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Forum ยป Misc Legal Team - Question for reps (192k)
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Thread: Misc Legal Team - Question for reps (192k)

post 1612108611 07-30-2020, 01:24 PM
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Misc Legal Team - Question for reps (192k)

Reps til I'm out

My Dad wanted me to find out the answer to this question:

He currently has a decent amount of money in his bank account (I am also on the account incase something happened to him) and he has a retirement savings as well (I am beneficiary on it)

He wants to know - If, Heaven forbid, he ever had to go into a nursing home, if the state or whatever can go after that money to pay for the medical care/housing.


Since my mom passed away, he has been trying to cover all bases in case something ever happened to him because we were left with a lot to figure out when my mom died.
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post 1612110731 07-30-2020, 01:46 PM
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Not an expert, so take with a grain of salt. My brother just went through this. The bank account is fair game. Retirement accounts are supposed to be protected from collections, but state might expect payments to go toward care. The state will want the house. If you don't expect him to go into a nursing home in the next 5 years or so, put the house in your name now. Life insurance is protected so you might want to sink as much money as you can into a policy.
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post 1612111001 07-30-2020, 01:49 PM
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Originally Posted By John
Not an expert, so take with a grain of salt. My brother just went through this. The bank account is fair game. Retirement accounts are supposed to be protected from collections, but state might expect payments to go toward care. The state will want the house. If you don't expect him to go into a nursing home in the next 5 years or so, put the house in your name now. Life insurance is protected so you might want to sink as much money as you can into a policy.
\repped - Thank you.

I have no reason to think he's unwell in anyway. It actually caught me off guard and has made me kind of paranoid. I keep asking if he's doing OK.
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post 1612111201 07-30-2020, 01:52 PM
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Originally Posted By JUGGERNAUT1333⏩
Reps til I'm out

My Dad wanted me to find out the answer to this question:

He currently has a decent amount of money in his bank account (I am also on the account incase something happened to him) and he has a retirement savings as well (I am beneficiary on it)

He wants to know - If, Heaven forbid, he ever had to go into a nursing home, if the state or whatever can go after that money to pay for the medical care/housing.


Since my mom passed away, he has been trying to cover all bases in case something ever happened to him because we were left with a lot to figure out when my mom died.
If he has to go into a nursing home long term (meaning beyond what medicare covers), he will be responsible for the cost. Depending on the home, they may simply take his social security + some small amount. Again, depending on the home as some nursing facilities charge more than others.
Look into long term care insurance. Depending on his age, it may be pretty expensive, but is worth it should you need it.

*Edit to add - the cost of the home will depend on how much care he needs.

My grandmother started off in an assissted living place that her social security and retirement covered. As care needs increased, my mom and aunt had to start covering additional costs.
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post 1612111291 07-30-2020, 01:53 PM
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Originally Posted By litljay⏩
If he has to go into a nursing home long term (meaning beyond what medicare covers), he will be responsible for the cost. Depending on the home, they may simply take his social security + some small amount. Again, depending on the home as some nursing facilities charge more than others.
Look into long term care insurance. Depending on his age, it may be pretty expensive, but is worth it should you need it.
So if the cost exceeds social security/medicare, could they pull from his checking account and/or retirement?
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post 1612111381 07-30-2020, 01:54 PM
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Not an expert here either, but my father is going through the same thing since my mom has recently gone into a nursing home with Alzheimer's. Basically, all of her assets are fair game. Bear in mind this is regarding medicaid (no way he could afford the $15,000/mo bill for the nursing home care). In addition to seizing her assets, they are taking her monthly income from all of her retirement and pension accounts and putting that towards payment. Medicaid footing the rest. And all this after working with lawyers for the past 8 months making money moves to make it work... including having to prove he doesn't have TOO much money. This may be state by state jurisdiction, I'm not sure. But they most certainly will anally rape you in every way they can.
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post 1612111651 07-30-2020, 01:57 PM
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Do not be sentimental about this. If there's even a remote chance start the process of putting major assets like the house in your name. This happened to my uncle after he had a stroke.
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post 1612111661 07-30-2020, 01:57 PM
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Originally Posted By xxAchillesxx⏩
Not an expert here either, but my father is going through the same thing since my mom has recently gone into a nursing home with Alzheimer's. Basically, all of her assets are fair game. Bear in mind this is regarding medicaid (no way he could afford the $15,000/mo bill for the nursing home care). In addition to seizing her assets, they are taking her monthly income from all of her retirement and pension accounts and putting that towards payment. Medicaid footing the rest. This may be state by state jurisdiction, I'm not sure. But they most certainly will anally rape you in every way they can.
I'm sorry for your mom man, my grandma had that and it is very harsh. Wish you and family the best. Thanks for the info.
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post 1612111691 07-30-2020, 01:57 PM
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Originally Posted By JUGGERNAUT1333⏩
So if the cost exceeds social security/medicare, could they pull from his checking account and/or retirement?
They won't "garnish" him, but he will be responsible for the cost. Otherwise, they'll move him to a "state" facility (you don't want that).
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post 1612111781 07-30-2020, 01:58 PM
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Originally Posted By JUGGERNAUT1333⏩
I'm sorry for your mom man, my grandma had that and it is very harsh. Wish you and family the best. Thanks for the info.
Thank you brother. It's definitely something you can't prepare for, but having a close family definitely helps with good support.
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post 1612111911 07-30-2020, 01:59 PM
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Originally Posted By litljay⏩
They won't "garnish" him, but he will be responsible for the cost. Otherwise, they'll move him to a "state" facility (you don't want that).
Oh OK.....I get what you're saying. Thanks man.
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post 1612112041 07-30-2020, 02:00 PM
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Originally Posted By cjr169⏩
Do not be sentimental about this. If there's even a remote chance start the process of putting major assets like the house in your name. This happened to my uncle after he had a stroke.
This was the other thing. He's concerned about the house and truck being taken/sold if it happens.
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post 1612112321 07-30-2020, 02:03 PM
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As much as possible, he should convert his assets into real property and you should be the owner. This will protect the bulk of assets.

