i want to move to mount angel, or but i have no money and no where to go. what can i do
#7 Have the Kids Have Care of You
I Took Care of Y'all, Now Return the Favor
As a protection from nursing dwelling house costs, you could have your kids take care of y'all. I've had clients come to my part with the kid who is the candidate for this laurels. Sometimes the child doesn't know this. They sit down in front of my desk-bound and let me explicate asset protection strategies. When I get to the nursing domicile issue, the parent confidently pronounces "if my son doesn't take care of me, then he'll get goose egg when I'm gone." Then they look over at the (middle aged) child sitting next to them – eyebrows raised. "Isn't that right son?" they say.
It's important to consider: is the flagman child in a position to help?
Can you lot age in place?
I take seen this work. But information technology doesn't work for everyone. Often the flagman, in their tardily sixties, later having taken care of the parent for 10 or 15 years, asks for some legal advice. What do they want to know? Is there going to be a lien on the house. I ask some questions. Many times, things have worked out well. Sometimes they have had a Mainecare home care assist coming to the firm for years (run across Option 8 Aging in Place). They ask me if there will be a Mainecare lien on mom's house when she passes away to pay back the country for those 10 years of dwelling aids. I clarify their state of affairs and employ the police force. If necessary, we put a plan in place to prevent the possibility of a Medicaid lien. Only for Option 7 to work, the caretaker child must exist willing to have on this responsibility in the first place. They should also be economically capable of doing it. If a well-significant son or daughter takes on this responsibility, and and so subsequently loses their job, or jeopardizes necessary income sources, it is a recipe for failure.
Here is an important thing to know : at that place may be a style to give the firm or other assets to the kid who is taking care of their parent at home. The issue arises when the parent has to become into a nursing dwelling later the child has been taking care of the parent for a number of years. What many people practice not realize is that they must document the proof of this organisation before the years start to pass.
I've had clients who took care of a parent for years. Then, the parent must get into a nursing domicile. The child and then realizes that the nursing home will cost 10 or twelve grand dollars a month. The child comes to me and says, "but I've taken care of mom for the last five years. Tin can't I go credit for that?" Unfortunately, many times, the answer is no. Only if they had come up to me in the beginning, we could have prepare a plan that allowed the child to get credit for the intendance. Timing is very of import. I've had kid caretakers go to attorneys and ask that very question, and get the incorrect reply. That is why information technology is important to go the data from an elder law attorney. Mainecare rules are complex, and constantly evolving.
Can Your Children Take Care of You?
Many children would dear to keep their parents at home, but simply cannot exercise it. They have jobs and kids and are simply trying to keep it together without besides turning their firm into a residential care facility. But nonetheless, statistics have shown that the longer you are able to stay at abode, the less likely you volition demand a stay at a nursing home. And if y'all practise end up going into a nursing habitation, then the stay is much shorter. There is an nugget protection plan that takes both into consideration. In upcoming options you'll learn how you tin can program to authorize for benefits to help you age in place, maintain control of assets you give away, and if the time comes, qualify for a nursing abode.
Some key takeaways for having your kids have intendance of you as an asset protection strategy:
Y'all may be able to get credit for payments to your kid for rent, or caregiving, but but if you have an agreement before the caretaking starts
If you must go into a nursing home later on existence with your kids for years, your kids may be able to go credit for that care
To get credit you must comply with the local Mainecare practices for documentation and proof.
Source: https://penbaylaw.com/use-trust-to-protect-your-money-and-house-from-nursing-home-costs/
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