комментарии : 815

@whittkatt 3 года назад

Nursing homes are, unfortunately, more likely by FAR, to be expensively horrible places to put a loved one. Regardless of their pamphlets, mission statements and things they “officially state” as their rules. Short staffing, poorly run, and uncaring, unvetted people who are rushed, rough and unable to give the care they would like to give, at best, and harsh, cruel and uncaring, or even abusing at worst, are *the norm.” That you pay through the nose for this type of “care” is flatly disgusting. If you are forced to have a person you love in care, because yes, at times you simply can’t do the care on your own, then visit daily. Be alert, be a pain in the staff’s ass by asking questions and being proactive. I say this as a nurse, working in the field for over 26 years.

@arribaficationwineho32 8 месяцев назад

And the owners live in mansions

@leelaural 8 месяцев назад

as a retired nurse after decades of working, not in a nursing home however, if you want to po the staff just try being a pain in the ass day in and day out.....the patient will be ultimately treated as an iceberg.....better yet, visit often, HELP when you can, like feeding your loved one, or brushing their hair, or their teeth......if you could save the staff even 10 minutes of work they will appreciate you and treat your loved one better....

@arribaficationwineho32 8 месяцев назад

@@leelaural but the job of the staff is to provide personal care and the family is paying for personal care plus feeding. Family is paying for personal care

@kath5201 8 месяцев назад

Thanks. It's time to go hide then. I'd rather suicide than go to one

@whittkatt 8 месяцев назад

@@leelaural If you are a nurse, and state publicly that if a resident’s family is a pain in the ass, that their loved one will suffer for it by staff taking it out on them, then that’s a big problem, and even MORE reason for family to be there daily. . When I say, if you are FORCED to put your loved one in care, then visit daily and ask questions and be a pain in the ass, I mean it, in the way that “some” nurses seem to feel it’s a pain in their ass when family insists on answers, and doesn’t just accept answers that don’t add up, or family who point out care omissions, (like, “mom’s teeth haven’t been brushed today”, or “why is she in the same dirty clothes she was in two days ago?”) Family needs to be alert and to let the staff know that they are looking out for their loved one. No one said for the family to BE asses; one can ask these questions and have a heavy presence without being mean or rude. I DID (and do!) work in some of these places as a nurse traveler , and I always encouraged family to be very proactive and present daily. Sure, they can also be helpful. But they are paying for US to care for their mom, dad, etc, and paying a LOT…. so, we should be doing it right.

@passthetunaporfavor 3 года назад

A system designed to extract your last dollar and dignity.

@jamesbrust9959 3 года назад

How much dignity is there in cheating the taxpayers?

@cathyberry9579 2 года назад

Reality bites here. So profoundly sad that we have to deal with all of this stuff!

@cindydufala7646 2 года назад

@@jamesbrust9959 are you assuming someone's diligent savings over decades is taxable? While others spend every dime on credit things they cannot afford? Wait until you are medicare age, or need help due to poor health. Give it to strangers crissing USA borders instead. That is the problem, and legal USA citizens when old, have "rules" like these to pillage when ill unable to work, thus Medicaid help, gers you at the end of your days. What a racket. That is how govt"makes money.

@tomasgonzalez4819 Год назад

@@jamesbrust9959 Transferring your assets in a manner that _conforms_ to the very laws that will be used to determine your eligibility is not in any way, shape, or form "cheating".

@Yodaandhislightsabre Год назад

How is making yourself pay for your end of life care unfair?

@vernonsheldon-witter1225 8 месяцев назад

Word from an old RN-there is a advantage in taking care of people at home.

@joshuapk9808 8 месяцев назад

And yet, not everyone can do that...

@ar1701 Месяц назад

@@joshuapk9808 and yet few to none want to do that, people are ALL the same parents are a cash cow, a pile of money, " Mom DO SOMETHING !! or I will lose MY MONEY!! lol good.

@jimshoe402 Месяц назад

@@joshuapk9808 My ma did that worked Great .HC apartment Then Polish Lady just 12 years. Ma Paid for all of it.

@paulao7022 Месяц назад

The govt will pay you, if taking care of an elderly patient.

@chynnadoll1999 19 дней назад

Indeed.

@debbylou5729 8 месяцев назад

Our healthcare system isn’t broken. Allowing insurance companies to run things ruined it. Years ago if you were married and you both worked, the overlapping insurance meant you were covered 100%. You didn’t get money back, between the two policies you just didn’t have a gap out of pocket. This is how evil they are. I worked, my insurance covered 80% of my healthcare and had spousal benefits with the same coverage. Husband worked and his insurance was almost identical….80% paid for both of us. In fact we were over insuredThen they did something I think was illegal (basing that thought on conglomerates like Bell Telephone was doing). They decided that you would both work, and get insurance. The NEW policy is like this. One policy pays 80%, leaving you with the 20%. the 2nd one will pay only part of that remaining cost. This happens so they can take your money

@jenniferbringman9054 8 месяцев назад

Yes, I remember when we were over insured and they tried this when we had our first and only child. We fought them and got full coverage and got $600.00 cash to buy a crib.

