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HELP me help this elderly lady
Vanity

Posted on 02/01/2013 7:23:13 PM PST by patriot08

A school friend and I have sort of a little project going to try to help the elderly.

We know this lady in her late seventies who needs help with life choices, finances.

She has no family. She is not in good health with several health problems and expects to be around maybe a year or two more at most.

She earns about $14,000 per year in Social Security. She has about $53,000 in stocks- mostly Walmart. She has about $4,000 in a retirement and checking account. She only owes a couple of thousand on her car. That's the extent of her debts. Car payments are around $200.00 a month. Medicare supplement is around $200.00 a month

She has recently taken a rent controlled apt for seniors that will cost $451.00 per month plus bills. It's very nice with all kinds of amenities for seniors.

I asked her how she would make it on her limited income. She said she had too much in the way of assets to be given HUD housing, food stamps and all the other things really poor seniors get, so she planned to 'live it up' for the time being, and spend it down (her assets) until she qualified for all the stuff destitute seniors are awarded.

I don't know quite what to tell her, so I'm going to the smartest people I know- Freepers.

Please don't judge her too harshly. She has led a good Christian, productive life (retired nurse) and is really a nice lady.


TOPICS: Chit/Chat
KEYWORDS: elderly
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1 posted on 02/01/2013 7:23:16 PM PST by patriot08
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To: patriot08

Is she planning on selling off those stocks? What does she mean by “living it up”.


2 posted on 02/01/2013 7:28:00 PM PST by McGavin999
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To: patriot08

At her age, what is she capable of as far as “living it up”? I take she is ambulatory. How about a vacation? Where would she like to go? has she anybody to go with her?


3 posted on 02/01/2013 7:29:20 PM PST by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: patriot08

I like her plan and I help people plan their portfolios, If she has a year or two left...live.


4 posted on 02/01/2013 7:29:40 PM PST by albie
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To: patriot08

Ill send a little money...where, and how...


5 posted on 02/01/2013 7:29:51 PM PST by B.O. Plenty (Give war a chance........)
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To: patriot08

Not clear what the problem is that you are trying to solve.


6 posted on 02/01/2013 7:33:32 PM PST by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: patriot08

Sounds like she has her own plan.

If her health is failing and it appear she might need a nursing home soon, she will need to spend down.

I guess I missed the problem you are trying to resolve.


7 posted on 02/01/2013 7:33:53 PM PST by TomGuy
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To: patriot08

Where is here church family in all this? You mentioned she is Christian. We have plenty of seniors in ours, and none of them are going to do without the bare necessities. They are family. That is God’s economy and insurance plan.


8 posted on 02/01/2013 7:34:03 PM PST by Salvavida (The restoration of the U.S.A. starts with filling the pews at every Bible-believing church.)
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To: patriot08

What exactly is the question? If she has only got two years to live, help her enjoy it.

Even if she qualifies for HUD housing, it will still be 30% of adjusted gross income, not much less than this apartment.


9 posted on 02/01/2013 7:34:36 PM PST by iowamark
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To: patriot08
Sounds like this lady could give others lessons in financial responsibility.

The only thing I might change would be to move some of the paper assets into PMs (for added insurance), say about 20%. May not work for her, but works for me.

I'd bet she is the kind who lives life to the fullest as well.

10 posted on 02/01/2013 7:35:29 PM PST by Errant
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To: patriot08

She should pay off the car, it’s a bill she can afford to eliminate. Everything else sounds OK. She has ample assets to enjoy what time she has left. Let her do it.


11 posted on 02/01/2013 7:36:47 PM PST by smoothsailing
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To: patriot08

I would butt out unless she asked specifically for advice. Sounds like she is doing what she wants and I see nothing wrong with that.


12 posted on 02/01/2013 7:36:51 PM PST by Kirkwood (Zombie Hunter)
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To: patriot08

I would butt out unless she asked specifically for advice. Sounds like she is doing what she wants and I see nothing wrong with that.


13 posted on 02/01/2013 7:36:58 PM PST by Kirkwood (Zombie Hunter)
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To: patriot08
Reminds me of the story of the old man who died penniless. When the attorneys and accountants went through his debt and assets, he had exactly zero dollars.

One of the lawyers said “What a sad way to end up.” One of the accountants responded “Sounds to me he had a heck of a budget and great timing.”

14 posted on 02/01/2013 7:37:03 PM PST by Anitius Severinus Boethius (www.wilsonharpbooks.com)
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To: McGavin999

If she really “lives it up” to the fullest, the last check she writes will be to the IRS and it will bounce.


15 posted on 02/01/2013 7:37:23 PM PST by Slump Tester (What if I'm pregnant Teddy? Errr-ahh -Calm down Mary Jo, we'll cross that bridge when we come to it)
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To: patriot08

Why isn’t she using her savings as part of her income?

That’s what I’m doing.

.


16 posted on 02/01/2013 7:37:40 PM PST by Mears
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To: McGavin999

She plans on selling stocks along as she needs for expenses.
Her idea of ‘living it up’ is to live at this very nice place with fellow seniors and take advantage of all the amenities..like club/game room, exercise room etc.

