Elder care costs and a giant headache - Page 4

Big Sister · ‎05-15-2010

If I am fortunate enough to have money left after I die, then I want to take it with me. lol

BriggsiePeawiggle · ‎03-09-2010

@Abrowneyegirl that's exactly what I felt happened. They were always giving him stuff, so this was their final gift.

SahmIam · ‎04-16-2010

Ok. I'm trying to understand this so PLEASE, don't yell at me.

*The parents wanted to give their children an inheritance instead of using the land and home via a sale to pay for their longterm care, correct?

*In order to give them the inheritance, they gifted them the land/money/house, correct?

*Was this wrong because they did it OR is it wrong because they did it shortly before filing for medicare?

*If they had gifted their assets over a twenty year period, would that have been ok?

I'm trying to figure out why people are upset that a family wants to keep what may have been in the family for generations.. IN the family. I know many who have assets they want to pass on to their children, grandchildren; are you all saying that's wrong? That there should be nothing left to anyone in order to pay for nursing care?

I've watched many friends of my parents/in-laws go into nursing homes; the cost of $10,000 plus a MONTH for some of them. Assets were sold but....the money was gone very quickly and they were moved to facilities that were...not very good. Heartbreaking to see. What stood out for me was the fact that the children (my age) were/are trying to save for retirement, are paying a mortgage, paying for kids to go to college, health care, etc and to pay for private care for mom/dad/mom & dad was just not financially possible. We've made it so difficult for people to afford to live a long life.

This issue is one I'm watching closely because it's even worse (it seems) if you have a disabled child and want to set up funds for their care after you're gone. The obstacles we've run into have been outrageous and shocking.

And VERY illogical.

This is very interesting thread and I'm glad the OP started it.

blackhole99 · ‎08-22-2013

@CelticCrafter Yes, that's what the poster said. People who have very little do not want their hard earned money and home to go to the nursing home at the end, so they think by transferring funds and property they can avoid that. People who have plenty of money can talk about ethics all they want, if you have the means to pay for nursing home care you are not the average working American.

KathyPet · ‎03-09-2010

THis is why I have LTC insurance. IS it a gamble as to whether I will ever use it? OF course but I would rather have it then take the risk I will need it and not have it.

However I do have a question. IF the couple we are discussing gave their children ownership of their land was there a mortgage on the property? If the property that was given to the kids was free and clear then why can't the children obtain a mortgage on the property and use those funds to pay for their parent's care?

Isobel Archer · ‎04-04-2015

@SahmIam wrote:
Ok. I'm trying to understand this so PLEASE, don't yell at me.

*The parents wanted to give their children an inheritance instead of using the land and home via a sale to pay for their longterm care, correct?

*In order to give them the inheritance, they gifted them the land/money/house, correct?

*Was this wrong because they did it OR is it wrong because they did it shortly before filing for medicare?

*If they had gifted their assets over a twenty year period, would that have been ok?

I'm trying to figure out why people are upset that a family wants to keep what may have been in the family for generations.. IN the family. I know many who have assets they want to pass on to their children, grandchildren; are you all saying that's wrong? That there should be nothing left to anyone in order to pay for nursing care?

I've watched many friends of my parents/in-laws go into nursing homes; the cost of $10,000 plus a MONTH for some of them. Assets were sold but....the money was gone very quickly and they were moved to facilities that were...not very good. Heartbreaking to see. What stood out for me was the fact that the children (my age) were/are trying to save for retirement, are paying a mortgage, paying for kids to go to college, health care, etc and to pay for private care for mom/dad/mom & dad was just not financially possible. We've made it so difficult for people to afford to live a long life.

This issue is one I'm watching closely because it's even worse (it seems) if you have a disabled child and want to set up funds for their care after you're gone. The obstacles we've run into have been outrageous and shocking.

And VERY illogical.

This is very interesting thread and I'm glad the OP started it.

Not yelling - I hope.

Of course people want to pass their assets on to their children and to keep them in the family. Nothing wrong with that idea.

However, if they need long term care - who is going to pay for it? Currently, the law is that they should. Just as they would have to pay for anything else they wanted/needed.

Interestingly, the law does NOT require children to pay for their parents care if the parents actually have no money- but it also doesn't allow for the parents to transfer the money to the kids and then claim poverty. It was originally the parents' money and the parents are held accountable for using it to pay for their own care.

Now I totally get that a lot of people think no one should have to pay for medical care - ever. Not when they are young and certainly not when they are old. However, that is not where we are now.

KathyPet · ‎03-09-2010

@SahmIam wrote:
Ok. I'm trying to understand this so PLEASE, don't yell at me.

*The parents wanted to give their children an inheritance instead of using the land and home via a sale to pay for their longterm care, correct?

*In order to give them the inheritance, they gifted them the land/money/house, correct?

*Was this wrong because they did it OR is it wrong because they did it shortly before filing for medicare?

*If they had gifted their assets over a twenty year period, would that have been ok?

I'm trying to figure out why people are upset that a family wants to keep what may have been in the family for generations.. IN the family. I know many who have assets they want to pass on to their children, grandchildren; are you all saying that's wrong? That there should be nothing left to anyone in order to pay for nursing care?

I've watched many friends of my parents/in-laws go into nursing homes; the cost of $10,000 plus a MONTH for some of them. Assets were sold but....the money was gone very quickly and they were moved to facilities that were...not very good. Heartbreaking to see. What stood out for me was the fact that the children (my age) were/are trying to save for retirement, are paying a mortgage, paying for kids to go to college, health care, etc and to pay for private care for mom/dad/mom & dad was just not financially possible. We've made it so difficult for people to afford to live a long life.

This issue is one I'm watching closely because it's even worse (it seems) if you have a disabled child and want to set up funds for their care after you're gone. The obstacles we've run into have been outrageous and shocking.

And VERY illogical.

This is very interesting thread and I'm glad the OP started it.

THere was nothing inherently legally or morally wrong with the,parents transferring title to the property to their children UNLESS they took the action with the intent to,defraud the government by stripping themselves of assets and then claiming poverty in order to get Medicaid benefits. If that was their intent and according to the OP it was, then they could be charged with intent to defraud the government.

Now if they had transferred the property more than 5 years before applying for Medicaid benefits then they would have been home free as they were outside the 5 year "look back" period that the government uses to determine the intent of the transfer.

KarenQVC · ‎05-13-2010

@SahmIam I think the answer to your question is that people only "own" things that they can afford to keep. If someone must pay for nursing home by selling their house, they cannot afford to own it or to give it to their children.

chrystaltree · ‎05-10-2010

@Big Sister wrote:
If I am fortunate enough to have money left after I die, then I want to take it with me. lol

Hubby and I always say that, we are going to do best to spend it all while we are living and if there's anything left.....we'll be buried with it. We are not joking.

DiAnne · ‎09-22-2010

I don't have much sympathy here. I just hope I have enough assets to finish my life out without being a burden to my children. People that do these things are just trying to get a free ride by having the government (us taxpayers) pay for their end of life care. I think while legal it is completely unethical.