@vivianschoonmaker2221 2 месяца назад

😊

@lindap.p.1337 Месяц назад

Coordination of benefits is not new. Even in the 1970’s the primary carrier paid first. Then the secondary carrier paid the balance, except for non covered items. Health insurance was never designed for people to make money.

@debbylou5729 Месяц назад

@@lindap.p.1337 sure it was. Have you ever in your entire life seen insurance companies having a bad year? The secondary insurance doesn’t cost less for only paying 20%

@johndoe-ss9bz Месяц назад

Our Health Care is Capitalism 101.

@mdavis717 Год назад

Most people……most people don’t even know this information. I’m getting a crash course learning experience in this mess.

@SuperSlik50 3 года назад

I’m 63, healthy for now. I’d rather just end it when time comes

@millerscorner2 3 года назад

My Mom had to go to a nursing home for 'rehabilitation' after a fall. Two months later, we brought her home to find that 'they' had not told us of the bed sores on her back and both of her heals had peeled off from the bone. Never again will we allow her to go into a nursing home; ever. Now, we cannot leave her alone which means someone has to always be here, but better that then to have them kill her off. Not all nursing homes are like that, but there are in this little town. The waiting list in a very long one in this state and no one can choose a nursing home unless, of course, they are wealthy and can pay off those in charge. It's a system to defraud the elderly and their heirs and it needs to be stopped. I've seen what these nursing homes do to people and how people lose all dignity in those places. My father-in-law had to go to one when he had stage four cancer and when we went to visit him, he was so darn sick from a urinary tract infection that we didn't even recognize him. It was caused by the catheter which apparently wasn't properly cleaned. It sickens me to know that people suffer at the hands of others like that. Look what Cuomo did to the elderly in NY - he has blood on his hands as he purposely killed off a lot of Moms and Dads.

@JaimeGarcia-sg9xj 3 года назад

Ithere are good homes and bad ones. Sometimes patients that enter should really be in hospice care. Cuomo is a Democrat. Democrats are the party that better with human issues than are Republicans. I thought was not so bad. But I don't live in NY. This atty is essentially telling the audience how to dispose of assets over a required period of 5 years. That accomplishes "maming themselves indigent" so they can avail themselves of Medicaid. I would think with all the taxes these people have paid and how they have spent their lives contributing to society that they are more worthy of some end of life assistance?

@cathyberry9579 2 года назад

That is so very pathetic that your Mom had to suffer so much.. We went through the same thing here. Bedsores, being ignored are a form of neglect in nursing homes. Sadly, it's very common.. The residents are not being rotated to take the pressure off. I was told to contact an attorney who specializes in elder abuse. But it's no consolation when my elderly cousin died needlessly in a trusted nursing home where she was supposed to be taken proper care of?? Beyond my scope here, & I feel heartbroken that she had to suffer from neglect! 💔💔

@cathyberry9579 2 года назад

Bed sores are considered neglect in a nursing home. They are supposed to rotate the position of patients to avoid this. Call your states ombudsman. Very important here. A lot of the worse nursing homes try to brush it off, as most relatives have no clue about the severity & complications of bedsores. Not all nursing homes are neglectful, but with the Covid situation they are definitely understaffed.

@pamglover2131 2 года назад

@@JaimeGarcia-sg9xj There are botany good nursing homes!!! They are cruel and do not care for the elderly. I have lots of history through my parents and health care. Unless you plan on letting them die a horrible death stay away from nursing homes ! B

@juliegoldsberry6869 2 года назад

I had to leave long term care as a nurse because it kills you not to have the resources and staff to provide the quality of care that these folks deserve. The margins are to tight, with out enoygh regular staff they use travel agency staff, many of whom are wonderful nurses and aides, but they dont know the residents and thays so important. Taking care of my grandfather is why i became a nurse. I think the home i spent 6 years working at was better than most but i was still ftequently frustrated that the residents seemed to be second in priority to profits. And the place still was usually in the red.

@ralphgreenjr.2466 8 месяцев назад

When my Mother turned 89 it was time to find a constant care home for her. We tried to take care of her in our home as best we could, but with the onset of dementia we could not provide the care she needed as I worked out of state and my wife was the director of nutritional services at a nursing home. We were able to get her into the facility my wife worked at. My Mother was a resident there for 10 years until she passed at age 99 and 6 months. My wife checked on her daily, I saw her every Sunday, and I made every care conference. Being directly involved with the care your loved one is receiving assures that your loved one receives professional loving care. We will always be grateful to the staff that guided us through the process. It was a God send.

