Being Mortal

[iris lilies]

By comparison, I looked up room and board at Princeton, Harvard and Rutgers for one year. Princeton and Harvard are about $17k, and Rutgers, a state school, is 13k.

That is some useful comparison I suppose since it’s about small space living in a planned community. There is some attention paid to safety and care of students, but far less than to elderly seniors.

[iris lilies]

I’m resurrecting this thread to mention I’m still plowing through the book “being mortal. “It’s a good book and I do like reading bits of it and then thinking about what I’ve just read. I’ve been working on it for a couple years now.

[Yppej]

I have been wondering if I should set up a trust in case I land up in a nursing home, not from old age but something like a car accident that makes me a paraplegic. Seems like a probably unnecessary hassle and expense, but if that were to happen and everything I worked for my whole life were to go to a rich nursing home megacorporation instead of my disabled son I would feel terrible. Advice?

Also not sure if I did it now and later move to NH would I have to redo it?

Inheritance taxes are not a concern as my assets are not that high. It's just him losing them altogether that would concern me.

[Tybee]

I think a lot of people with disabled children tend to go to attorneys to try to set up trusts to care for them. But you are describing multiple scenarios, where you yourself become disabled--I think then your money would go towards your care, until it was gone. Maybe go talk to a lawyer?

[Teacher Terry]

It really depends on the state you live in. A friend of mine had parents with a lot of money and when she had to go to a nursing home he was able to shield much of the money to leave his kids a inheritance and his wife went on Medicaid. I don’t think it’s right but it was legal.

[iris lilies]

Then, you have to look into how the trust benefits the disabled person to a point where his government benefits are cut.