She is ambulatory, still drives shops for groceries.
She would not want or be up to a vacation somewhere.
She is content within the senior compound.


17 posted on 02/01/2013 7:38:58 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: B.O. Plenty

Thanks. That’s sweet.
Not asking for contributions.


18 posted on 02/01/2013 7:40:38 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: TomGuy; listenhillary

I just wanted to know what you all thought of all this.
Is it a good idea. What do you think?

She says she’s worked hard, tried to lead a good productive life and she wants to enjoy what little assets she has managed to accumate through her hard work, instead of keeping it hoarded up to pay into hospitals, nursing homes, etc.


19 posted on 02/01/2013 7:47:30 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: Salvavida

She goes to church. Not sure how much they would be willing/able to help.


20 posted on 02/01/2013 7:48:51 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: iowamark

She plans to spend down what assets she has until she only has the $14,000 in annual social security- then go HUD, food stamps and all.


21 posted on 02/01/2013 7:52:37 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: smoothsailing

Thanks, smoothsailing.
I meant to ask about paying off the car. She wondered if she should.
I’ll tell her.


22 posted on 02/01/2013 7:54:53 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: Kirkwood

She asked us what we thought about her plans.
I only want to help her.


23 posted on 02/01/2013 7:56:22 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08

Sounds like she has a plan. She might live longer than her money, but it sounds like she plans on enjoying herself while she can.

She might want to get her name on a the waiting list as soon as she can for low income housing when or if she needs it. She may not even be able to get on the list until she spends down.


24 posted on 02/01/2013 7:56:33 PM PST by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: Anitius Severinus Boethius

LOL Very good.


25 posted on 02/01/2013 7:57:40 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08

It’s really very nice what you’re doing. I hope it works out well. :)


26 posted on 02/01/2013 7:59:37 PM PST by smoothsailing
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To: listenhillary

“She might want to get her name on a the waiting list as soon as she can for low income housing when or if she needs it. She may not even be able to get on the list until she spends down.”

Very good idea. I’ll pass along the information.
Hud housing for the elderly has long waiting lists here,
I understand.


27 posted on 02/01/2013 8:00:44 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: smoothsailing

Thanks.


28 posted on 02/01/2013 8:02:15 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08
Sounds like she is in good shape financially. She could always see someone where she does her banking to break it down to dollars and cents. She may not want to be too dependant on the value of stocks at this time in her life, things can go south in a hurry and she may not have time to wait for another recovery. Her banker would go over this with her.

Does her residence facility offer non-ambulatory care and full care if she should need it? Are there additional fees for that level of care? If that day should come will she need to move to a full care facility?

She may want to talk to a counselor who specializes in elder care needs. The county may offer social services for seniors with free or inexpensive counseling.

29 posted on 02/01/2013 8:06:06 PM PST by concentric circles
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To: patriot08
As odd as this may sound, really good therapy for a elderly person in her position is to take her to the casino to play the slots.

Seriously, you can pace out the money so she does not blow it all at once. The exhilaration and fun of playing slots is very beneficial health wise. Gets them active mentally and in the limits of their physical abilities.

If she is not up to it mentally, then it is a waste of time and find another idea. But we have an elderly lady in our neighborhood and I swear she is 10 years younger when she is thinking of going to play the slots and when she comes back.

It gives her something to think about, talk about and look forward to.

Of course, it might make her financial situation “worse” if she starts hitting jackpots.

30 posted on 02/01/2013 8:06:36 PM PST by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: patriot08
I don't see her problem. She's in better shape financially than probably the majority of people her age and younger.

Does she have any children to help her???

31 posted on 02/01/2013 8:13:10 PM PST by Uncle Chip
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To: patriot08

Pay off the car so she can live her remaining days in debt freedom.

She may live 2 years or 5 or 10. Only God knows—but she will be able to live more comfortably with no debt.


32 posted on 02/01/2013 8:17:33 PM PST by Altariel ("Curse your sudden but inevitable betrayal!")
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To: TomGuy

yup, they require you to drain your savig first before you get any help. if she’s by herself her way is the way to do it. if she was married and had someone else who needed the money, best thing would be to set up a trust so that the other person could have money sheltered from having to be spent before she could qualify for care.


33 posted on 02/01/2013 8:17:54 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: patriot08

One of the first things I’d do is go with her to her doctor for a complete summary of her medical condition. I’ve known seniors who were only expected to live “a year or two,” and they were still around a decade later. If there’s even a small chance (say, one in four) that she will be around five or ten years from now, that changes her financial calculations completely. On the other hand, if her life expectancy is no more than two years (at the outside), I’d say she has a viable plan.


34 posted on 02/01/2013 8:18:06 PM PST by ExNewsExSpook
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To: concentric circles

Thanks. Good advice about seeing her banker.

The stock mkt has been pretty good lately. Walmart stock is enjoying a boom- but you’re right. Something could cause a downturn.
How about she convert her money into gold then if stocks are too iffy?