@KiKiQuiQuiKiKi 8 месяцев назад

So happy everything turned out nicely for you but to say, " Being directly involved with the care your loved one is receiving assures that your loved one receives professional loving care," is disingenuous and cruel. Your mother received preferential care because your wife worked there, not because you attended care meetings and visited her once per week.

@bitpickersplace494 8 месяцев назад

Yea, we wanted to buy our mom’s home after she passed away. Medicaid said we had to pay full market value. The home needed a lot of work but that didn’t matter. We let it go and it went into auction and the home was sold for penny’s on the dollar. That was the pits.

@tenabarnes3269 8 месяцев назад

You should have bid on the home at auction.

@jdenino6022 8 месяцев назад

@@tenabarnes3269there are companies who have cash to buy houses.😢

@ChadBoss-qr4hl 8 месяцев назад

Wait, something about this doesn't make sense. If the home sold for pennies on the dollar, then you didn't get market value for it, so were you ALSO penalized by medicaid on top of having to sell the home? Just asking because I'm facing a similar situation albeit with a vehicle not a home.

@bitpickersplace494 8 месяцев назад

@@ChadBoss-qr4hl If we had sold it, the money would have been taken by Medicaid so we didn’t pursue that route. There was also a mortgage on it and we couldn’t see any sense in keeping the payments going if we couldn’t sell and keep the equity after doing the repair work or buying it for less than market and then doing the repairs. It became such a hassle with Medicaid that just gave rather than take a chance of getting caught in something really bad. Medicare went back through every financial transaction that occurred for five years before and they questioned everything. So, what happened was the bank foreclosed on the home and then they auctioned it off.

@solarfry 7 месяцев назад

Auctions are to the highest cash bidder. Acrual value is not a consideration. See tax sales info.@@ChadBoss-qr4hl

@survivortechharold6575 2 года назад

It is hard to pay $5,000 a month if you have $3,000 to your name.

@theresehill1660 8 месяцев назад

If you live in Michigan, look into what's called a." Lady Bird deed which protects the home from Medicaid seizure. Its quite new and we are only one of 4 states.that have this. I recently did this

@Steelhorsecowboy 3 месяца назад

I often do real estate appraisals for Medicaid cases. Medicaid will say their home is worth $300,000 however the elderly sometimes can't maintain the home and it is in poor condition and not worth $300,000. Medicaid never looks at the house. They use online information to value it. I do an actual appraisal so the patient or heirs are not liable for the difference in sales price and what Medicaid says its worth. The appraisal is particularly helpful when an heir wants to keep Granny's house in the family. If you get the appraisal before you transfer the property its pretty easy. If you get an appraisal after you transfer the property you may end up in Administrative law court where you have to hire me as an expert witness and an attorney. Its not a tough case but will probably cost you $3,000-$5,000+/- I am a State Certified General Real Estate Appraiser in NJ.

@hedgiegal3340 8 месяцев назад

Medicaid nursing homes are horrible. I used to go to our county home at Christmases to volunteer. That more than anything has prompted me to save, save, save.

@user-yb6zx2vy5b 8 месяцев назад

24 hour private care, 375 days a year at a meager $15/hr comes to $131,000 per year. I have known dementia patients who need that kind of care for multiples of years. The longest was 11 years. Add to that groceries, utilities, medications, and day to expenses incurred in your own home and pretty soon even the most robust retirement account is wiped out. It usually falls to one child to suspend their life and try to do the impossible for mom or dad for years. There are no easy answers and different diseases have differing levels of cruelty. Estate planning is essential before these times occur. I had a friend with no immediate family who just stopped eating as his disease progressed and finally got admitted to hospice if he would private pay. He smiled the day before he died and said, “if I can die before next week, I’ll save $8000.” He always loved a bargain. He was lucky to have enough in the bank AND a disease that allowed him to do that.

@ChadBoss-qr4hl 8 месяцев назад

"It usually falls to one child to suspend their life and try to do the impossible for mom or dad for years." That's me, right now. It really sucks.

@stanleykijek6983 8 месяцев назад

The caregiver gets $15/hr but you pay at least double that amount to the agency who provides the caregiver.

@danielstadden1149 Месяц назад

I'm always the last to know 😤 when did they add 10 days to the year 🧐

@MultiAnne36 24 дня назад

I see a lot of Dementia patients that linger for years as FULL Codes with multiple hospitalizations , low quality of life but their families won't let them go. Last week I had a Resident spend the last month of her life going out for 2 blood transfusions before finally being put on Hospice the last week of her life.

