TEN WAYS TO PROTECT YOUR MONEY
TEN WAYS TO PROTECT YOUR MONEY AND YOUR HOUSE FROM MEDICAID OR A NURSING HOME
Facts and Misconceptions: Questions from clients to an attorney and his answers.
Misconception #7. HAVE THE KIDS TAKE CARE OF YOU
I Took Care of You, Now Return the Favor
As a protection from nursing home costs, you could have your kids take care of you. I’ve had clients come to my office with the child who is the candidate for this honor. Sometimes the child doesn’t know this. They sit in front of my desk and let me explain asset protection strategies. When I get to the nursing home issue, the parent confidently pronounces “if my son doesn’t take care of me, then he’ll get nothing when I’m gone.” Then they look over at the (middle aged) child sitting next to them – eyebrows raised. “Isn’t that right son?” they say.
It’s important to consider: is the caretaker child in a position to help?
I have seen this work. But it doesn’t work for everyone. Often the caretaker, in their late sixties, after having taken care of the parent for ten or fifteen years, asks for some legal advice. What do they want to know? Is there going to be a lien on the house. I ask some questions. Many times, things have worked out well. Usually they have had a Medicaid home care aid coming to the house for years (see Option 8 Aging in Place). They ask me if there will be a Medicaid lien on mom’s house when she passes away to pay back the state for those ten years of home aids. I analyze their situation and apply the law. If necessary, we put a plan in place to prevent the possibility of a Medicaid lien. But for Option 7 to work, the caretaker child must be willing to take on this responsibility in the first place. They should also be economically capable of doing it. If a well-meaning son or daughter takes on this responsibility, and then subsequently loses their job, or jeopardizes necessary income sources, it is a recipe for failure.
Can Your Children Do It?
Many children would love to keep their parents at home, but simply cannot do it. They have jobs and kids and are simply trying to keep it together without also turning their house into a residential care facility. But still, statistics have shown that the longer you are able to stay at home, the less likely you will need a stay at a nursing home. And if you do end up going into a nursing home, then the stay is much shorter. There is an asset protection plan that takes both into consideration. In upcoming options you’ll learn how you can plan to qualify for benefits to help you age in place, maintain control of assets you give away, and if the time comes, qualify for a nursing home.
Stay Tuned for misconception #6 Tomorrow.
For more information on how YOU can protect your stuff and START planning for your estate, call Penbay Estate Planning Law Center at 207-236-4888, follow us on Facebook, or check out our website at https://penbaylaw.com/
Don’t leave your family’s plans in someone else’s hands.™