Senior Care and Property Retention

[rutwad]

My father now has care 24/7, and I think buying a small island is cheaper. Income is limited. I worry the property will be seized. I have been stressed trying to help with him and figure out a way to keep from losing everything. My father and I live separately, but on the same property. Do any of you guys have suggestions at all? If so, thank you in advance for taking time to share.

 

[coldsteelva]

I'm sorry that your dealing with this, but the property should have already been placed into a trust so that it couldn't be taken to pay for care. You will likely have to buy the property so it is no longer his, but there are rules about 'hiding assets' so it has to be legit. Best answer is to contact an estate lawyer pronto.

 

[k0ua]

I believe Medicaid can look back 5 years also and make you give back property given away previous. You need a trust attorney, not a bunch of guys on TBN. A common problem is old folks, waiting until they are needing long term care and then thinking about taking care of their assets, and it is too late then. Most old people are obstinate and will not admit they are old.

 

[rutwad]

I agree, I do need an attorney and hoping to meet with one very soon. But I figure if I go in with a little knowledge rather than none, maybe I can get all my questions answered there.

I believe Medicaid can look back 5 years also and make you give back property given away previous. You need a trust attorney, not a bunch of guys on TBN. A common problem is old folks, waiting until they are needing long term care and then thinking about taking care of their assets, and it is too late then. Most old people are obstinate and will not admit they are old.

 

[prichard]

Went through this in Florida with mom last year. Homestead protects the property there.

She's passed now so the state can go after the estate now for reimbursement of Medicare expenses but so far they haven't.

 

[jeff9366]

"If" your father has 100% title to the property on which both of you live, you have "0" entitlement and recourse.

I would suggest seeking support from your local Hospice organization, which may get your father to a comfortable end at home.

 

[Dutch445]

We have just started trust proceedings with my mother, mom and us 3 siblings all met with an estate
lawyer last fall and agreed the trust is the right decision.. this isn't a large estate, basically the house,
but it will be comforting to know things are in order. and yes,, they told us there was that 5 year look back.
fortunately and knock on wood, mom is in very good health as of today.
so try to get a referral from someone you may know that has been thru it and can recommend a good firm
to help you through it.

 

[brown40]

There is generally a five year lookback from the date state Medicaid services are obtained. Your state will look to recover a portion or all of costs disbursed from the estate of the deceased, usually handled by a Estate Recovery department who can give you their specifics. You should definitely talk with a lawyer familiar with your state medicaid and estate recovery laws, and have a plan of action. They will not bounce spouses or dependent children, but as far as unnamed on the land... buying it at a fair market value from your father, then forfeiting that money as Private Pay would probably a way your DHS office would be amenable to. Get right on it, in writing--the dates make all the difference.

 

[dieselcrawler]

My uncle and cousins had the foresight to deal with their transfer of property in just this fashion. In that case, (bankruptcy and death of uncle back to back) the date of concern was little more than a month past the cut off... Was that close to loosing the property, but it was safely isolated from the grasp of the partys concerned.

Moral of the story? Sooner is better... Hope its not too late already.

 

[dadster4]

Is your father a vet? Many benefits are unknown until you do some research. My father has most of his assets in a trust, a few life insurance policies, a will, living will, and power of attorney. If your father holds title, getting a reverse mortgage would keep him in his home until death and help with current finances, but would limit any inheritance for the children.