@ronaldkemp3952 8 месяцев назад

Well, if you go to prison for fraud then you won't have to pay to live in a nursing home will ya? Plus you can leave your home to your kids and have better conditions for living than in a nursing home, 3 square meals a day, a gym, your own room, free healthcare and everything.

@annefitz7346 8 месяцев назад

Wow.

@chulee846 8 месяцев назад

When you go into a long term nursing home and the state pays for it a lien goes on the house that person owns and the money that the state paid gets paid back first when the property changes ownership.

@DocZoidberg549 8 месяцев назад

They can't go after your primary home?

@tlbryant4077 5 месяцев назад

But you may become someone’s girlfriend by force, so pick your struggle wisely.

@Jeanninecomeau 6 дней назад

@@DocZoidberg549They can and they will.

@DennisMathias 2 года назад

After reading the comments again, I don't think you realize how much you helped people wrap their minds around this. We as a society have to figure out something better than this.

@susananderson9619 8 месяцев назад

I had already decided I'd take my Mom home ,and care for her myself. I did that while nursing a 3 yr old and a 4 month old for 9 plus years.

@UncleDavesKitchen 8 месяцев назад

what if you go before she does?

@daveburkitt5287 8 месяцев назад

What are you gonna do if she gets alzeimers and becomes combative that you cant deal with

@susananderson9619 8 месяцев назад

This was over 35 years ago. It didn't matter to me,she was my Mother.

@Wisepati 7 месяцев назад

@@susananderson9619 you were lucky to be able to do that I tried, but it was not safe to leave my mother home alone. She actually enjoyed assisted living where she had activities and friends and the sundowners didn’t bother anybody if she was up at 2 AM. Everybody’s situation is different, so please don’t judge others.

@susananderson9619 7 месяцев назад

What did I say that made you think I was judging any one else?

@gglen2141 3 года назад

Nothing like trying to wade through 25 pages of legalese when you start your cognitive decline.

@millerscorner2 3 года назад

Exactly!

@mikepalmer2219 8 месяцев назад

I have less and less love for my nation as each day passes.

@davidz1681 3 года назад

Thank God for people like you. I need to start planning for my aging parents. I had no idea how screwed we're going to be.

@millerscorner2 3 года назад

I am so thankful that we rescued our parents, selling off their assets and having them live with us before their downfall. They lived happy lives with us and had need of nothing. We didn't know about these laws at the time. Now, our Mom is bedridden but otherwise in good health and we aim to keep her that way. When we brought her down to live with us, the doctor had her on 12 medications. Now, she takes only one and wouldn't need that if she would drink more water!

@skeezix8156 2 года назад

@@millerscorner2 your parents raised good children.

@fjb6631 8 месяцев назад

😢 you're better off going to prison!!

@katherinemahon9471 7 месяцев назад

While working in a dementia long term care facility a 59 year old man got out and was attempting to commit a crime because he had been in prison and liked that better than the facility he was in. @@fjb6631

@doug.ritson 8 месяцев назад

You should touch on the gifting rules and how they impact Medicaid.

@judahtribe7 3 года назад

My plan is to walk the Appalachian Trail at that time

@susanfudge1737 3 года назад

Ah. Excellent idea. It starts or ends in my state.

@jimbull6630 3 года назад

That's a great plan unless you have a stroke or something and you can't wipe your own ass let alone take a walk in the woods.

@mrsd1095 3 года назад

@@jimbull6630 If you're going there to die, it doesn't really matter if you can wipe your own ass.

@ppumpkin3282 3 года назад

@@mrsd1095 If your senile do you know or care when you have a dump in your diapers?

@cathyberry9579 2 года назад

@@ppumpkin3282 No, but if you're laying in your bed with poop in your underwear & no one changes it in a nursing home bcuz they are short staffed... You've lost you sense of dignity, even if you have dementia. You still know something is not right here? 🤔🤔

@hollyjobitner3285 3 года назад

This is my unpaid therapy. I just went through this with my mother for my dad’s nursing home care. I begged my father to do something with their money after my sister died 14 years ago. He wouldn’t listen, just ranting on about what he had. He’s gone now, but I’m still mad at him. Well daddy, I hope you’re happy that mom spent all of her retirement money on you. She retired from 29 years of nursing and raising 3 girls. The advice I always gave my patients, if you love your family, take care of your business. If you want to destroy your children, do nothing. We are not destroyed, because we are honest people, but most are not. I write my mom’s checks monthly for any bills, plus sending money to my daughter and other sister per the lawyer’s instructions. I need nothing, but to do right. I am dabbing my tears on my dad’s hanky. The only thing destroyed for me is my heart. Thanks for tolerating my rant. 💙

@jeannineodonohue6195 2 года назад

@cathyberry9579 2 года назад

For me it wasn't taken as a rant. You are just venting out of frustration here. Been there, done that, as the old saying goes. You are just trying to do the right thing, so try to be gentle with yourself. I know it's hard! You are not alone and it's good to share your feelings and frustrations with the rest of us who truly understand.