Also if he is talking this way, you should have a serious discussion about his living will, and if he has a medical proxy and/or power of attorney. If not, you should be designated both, as you can then make medical and financial decisions for him, should anything happen.
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post 1612112351 07-30-2020, 02:03 PM
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Just throwing this out there OP, but retirement homes can absolutely cripple a family financially. I feel like most people don't understand how much they truly cost. It's like okay grandma is getting real old, time to put her in a retirement home/community. Bad move. It's cheaper to move the person in with you and care for them. My family went through a similar situation a year and half a go with my dad and my grandfather. I mean this in the best way possible, but it was actually better that he passed away in the hospital. My father was made executor of estate prior to his passing, and would've been responsible for paying for the nursing home. And my grandfather was going to need a lot of care if he was discharged. This would've bankrupted my father.
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post 1612112651 07-30-2020, 02:07 PM
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Originally Posted By Drew23⏩
As much as possible, he should convert his assets into real property and you should be the owner. This will protect the bulk of assets.

Also if he is talking this way, you should have a serious discussion about his living will, and if he has a medical proxy and/or power of attorney. If not, you should be designated both, as you can then make medical and financial decisions for him, should anything happen.
I just spoke with him - we are going to make an appointment with a local lawyer to discuss it all. Thank you.
Originally Posted By WantToBeLeaf⏩
Just throwing this out there OP, but retirement homes can absolutely cripple a family financially. I feel like most people don't understand how much they truly cost. It's like okay grandma is getting real old, time to put her in a retirement home/community. Bad move. It's cheaper to move the person in with you and care for them.
I have 0 intention of ever putting him in a nursing home unless things progressed to the point I literally was unable to provide the care needed. My grandmother was in a nursing home and I have no idea who paid for it because she had zero money.

EDIT: Out of reps today, I will hit you guys on recharge.
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post 1612113041 07-30-2020, 02:10 PM
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Originally Posted By JUGGERNAUT1333⏩
I just spoke with him - we are going to make an appointment with a local lawyer to discuss it all. Thank you.



I have 0 intention of ever putting him in a nursing home unless things progressed to the point I literally was unable to provide the care needed. My grandmother was in a nursing home and I have no idea who paid for it because she had zero money.

EDIT: Out of reps today, I will hit you guys on recharge.
Get with your insurance agent also. Look into Long Term care insurance.
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post 1612113221 07-30-2020, 02:12 PM
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Originally Posted By JUGGERNAUT1333⏩
I just spoke with him - we are going to make an appointment with a local lawyer to discuss it all. Thank you.



I have 0 intention of ever putting him in a nursing home unless things progressed to the point I literally was unable to provide the care needed. My grandmother was in a nursing home and I have no idea who paid for it because she had zero money.

EDIT: Out of reps today, I will hit you guys on recharge.
Good on you OP for taking this situation seriously. People don't want to talk about their wills or things like power of attorney. You absolutely need to handle this stuff seriously. I expanded upon my post you responded to. You risk losing everything when it comes to the financials of getting old. Honestly I don't know too much about the insurance side of your situation, but all I know is that the state will definitely try to bleed you dry.
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post 1612113321 07-30-2020, 02:13 PM
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Originally Posted By JUGGERNAUT1333⏩
I just spoke with him - we are going to make an appointment with a local lawyer to discuss it all. Thank you.



I have 0 intention of ever putting him in a nursing home unless things progressed to the point I literally was unable to provide the care needed. My grandmother was in a nursing home and I have no idea who paid for it because she had zero money.

EDIT: Out of reps today, I will hit you guys on recharge.
Talk about options for full time home care. Don't plan to be a full time care giver unless you really know what that means. It can be very stressful and downright sad.
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post 1612120851 07-30-2020, 03:38 PM
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My brother moved into the house before the parents went into the nursing home. He was then considered the live-in caregiver. The state wouldn't force the house to be sold because of that, but they will put a lien on the property and expect it to be paid when you settle the estate. His lawyer advised him not to put up his own money toward that lien before they died because there was a real threat the state would take it differently and not reduce the lien. Once your dad gets in this situation do not put any of you resources into it. The state will take advantage of you.
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post 1612124511 07-30-2020, 04:16 PM
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They can and will go after your parents assets. Before things get worse, get with an attorney to explore your options (family trusts etc).
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