So I had a weird experience today. Talking to an old friend, they are thinking of getting divorced on paper so the one that has long term care insurance could put all the assets in their name, and the other could go on Medicaid if they needed long term care. Purpose would be to leave all their assets to their children. They would still live together. If the non long term person needed care they would private pay for a few month then refuse to pay more and they thought the facility could not transfer them. But I did not believe that a facility has to keep you if they don’t take medicaid. They can’t dump you on the corner but they can transfer you.
background, two social securities, two smaller pensions, new paid for house, two newer cars, travel overseas about a month a year, going out to eat several times a week. Furniture and clothes newer and very nice. Have no problem hopping in the car and going on a day trip. Fly three or four times a year to see the grandkids. In other words, very nice upper middle class life.
For years i have listened to this person talk about how horrible everyone else’s values are, how everyone lies and cheats and so on. So I asked who did they think would pay? “ Medicaid plus the private pay patients. “ I questioned if they thought that was ethical? Well, “you would be surprised how many people do this”. Then they said”it’s so expensive they should charge less”. Well they don’t.
So what do you think? Would you do this? Under what circumstances?
Children are college educated, graduated with no loans. No unusual circumstances like a special needs child or illness. Frankly, I never thought about it. Spouse and I have talked about it and we would do everything we could to keep the other in the home with help.