@hollyjobitner3285 2 года назад

@@cathyberry9579 Thanks, Kara. Another appointment with the Senior Attorney on Thursday. Just wanting to do everything that is instructed by the law. I appreciate your words of understanding.💙

@chuckwyble7719 8 месяцев назад

My father did the same thing only he screwed his wife (he was divorced from my mother) who is now stuck with the bills he created. He also screwed his kids because the estate cannot be settled until all the debts are paid. Settling the estate now would mean his kids and wife would be responsible for his debts. So the estate sits in limbo until his wife dies or pays everything off. Before he died I tried many times to talk to him about this and all he did was make fun of me for bringing it up. So I know what you're feeling....Good luck to you.

@hollyjobitner3285 8 месяцев назад

@@chuckwyble7719 Thanks for sharing your thoughts. Get in touch with a senior attorney to make sure you’re not paying for anything that you shouldn’t. If it doesn’t work out for you, know that you’ve done the best and most legal correct thing you could. 💙

@vickithilges3497 3 года назад

Work your A - ! Off all your life’s, then you can’t even give things or money to your children!!!!! My late husband and I should of just blew all our money and didn’t give a darn about trying to leave something to our Family. No, we worked hard our whole 42 years of marriage. Now, God forbid it can ALL BE SUCKED UP by a nursing home!!! I will make a plan NOW!!! Thank you for the info. My sister lives in Washington state, says it’s 2 years in her state.?

@millerscorner2 3 года назад

Those in charge of 'us' have found and made laws to make certain that all we have is given or taken by them. It's what evil does.

@SandfordSmythe 2 года назад

As a taxpayer why should I have to pay for your care, if you have money ?

@skeezix8156 2 года назад

Look into long term care insurance. Don’t depend on anyone to step up if need be

@abyss104 Год назад

@@SandfordSmythe sometimes the money that people have is not quite enough

@joycef8443 8 месяцев назад

Dont you want to pay your way? Did you want the rest of us to pay it for you?

@donnaallgaier-lamberti3933 3 года назад

I live in Michigan. The first thing I did after my husband's diagnosis of early cognitive decline was to get our Family Trust updated and a guardianship for him in place. We protected what assets we could. I was aware of the five-year rule. We are a second marriage and between us we raised and educated four children between us in our first marriage. My husband lost all his first marriage assets in his divorce so we basically started over again at age 46 and 50. We are now spending down his assets first (those things in his name - his IRA, his pension, his truck while preserving my assets with the assumption I will live longer.) This is the best we can do.

@eddyvideostar 3 года назад

Donna Allgaier: Ok. Any questions? Did you qualify for what you needed?

@patriciatinkey2677 2 года назад

Sympathy, & Good Luck Wishes to you!

@dlemmon1276 Год назад

Will a family member (i.e. yourself, kids, etc.) be the guardianship?

@donnaallgaier-lamberti3933 Год назад

@@dlemmon1276 In our case as a second marriage my husband son (from his first marriage) will be his guardian in the event anything happens to me.

@krzecrystal-ju1hj 9 месяцев назад

Wow I am thankful I saw your comment right away. I have 2 different brain issues found out in April 2023 the week of my birthday. I'm 53 now. I never would have thought of anything to do like that. I hope your husband gets better. There is several different new founded or old just not know about treatments for the delay in progression of detrimental affects. Bless both of you 🫂🙏

@susananderson9619 8 месяцев назад

30 plus years ago, when rehab said my Mother should go into a nursing home, the paperwork asked about the past 10 years of properties,finances,etc at least in Pennsylvania

@marciagagnon2487 4 месяца назад

🎉Pennsylvania, don't live there. That state requires children to pay a parents nursing home bills. NY State does not.

@lindseysturkie2205 3 года назад

I've warched many of your "lessons ". You provide a wealth of information simply for the cost of taking time to watch your videos. I'm sure a person would need an actual in personal attorney to work through the details but you certainly create a fantastic starting point.

@PeterHernandez-lg2eh 3 месяца назад

Thank you for your time and expertise. I'm in ct , so 5 years before total wipeout good to know. Donate all to a good cause

@builtontherockhomestead9390 3 года назад

My mom got long term care insurance years before she needed it and she did wind up needing it.

@lissaestes7017 3 года назад

We bought long term care insurance when our term life insurance ended. The premiums are reasonable, considering how expensive nursing home care is! We don't want our kids to have to take care of us, or pay for our care if we run out of money.

@66scotty73 5 лет назад

Another great program to educate the public on the need to plan ahead early.

