Planning Before the First Spouse Dies (Part 2)
           Last week I was telling you about Mary’s call. Her mom is in a nursing home paying $11,000 per month and her sister, Terry is in a group home. Mary doesn’t want to spend down all of Mom’s assets towards her care. She wants to be able to save
Planning Before the First Spouse Dies
           Mary called because her mom was in a nursing home paying $11,000 per month. Her sister, Terry, disabled and living with Mom for many years, had her own health problems and was now living in a group home.            I asked about her mom’s finances. Mary told me she owned
The Problem with IRAs
           IRAs, or any retirement accounts really, have always been a problem when it comes to long term care. They are a great vehicle for accumulating wealth. You can put away savings in an account which will earn interest on a tax deferred basis. No income tax is paid on
Dangers of the Due on Transfer Clause (Part 2)
           Last week I was telling you about George’s problem. He had transferred his home to a trust to protect it but then received a letter from the bank referring to something called the due on transfer clause.            A transfer of title without permission could trigger the bank’s entitlement to
Thinking about transferring your home to your children? (Part 2)
           Last week I told you about Jamie’s mistake. Mom and Dad transferred their home to Jamie 7 years ago to protect it from Medicaid’s spend down requirements. While the transfer was outside of Medicaid’s 5 year look back, now that Mom was planning to move in with Jamie the
Thinking About Transferring Your Home to Your Children?
           Jamie called because her dad was in need of Medicaid. He was now in a nursing home and Mom was living at home. They had about $120,000 of countable assets. I asked about the home and Jamie told me her parents had transferred it to her 7 years earlier.           Â
Second Marriage – Happily Ever After? (Part 2)
               Last week I was telling you about George and Mary. Mary has dementia and may soon need nursing home care.  George had gone to an elder law attorney who told him that once Mary spent down her assets she’d qualify for Medicaid. That advice came at a time when
Second Marriage – Happily Ever After?
               George called me because his wife, Mary wasn’t doing well. She has dementia and he is facing the prospect of needing long term care for her, possibly in a nursing home, although he would like to do everything possible to keep her at home.                As the conversation always does,
Confusing Medicaid with Other Government Programs (Part 2)
               Last week I was telling you about the call I received from Lou. His dad had been living in senior housing but now needs nursing home care. Dad has $80,000 left in assets which he plans to spend down and then apply for Medicaid.                When I asked Lou about
Confusing Medicaid with other Government Programs
               The other day, Lou called me about his dad, who had been living in senior housing for a few years.  His health has deteriorated and he now needs nursing home care. Lou’s plan is to spend down the $80,000 his dad has left, applying it towards the nursing home