Dad will probably be entering a nursing home on a long-term basis. Found out the the other day that the marital assets must be divided as well as dad's monthly social security check and that is what is paid to nursing home or Medicaid, not sure how that works. Is there any way out of this. I know that some people don't have squat to their names and could still get into nursing home with other government assistance, while others who work all their lives now have to give up their money to nursing home care.
The children will of course not get as much in inheritance as originally thought if dad's share of marital assets go to his nursing home care. I think he should try to get home care but I know he is incontinent and mom just can't take care of him. Of course in-home help is an option, but then again, they would have to have someone every day to help dad with his bathroom needs, grooming, etc.
Can mom cash in some of their CDs so they don't have to report all that money,or would that be part of look-back period.
Only an elder lawyer can give you the correct legal advice.
Let me just say that although my Mom was not well off, she had worked incredibly hard all her life, and for her, her savings of around $50 000 were going to be a huge gift to her children. Didn't happen. The NH got it all.
For me it was the right and only answer. I could not have taken care of her at home any longer, not for any amount of money.
In your case, around the clock home health aides (yes, they do change diapers) could be cheaper than NH care. There might be a lot of money left if you use that path. Good luck.
Yes, nursing homes do take the money. The way I look at it, that is what my mom's money is for.....her care. It is always nice to have something left for your kids but in reality we all have to save for our care in case of illness. It doesn't seem right I know 'cause we all like to get something when our parents pass because that is what they really wanted to happen. Sometimes life isn't always kind. When you work all your life and then have to pay for all your care, then watch so many people that have had a free ride for most of their life get well taken care of without paying, it sort of stings doesn't it!
At least I will sleep better knowing I never took advantage like so many have.
I want to make it clear however, that some people have no choice and I am not talking about them. I would not begrudge them the best care they can get.
Is your Dad a Veteran? If so, he may quality, like my Dad did, for long-term care. This care only cost my Mom and Dad around $150.00 per month, and everything, including tests and meds, was covered. It was a God send to them. I wish you well. C
Jan, I LOVE your outlook on long-term care...
"The way I look at it, that is what my mom's money is for.....her care. It is always nice to have something left for your kids but in reality we all have to save for our care in case of illness."
I *KNOW* that most all children want what is left of Mom/Dad's estate, but the bottom line is, what is more important...Mom/Dad's care or what's left for me?
My understanding is that nursing homes don't "Take" assests, the family/sponsor has the option to spend down, in order to pay the bill. Medicaid will then step in (after the resident has completed an application) once the money has been "spendt" down.
It is too bad that all nursing home care isn't free...just doesn't work that way. As with childcare, it costs families dearly to care for our loved ones.
Jackie