@bonniepittman-so5qd 8 месяцев назад

You've done a good job explaining thus. Thank you.

@garypillischafske1425 8 месяцев назад

Thank You for your simple and direct information!!

@cherlgolja5402 2 года назад

You explain everything so well , thank you for sharing your knowledge 🇺🇸

@debkincaid2891 3 года назад

So glad I found you. You break this gobbledegook down in layman's language so it's comprehendible. Thanks!

@JV-nl1ts Год назад

Wow, thank you you’re so awesome. Looking forward to talking to you. Have a great new year JB.

@jdenino6022 8 месяцев назад

In the early 80s it was a 3 year look back period. A friend of mine’s mother had a very bad stroke and her daughter took care of her at her house but she had 2 school age children and had no choice after 3 years to put her mother in a nursing home where she lived for about 18 years.😢

@ChadBoss-qr4hl 8 месяцев назад

I think they changed it to 5 in or around 2003. It really sucks, 3 years would have been so much better in my father's case.

@jdenino6022 7 месяцев назад

@@ChadBoss-qr4hl that’s our government at work to screw the middle class.

@krzecrystal-ju1hj 9 месяцев назад

Bless you. Thank you for your helpful info that ppl definitely need to know. Good heads up to life- defining possibilities.

@griffinshortclipschannel1914 Месяц назад

I appreciate all of your videos! Thank You!

@bobmottau7668 3 года назад

Only kidding,just found your channel today and have been on it for two hours. Great info. I’m in my early 70s and it’s very informative.

@georgegonzales6135 3 года назад

I enjoy your videos very educational thank you for donating your time good luck with U tube.

@npkrn6764 8 месяцев назад

God bless you! Both for sneezing and for giving your time to alert us and explain this very complex problem. ❤

@badtvbad1 8 месяцев назад

$2,000 is cruel.

@mommyhatesguns 8 месяцев назад

REALLY wish lawyers would focus more on keeping people in their homes in the community rather than on going in to nursing homes. In my 36y of working in geriatrics I have YET to meet a single person who wanted to end up in a nursing home. There IS Medicaid homecare in the community. Lawyers need to focus on planning for this rather than nursing home planning. Please. People with multiple millions of dollars don’t need this as much as the middle class!

@SandfordSmythe 8 месяцев назад

I think home care will depend on how much care is needed.

@joshuapk9808 8 месяцев назад

In many, MANY locations that is simply not the case. There is NOBODY doing home care work for companies that accept Medicaid reimbursement because the Medicaid reimbursements won't allow wages that are equal to what one could get at McDonalds. We have been looking for home care for a family member, even just one nursing visit per day, and we have had NOBODY since late 2019. And we are near a large city.

@KiKiQuiQuiKiKi 8 месяцев назад

This is only one of numerous related videos. He is offering free educational overviews of how the system works.

@e.p.t.2358 Год назад

Love your videos. Keep up the good work.

@wynnsimpson 8 месяцев назад

Direct and informative. Thank you.

@JamesPDoan 4 года назад

God bless you! Took the words right out of my mouth.

@ruthcoates9452 8 месяцев назад

Why does Medicaid have so much power over an old person.?

@dirtisbetterthandiamonds 8 месяцев назад

I would love to see an updated video on this subject! Sept 2023 currently so anything for 2024 would be so appreciated!

@rosemariealmero1214 3 года назад

Thank you so much for caring to educate me and others❤️🙏🏼

@jeanlombardi2904 4 года назад

Very informative. Learned alot. Will pass on to friends and family.

@americasestateplanninglawy1946 4 года назад

Thanks for spreading the good news JL! 👍

@rifelaw 8 месяцев назад

If your estate planner gives you a blank stare when you ask if the plan accounts for Medicaid....

@jacklucas7265 8 месяцев назад

There are insurance contracts which one may enter into to cover the risk you. describe. Good presentation of what can be a complex matter.

@patriciatinkey2677 2 года назад

Thanks Again! I don't live in Louisiana but I'm still learning really valuable stuff from you. It is a blessing to find someone who is willing to share such knowledge without trying to be a "know-it-all". You clearly warn us we need to pursue further help & WHY! Thanks Again! Patricia in FL

@fjb6631 8 месяцев назад

Maine is going to 7 year look back soon 😢

@willowhilldesigns7 5 лет назад

God bless you! Good information; thank you. In New York you can have $15,000 in assets.

@kathyharrison9848 2 года назад

Excellent information even for me in Mississippi!!

@tinamiddlestadt1669 8 месяцев назад

Live in Michigan yes they took everything

@cwlovewins7092 2 года назад

So freaking informative. Who knew. Watching all. Your videos

@kathyc6698 3 года назад

God bless you and thank you for the info!

