How To Protect Your Assets from Nursing Home Costs

Certified Elder Law Attorney Matthew Parker discusses:
• Statistics
• Cost of nursing home care
• Sources of payment for nursing home care
• Medicaid resource limitations
• 5 year lookback
• Asset protection trusts
• Spend down
• Spousal Medicaid Annuity

[Mlspky]

The “look back period” differs from state to state. The time is 6 years now not 5 years. You can’t give your money to your children or anyone else within this time frame to reduce your income and resources to make your self eligible. Start looking into the current rules and regulations now. I worked for State Government for 26 years in the Medicaid section so I know something about these rules.

[SkyCharter]

There needs to be some discussion about what happens to the health care facility bill footed by the state being attached to the estate of the deceased receiver of the care.

[doreeneclose]

If the home is the only asset and the children are on the note of the home too, with a reality trust having the children as beneficiaries, will Medicare make them pay back nursing care on sale of home? The trust was set up 20 years ago.

[Bandaid]

What is your opinion of short term insurance. My husband and I did not qualify for long term insurance We are 71 and 70 even though we could afford the premiums and do not have any big medical issues.

[JJNow-ggso]

Your opinion is needed. Alone no dependents no one to help me registered nurse who has worked in enough of these facilities that I don't want to be in one. Please give me advice...👵

[Bj]

If the person in need only recieve SSI/SSD can they go after the children’s assets to pay for the parent in need?

[jimmsumm]

is there any way a person can protect their life savings to give to their children if they have to go into a nursing home.

[davidparker]

cant you just do spousal right of refusal?

[leonaschulman]

My mother had a home health aide. There is no look back

[kennetzel]

People who need nursing home care should not be "protecting their assets". They should be paying for the care that they need or not pursuing the care in the first place. You can't have it both ways. There is no requirement for anyone to leave something behind for children to inherit.

[poetmaggie]

I think it isn’t so much the nursing Home care is high, it is how it impoverishes Survivors of nursing homes.

[fordgt]

My parents setup a revokable trust, dad passed in 2020 and mom is 90 (in very good health) and in assisted living memory care. They had 2 properties, one in NJ which we sold after dad passed. That money has been paying for her care but were almost out of cash. The other is a summer home in NH valued at over 1 million and has been in the family for over 50 years and now were afraid we may have to sell it all to continue moms care. My dad would be out of his mind if he knew this was going to happen. Any advise to avoid this major loss?

[roberts]

What’s your opinion of revocable trusts with respect to estate planning ? Advantages and disadvantages?

[sandramiller]

Do not do business with Nursing Homes that overcharge. Pay a relative. F. Miller

[SuperFunJess]

Dont a lot ot rich people open a trust fund and put theirself as the beneficiary, then open a family trust fund within that trust fund where they and their family are the beneficiaries, placing everything in their families names at least 6 years before they need to go into a nursing home

[PeterHernandez-lgeh]

Nursing home care in Colombia or Mexico

[vassoccaloviras]

What shoud I do to proctec my estate, which is less than $500, 000. I am soon going to hit my 85th year. I own my home and the rest is invested in IRA and two TOD accounts

[ronald]

this video does not answer any write in question going back 3 yrs

[MrSluggo]

If Mom or Dad has the resources to pay for their own care, why are you encouraging your audience to try shifting the cost onto everyone else?

[briandarr]

What about personal responsibility and accountability? Should we pay our way or manipulate the system to hide our assets and use tax payers money? Every person not planning for THEIR old age care appear to to be as bad as those who do not plan for the day they cannot or do not want to continue working because of aging. Sign of the times I guess!