Posted on 10/23/2006 10:24:56 AM PDT by SmithL
Me neither...but I would indeed be concerned about how they tally the amounts - undoubtedly just like hospitals, racking up $40.00 for a pair of disposable bedroom slippers, etc., etc.
My sibs and I are facing this with my parents right now - altho we're not quite at the point where they're institutionalized yet....be it either the current caregivers or "the home", they'll run out of funds - except for their home - in around three years.
"If there are any assets available the free loaders should pay too."
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Isn't the issue, who's assets are they. Should the state be able to take the assets of all relatives to pay for someone's care?
You are correct but it's a different issue.
I agree. The so called family home is the property of the person being cared for. I don't know why the taxpayer is more obligated for their care than they are.
susie
Give your real estate to your kids. If you do it more tham 60 months prior to being deemed eligible for Medicaide, then it will not be looked at when you die.
Where did you read that they are doing that?
Not everyone can qualify for longterm health care !!
I WANT MY FREE STUFF!
What would happen if the family home was passed on, and then sold? Would they go after the value of the sale, or what was left after the mortgage was paid off? Or could they go after the new homeowners?
Don't think about it as losing their homes, think about it as paying for their care. It is very arduous, but the children usually can take care of the parent. They just don't want the sacrifice, all too often. It's too easy to let Big Daddy Gov't do it (that would be out of OUR pockets)
My mother signed over her house to my two sisters several years ago, I wanted nothing to do with it. Now mom wants to sell the house and move. My sisters have found out they will owe capitol gains tax if mom sells the house. Since it's not my sisters primary residence.
"... if you are aging and think you might need TennCare (or Medicaid in other states) some day to pay for your nursing home care, but you don't want your house to be sold to repay TennCare or Medicaid, you can transfer the house to your heirs before you go on TennCare or Medicaid. I believe you need to do it at least five years before you accept TennCare or Medicaid funding of your nursing home care. (I'm not an expert, but there are financial planners and consultants who can help you learn the details.)"
Transferring or gifting assets would have avoided this situation. It is all legal, and if you have aging parents this is something that should be planned and completed well in advance.
Yes, all you have to do is put the house into a trust. The state can't touch it then because it's not an asset of the patient.
When we admitted my dad to a nursing home, they started to hand us the Medicaid forms and we told them he didn't need them. They smirked and said, "He will". Really gives you that warm and fuzzy feeling.
"I do agree that they should go after all assets available from any patient. I pay my bills and tend to believe that everybody else should too."
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My only concern is that the line of ownership doesn't get blurred. IOW, we aren't talking about the state having the power to take the assets of other relatives to pay for someone's care are we? As I read this, the house got taken because the son didn't bother to buy it from his dad and it was still in his father's name. If the son had purchased the house from the dad, for whatever price they agreed to, and transfered title the state would not have had a right to go after that property.
Hardly, if they're coming after $280,000 when the "real costs" are likely a fraction of that.
The house in question, apparently belonged to the parents. Also, apparently, in TN you cannot pass it on to your kids to avoid having it as an asset. I suspect they could have sold it to the kids, but I'm not sure. They should have had someone who does trust or estate stuff give them better advice.
susie
I don't know much about long term care insurance. Can you tell us what it takes to qualify?
susie
All I've ever wanted was a free pony but I found out years ago that I am not the free pony recipient, I am the free pony provider.
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