My mother will be entering into either an Assisted Living Facility or a Nursing Home. My father will remain home. They currently have joint checking and and savings accounts. Must I divide these assets into individual accounts to draw a clear l...
Provided we are talking about parents in NJ and a NJ facility (and thus a NJ Medicaid application) you should not separate the funds. Dad is entitled to keep substantial funds for himself, and you might benefit from a senior coach or an elder law attorney who can help you plan the spending to protect both your parents.See question
Global Options (medicaid); state list indicates places accept medicaid, yet am told they only "accept private payers who spend down, then medicaid eligible, and i'm not welcome; musn't they comply if accepting fed/state funds; case mgr. is in anot...
These facilities are under no obligation to admit any given individual who wants to stay there. They look first to ones with private-pay money. They are required to take Medicaid reimbursement for people on Medicaid but they don't need more than about 10% in the facility as per state law, so most assisted living facilities will go to great lengths to avoid having more than that amount in the facility. The Medicaid rate is MUCH less lucrative than the private rate.
What you'll need to do is try and find another community, consider other care options including home care and possibly SNF care, and yes, talk to a qualified elder law attorney in your area who will have those connections and have avenues to pursue so they can see whether they can arrange a placement.See question
My mother owns 2 homes (one is a rental) and she is worried about losing her assets to a possible nursing home in the future. What can she do now to protect those assets. She is in good health now, but she is 81 yrs old. She wants to be able t...
The good news is this might well be possible. The bad news is that the regs are complicated and if you don't do it right, you could waste the planning and cost yourself serious money. Possible options include trusts, annuities, or other transfers to family.
The answer is really too complicated to explain here without a consultation with a qualified elder law attorney in your area who can ascertain your needs and your risk tolerance and advise accordingly.See question
We need to see reputation and expertise, and compare him to others in NJ. How do we do that?
Going on the NAELA website and seeing if they're a member is a pretty good indication of whether the attorney is serious about elder law. You can also use the attorney's website and other search tools. Ultimately, your gut feeling about an attorney is going to be very valuable as to whether it's the right fit. You absolutely must trust the attorney you're working with, because they are going to be a part of your family's life for a good long time. Many attorneys, myself included, will happily talk to you on the phone before scheduling an appointment.
Best of luck in your search.See question
The savings accounts have both her name and her daughters name listed on them. The mother is in good health now.
Sure, she COULD. But the fact that you're asking this question means you are thinking there might be consequences to the gift. And you would be right.
The typical practice is that if Mom made a gift within the 5 years before she needs to apply for Medicaid (i.e. that she exhausted her savings and needed State assistance), the gift would disqualify her from Medicaid. Depending on the circumstances there might be a way to make the gift acceptable, like if one of the children were disabled or if the child were a caregiver. Either way, please consult an elder law attorney to get the rules and procedures down so you and Mom don't end up doing something to jeopardize her future.See question
SHE HAS BONDS IN THE SAFETY DEPOSIT BOX AND THREE LIFE INSURANCE POLICIES
Tough to tell from here what can be done for your mother, but an attorney can certainly help. Get yourself to see one right away. They should be able to help you sort out what you can keep and what you have to get rid of.See question
She has over 8000 shares of Chevron stock, other stock and cash. I can handle the money well without it being in a trust. I do not want to stay on SSI as I have a dream of owning a business.
If you're on SSI because of low income, and you're not disabled, Mom probably can't make that transfer to you without some Medicaid ramifications. That might not be her main concern, though. If you're talking about a penalty due to SSI I would imagine a gift would likely take you off of SSI for the foreseeable future.
If you and/or Mom want to talk about it, many elder law and estate planning attorneys wouldn't mind making a house call. Feel free to look one up and give one a call. I'm located about forty minutes north of Cherry Hill.See question
We want the look back of 5 years to begin April 2014 but in 2011 $80,000 was given to children. Can children put her in a nursing home before 4/14 and they pay out of pocket for months prior to the April 2014 date and have that money ($80,000) cou...
Please don't try to do this kind of planning without consulting with an elder law attorney. Too many things could go wrong.
Medicaid regulations are not forgiving. If you can apply five full years after any gifts those old transfers would not be considered, but you could potentially disqualify someone from Medicaid for many months and incur six figures of debt if things don't go right.See question
My brother and I are 50-50 beneficiaries of my mother's estate. As executor, can I accept a monetary gift from my brother and reduce my commission--by mutual agreement--in order to avoid paying taxes on a larger commission amount? This would all...
This almost sounds like tax evasion. Don't do that. If you don't want to take your commission, then don't - you'll get almost as much money and you won't pay income taxes on the commission. Usually the commission doesn't end up being a big chunk of the estate.
If you and your brother want to smooth things out after closing the estate, then one can write the other one a check. Or buy the other a nice steak dinner or something. If you're going to claim a commission, you have to pay taxes on it. If you need to talk it through with an estates lawyer, it wouldn't take a long time for you and the lawyer to get on the same page.
Good luck.See question
Friend is of sound mind , has two checking accounts can't manage , checks balance at ATM machines . Opened on line account with friend present . Son in Law said keep hands off of check book or would be slapped w / lawsuit . Said account is u...
I don't really know what you need help with. Does your friend want to sign a POA naming you as an agent? Do you want to know if you have any potential liability from helping your friend? Do you have a question about the existing POA? Either way, it sounds like your friend could benefit from talking to an elder law attorney just to sort things out so your friend is able to maintain control of his/her own affairs, possibly with your help.See question