@scottthomas5621 3 месяца назад

This is great info for everyone. I went though this over 20 years ago with both my mother and grandfather. Fortunately I had good legal advice and did everything right.

@stevewise1656 28 дней назад

This was very helpful.

@mbwilliams3660 8 месяцев назад

Grandmother and Mother lived together in Michigan. My grandmother went into a nursing home my mother passed away in 2003. In Michigan back then it was a 3 year rule. Their home had been in the family since 1963. My Grandma took her name off the house in 2000. My mother had her on her private insurance when she passed away she had to go on to medicaid. I inherited the house from my mom. The state of Michigan did a thorough check and sent me a letter stating that I was able to keep my mother's house by 1 day. Plan ahead, I used to have conversations with my mother about planning her estate. She did not think it necessary due to her being a widow and only having 1 child. My mom also had a life insurance policy with her mother's name on it. We had to prepay her funeral and set up the policy to pay what was not covered by medicaid. The remaining balance came to me after my grandma passed in 2005. I am just happy everything turned out ok.

@bethpalmtree11 5 лет назад

Good info. Thanks - And Gesundheit 💂🏼‍♀️👍

@InHisSservice 7 месяцев назад

Go to 7 minutes or so to get the definition… helped me anyway to hear that. TY

@charlietanner6211 3 года назад

i was in nursing home few months when my knee was out laying in my on waste for hours never will i go to another

@sherirowlett3371 8 месяцев назад

Are donations to non-profit groups considered a transferred resource that would cause the 5-year penalty to be put in place? I tithe to my church and make donations to help support 4 children in other countries, etc. Thank you for all the great info!

@channelhasmovedtotherealre203 3 года назад

Thanks for the info. What if they have cash in the bank? What are the limitations for the “spend down” process? Say you have $15,000 from the sale of a home and have to move closer to your children? Parent has moving expenses, etc?

@getlostwhenwondering393 3 года назад

God bless. I’ll have to watch this more than one time.🤫

@user-rp8zo2ro7q 2 года назад

2 yr look back in CA. Average cost for nursing or assisted living starts at 5k

@GLBScruffy66 8 месяцев назад

God Bless you! You also provide a wealth of valuable knowledge! Thank you!

@americasestateplanninglawy1946 8 месяцев назад

So nice of you

@moses7874 3 года назад

God bless you! Hope you don't catch a cold or such. Around-10. on video.

@ginginthing Год назад

Another great video. Thx so much.

@cathyann6835 8 месяцев назад

I became a nurse and got my license around age 30. Every few years the staffing got worse. There are some good nursing homes but even then they almost need to be working on roller skates. The work load is so high. (I’ve done nursing home, hospital and private duty nursing). I left several years ago after it took a toll on my body and I can no longer do it. My husband is getting close to retirement age. After about a decade in I realized the the American dream of home ownership is just a fancy insurance policy to pay for your health when you get too old. You never truly own your home because you still have to pay taxes and they’ll take your home if you don’t. My mother is 76 and even though I tore up my back and shoulders being a nurse, I will care for her when she needs it. She’s still pretty independent with just a little forgetfulness. I’m also getting my stuff in order and my oldest daughter said she wouldn’t let me go into a home either. We’ve all agreed to help each other unless a person gets so demented and violent to the point our lives would be at risk. But that doesn’t happen often and we have a big enough family to draw help from others if needed.

@lostagain6518 3 года назад

So many angles !

@kevinwittlief6089 3 года назад

Great video, thank you sir

@keariewashburn4680 Год назад

I'm trying or was, trying to do for my aunt who is in the hospital. She has some dementia and damage. Also 3rd degree burns. She will need skilled care LTC. It was the most complicated process. Anyway, she isn't wealthy but she has some money in the bank on SS and owns her home no mortgage. I finally had to petition the court with her caseworkers to get a conservator because I didn't understand exactly the process and the five year issue. I sure didn't want to try anything that would really be a mess. She had a little too much in her account. Spend down is over my head. Anyway, I'm glad we have the attorney (conservator) it takes care of alot of stressful paperwork. He will take care of this issue and do the medicaid and stuff. Hopefully we will have her placed in LTC soon close to me. Thanks for this video and info.

@mikegregory7844 3 года назад

Paul could you please do a video on the half of loaf strategy when it comes to the five-year look back. I heard about this a while back but I’m not sure how it works or if it still even applies. It might help others as well. Thank you

@funnyfarm5555 2 года назад

In 2013 we created our trust. We signed and had notarized, the warranty deed moving our house and property to the trust at that time. We did not file it with the county because we knew we would pay the property off within 2.5 years and didn't want the hassle with the lender and more charges and filing fees at that time. Well we paid off the property, but then forgot to file the warranty deed with the county until last week. What date would Medicaid use for the five years?

