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Thread: Expectations and demands and stepping away

  1. #51
    Senior Member rosarugosa's Avatar
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    I believe those exclusions might be for tax purposes and not for medicaid eligibility.

  2. #52
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    Quote Originally Posted by rosarugosa View Post
    I believe those exclusions might be for tax purposes and not for medicaid eligibility.
    Here's what I found on this question:
    https://www.elderlawanswers.com/how-...gibility-10006

    But you are talking about the lookback period 5 years back from applying for medicaid, and one would have to exhaust one's assets to be applying for medicaid, which would actually argue for making the gifts now while one still has assets, I think. So one would have to have spent all one's assets and probably sold the non main residence and then gone through those assets, right?

  3. #53
    Senior Member catherine's Avatar
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    Quote Originally Posted by rosarugosa View Post
    I believe those exclusions might be for tax purposes and not for medicaid eligibility.
    Why would I need Medicaid? Really, I'm asking. I have Medicare plus a supplemental plan. If Medicare has lifetime caps, and I wind up exceeding that, then I'll worry about Medicaid. Or I'll do what animals do and slink off the the woods and die under a bush. Or at least do what Scott Nearing did and just stop eating. This healthcare stuff can be so aggravating and I refuse to let our "civilized" way off approaching death take me down a fear-based, scarcity mindset.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  4. #54
    Senior Member rosarugosa's Avatar
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    It would only be relevant if you needed Medicaid funding for nursing home care within 5 years of making the gifts, so probably not very likely if you make the gifts while you are relatively young.
    I'm not saying this info would or should change your plans in any way. I just think it's better to be aware than potentially blindsided. You had said earlier that if you developed dementia, you would want to just be warehoused in a Medicaid-eligible facility. To Tybee's point, gifting when you are younger rather than older is more likely to be the safer bet, but it's still a bet.

  5. #55
    Senior Member catherine's Avatar
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    Quote Originally Posted by rosarugosa View Post
    It would only be relevant if you needed Medicaid funding for nursing home care within 5 years of making the gifts, so probably not very likely if you make the gifts while you are relatively young.
    I'm not saying this info would or should change your plans in any way. I just think it's better to be aware than potentially blindsided. You had said earlier that if you developed dementia, you would want to just be warehoused in a Medicaid-eligible facility. To Tybee's point, gifting when you are younger rather than older is more likely to be the safer bet, but it's still a bet.
    I'm definitely doing any gifting while I have work income coming in.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  6. #56
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    My friend was on Medicaid after using her money. I can tell you that they want a accounting of every penny that is spent. I had to keep receipts for anything I bought her. She was in a nursing home by 63. My dad would have been in one at 59 if he didn’t have my mom to care for him. Someone we know is in critical condition in the hospital from a massive stroke at 55. Life is unpredictable.

  7. #57
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    It is unpredictable. My parents have lived much longer than I would have thought, and in retrospect, could have given their kids money over the years and still not have been in any danger of running out of money. I think if my mom had her wits about her and could go back in time, she would have done that with her property, so that it would have gone to whom she wanted it go to.

    Seeing it has made me very glad I gave my kids the small house downpayment that I did when I did. Now that I no longer have my full time job and money is very tight, I will not be giving anything any more like that, but it has helped them to build better lives, and is much more valuable to the family than it would be if they were getting the same amount in their 60's.

  8. #58
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by rosarugosa View Post
    I believe those exclusions might be for tax purposes and not for medicaid eligibility.
    yes. Often People think one is the same as the other But they are not.

    A scenario where Medicaid is in your life? The health of your husband goes kaput he has a stroke he needs nursing care around the clock. Medicare does not pay for nursing home care.

    Or, you have a debilitating illness that requires round-the-clock nursing care— Even optimistically one that you could theoretically recover from. But after two years at $100,000 per year in a nursing home do you have any money left? If you don’t, Medicaid that paid for your nursing home is going to come after that money that you gave to your kids. That is what “look back” is.

  9. #59
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    My parents needed their money even though neither went to a nursing home. They got to do some traveling before my dad got sick and my mom traveled until about 3 years before she died. We don’t have a ton of money and are keeping what we have). We have helped the kids in small ways and they have all lived with us as adults for awhile for various reasons. We have 5 kids between us.

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