Her rent controlled senior compound does not have facilities for the non-ambulatory or full care.
There is a place down the street that does these things.
She would probably need to go there or some place similiar if she got down.


35 posted on 02/01/2013 8:25:31 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: gunsequalfreedom

I doubt if this lady could endure a long trip to a casino.
No casinos in Texas. Illegal.
Some go to Louisana I think, but that’s a long long trip that she could not endure.


36 posted on 02/01/2013 8:29:18 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08

I am not seeing where the problem is either

If she only expects to be around a year or two longer, then even at $1000 bucks a month taken from her savings she has enough for 4 years

$14,000 a year plus $12,000 from her savings is a decent living

Move to Thailand- she can live in a beach house for that kind of money (with servants)


37 posted on 02/01/2013 8:30:15 PM PST by Mr. K (There are lies, damned lies, statistics, and democrat talking points.)
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To: Uncle Chip

Do you really think she’s ok financially?
Hope you’re right.

As I understand it, she was married and had a daughter but both husband and daughter have passed.
Very sad. She really is a nice person.


38 posted on 02/01/2013 8:34:29 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08

I don't know quite what to tell her...

Tell her to stop trying to live off the system.
39 posted on 02/01/2013 8:36:59 PM PST by conservative98
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To: Altariel

Thanks. She was wondering if she should pay off the car.
It’s a 2001 Cadillac Seville. LOL
Original owner was a paraplegic who drove it very little.
This lady drives it to church and maybe to grocery shop once a week. It’s almost like new.

I’ll tell her my friends on FR advised her to pay it off.


40 posted on 02/01/2013 8:39:24 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: ExNewsExSpook

Sound advice. Thank you.


41 posted on 02/01/2013 8:41:34 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08

The Walmart stock would cover 10 years rent.

Using the SS income for car and medicare payments would leave about $750 for food and entertainment and so forth. After the car is paid off, there will be an extra $200 per month to burn.

Looks like a comfortable setup, until 10 years from now.


42 posted on 02/01/2013 8:43:50 PM PST by UnwashedPeasant
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To: UnwashedPeasant

Thank you.
I really appreciate all the good advice and positive input by my fellow FReepers.
I’m sure the lady will feel much better about it all.


43 posted on 02/01/2013 8:48:08 PM PST by patriot08 (NATIVE TEXAN (girl type))
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To: patriot08

First off, not knowing the Medicaid laws in Texas (each state has their own), I’d help her to make sure her SS income does not exceed the qualifications for a nursing home should that come into play. Her health could turn on a dime, and she needs to know the specifics.

Whatever she has, make sure she spends it on herself and her needs as that could affect Medicaid look back. No gifts to anyone that could ding her for future NH care. Spend it on dental care (Medicaid doesn’t cover much), eyeglasses, clothing, shoes, and anything healthcare related. A pre-paid funeral plan is also a very good idea, not a fun one, but essential. She also can pay off her car as that is an asset they can’t take as long as there is a reasonable expectation she will be able to use it.

Hate to be a wet blanket on fun ideas for spend down, but that’s the reality.

I haven’t been through the Medicaid mill myself with my parents, but private care, and I’ve learned a lot at agingcare.com. Post your question there and people local to your question will be able to help you help your friend.


44 posted on 02/01/2013 8:49:32 PM PST by mplsconservative (Barack Hussein 0bama has American blood on HIS hands!)
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To: Mr. K
"Move to Thailand- she can live in a beach house for that kind of money (with servants)"

Great idea! She has a good retirement income for living in some interesting places.

Where else besides Thailand can someone live well on $2,000 per month?

45 posted on 02/01/2013 8:49:32 PM PST by UnwashedPeasant
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To: Anitius Severinus Boethius

So true.

There was a woman I worked with ages ago who had a sign up with a similar sentiment. I can’t recall the exact phrasing but it was along the lines of “When I die, if I have more than $1.00 to my name then I will have grossly mismanaged my assets.”

Wish I could remember the exact quotation.


46 posted on 02/01/2013 9:08:03 PM PST by green pastures (Cynicism-- it's not just for breakfast anymore...)
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To: TomGuy
whatever she has will either be for her to live on and spend or eventually into the coffers of the US govt....I'd say she should stay in the nice retirement apt as long as she can, spending down her stocks and other money until its gone....

depending on her lifestyle, she could probably do fine with an additional $3-4 hundred dollars a month, and her money will then last a long time...afterwards, she'll have to throw herself on the mercy of the govt........

47 posted on 02/01/2013 9:29:01 PM PST by cherry
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To: patriot08

She should find a lady in her 60’s in a similar situation and setup a household with her. She could stay independent for more years.


48 posted on 02/01/2013 9:32:40 PM PST by donna (Pray for revival.)
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To: patriot08

What are her medical problems?


49 posted on 02/01/2013 9:46:01 PM PST by Exit148
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To: mplsconservative

Thanks for the info.


50 posted on 02/01/2013 9:49:11 PM PST by patriot08 (NATIVE TEXAN (girl type))
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