@st.jude3181 3 года назад

God bless you. 🙂

@BillSias-op7xw 2 года назад

Just for giggles, I'll mention State and Federal Bank Examiners, (I was one). Large cash transaction reports are completed by banks generally when $10,000 moves in or out of an account, but it can be at any amount if the bank deems the transaction to be unusual for that account, these reports go to regulators and the IRS. We can go back to each months statement and see every transaction, a year's worth takes about 5 minutes making notes. Write checks for cash and you may need to justify where that money went, say if it was $500.00 or even $200 but done over a period of time. Regulators can look for and spot "draining an account" in any cash or securities account. If Granny likes to gamble she better keep receipts/records for her losses for taxes and Medicare. Besides, burying cash can be a problem because the older you get you may forget where you buried it!

@Livetoeat171 8 месяцев назад

Why people should either put it in the safe deposit box or in a safe at home

@SgtBooker44 3 года назад

God bless you.

@keysuanaespree3162 3 года назад

Thanks for sharing accurate information. Public Awareness...

@karenvasey125 8 месяцев назад

So helpful thank you

@coastal5228 Год назад

PLEASE check directly with a Case Worker.

@steveneldridge5332 8 месяцев назад

OK, bless you;

@janicescott7338 3 года назад

Very educational. My friends dad just went into a nursing home and my friend now has no inheritance because her dad failed to plan ahead! It happened quick and everyone was like “What!” No clue? I am shocked how people who can afford an attorney just put it off. I guess thinking it can’t happen to them.

@Norm475 3 года назад

I think sometimes the parent doesn't trust their child or trust their childs spouse so they don't want to give away the money in case they need it.

@retiredgamblers3517 3 года назад

Honestly as aging parents with a sizable estate. We did not save it for our kids and they want us to enjoy. 2nd a nursing home for anyone is a death sentence. Yet for you to see only the money as inheritance rather than a cushion to make it as comfortable as possible on our exit. Take care of your loved 🥰 ones. Nursing homes are an easy way to sweep your loving parents out of sight. Pay for home care!!

@janicescott7338 3 года назад

@@retiredgamblers3517 Sorry I said that the way I did. Of course the inheritance is not a main focus, but most of us would like to leave something for our children. Whatever we do we need to plan ahead.

@tennisbum67 3 года назад

@@janicescott7338 no apologies needed. it's why this is such a difficult conversation to have.

@traybern 8 месяцев назад

SHOULD have bought a Long Term Care insurance policy…THIRTY YEARS ago!!!!!

@cathypressey1483 9 месяцев назад

Wish you would discuss The pros & cons on Estate Deeds

@Traveler-PKK 4 года назад

If I give all my assets to my children 5 years before the Look Back window starts and just keep my $3K pension will I be subject to a look back period fo the assets and Income I gave away. Again, pre-planing 5 years before the look back period.. it might be longer?

@ArnoldZiffle-jw2mv 3 года назад

Great info & God bless you, from a estates & probate assistant, I’ve seen these issues in play Mrs Z

@bruceincremona9241 8 месяцев назад

I'm glad I got my parents on board with taking everything out of their names. They could legally stay in the house for as long as they needed no one could force them to leave . If it weren't for that the state would have got everything. Everything my father worked for his entire life.

@SandfordSmythe 8 месяцев назад

Now you get the money, and they are in a second rate nursing home on welfare.

@KCFlyer2 8 месяцев назад

So....might I ask if you or your parents voted for candidates who want to cut Medicaid as a part of "wasteful government spending"? I'm assuming that what remained of your fathers life's work went to you and not the state.

@Arete37 24 дня назад

This is a helpful explanation. Very clear. So if my kids want the house and whatever money I have after I die, they have to be the ones taking care of me before I go. What a cut throat system. I wonder how they do long term care in Sweden? Mexico? Japan? Canada?

@kathy2976 2 года назад

God Bless you is this for all states

@ariennelandry9207 3 года назад

Bless you!

@douglashornbecker2267 2 года назад

God Bless You! and thank you!

@okiejammer2736 7 месяцев назад

😂 Gesundheit! Thanks for this very important information. New subscriber.

@luckenbachmachineworks7000 8 месяцев назад

Interesting approach. Hide assets and let other people pay for your nursing home care. Real ethical advice.

@shawnmason5290 7 месяцев назад

I stand behind people at the grocery store, paying with food stamps, getting prime meats, and things in their cart that I can’t believe are covered by the government. But that’s the law. they take advantage of it. Why can’t those of us who have worked all of our lives take care as well? Do you merely file a short form 1040 when you report your income and yet you own a business? If so, you would be a moron not to have a CPA getting you ever deduction that you are entitled to legally.