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Thanks for the explanation. We're past this with the one remaining parent squarely in memory care. We could probably have squeezed out a few bucks with an irrevocable trust, but I'm fine with the money going to the Nursing Home. This is a non-profit, that keeps full pay on in Medicaid beds if/when money runs out. Sometimes its about more than money.
Re: Estate Planning Attorney Qualifications
beyou wrote: ↑Sat Nov 16, 2024 5:24 pm
FreddieFIRE wrote: ↑Sat Nov 16, 2024 3:21 pm
Thanks. Am I correct in assuming that the trust was funded at least five years before Medicaid was applied for?
Nope. In some states there is what’s called Community Medicaid, where Medicaid pays for home care. There is often a shorter look back period to get this service, as opposed to paying for a nursing home. We did not want nor need a nursing home yet….but rather were paying for aides that could be paid by Medicaid. In the end, if you do need nursing home care, then yes you either wait 5 years OR gift the $ back and pay cash until it’s all gone.
These are the types of strategies a good elder care attorney can help you explore, but of course the options vary by state. So I did some homework myself first, determined there could be benefits to be had, and then hired an elder atty to verify and plan it out at the detailed level. Has worked out well but there are limits to what Medicaid will pay for. Still better to be rich and not need it
Thanks for the explanation. We're past this with the one remaining parent squarely in memory care. We could probably have squeezed out a few bucks with an irrevocable trust, but I'm fine with the money going to the Nursing Home. This is a non-profit, that keeps full pay on in Medicaid beds if/when money runs out. Sometimes its about more than money.
