Medicaid

[Rhodie Ranch]

Current threshold for monetary gifts is $14K without taxes.

 

[Smart Red]

Current threshold for monetary gifts is $14K without taxes.

Per person, per year. That means your grandchildren could also be given that same amount each year which Dad could use as he choses for their welfare. That part where you mention if you needed to go on Medicaid they would be asking where your money went only applies for the few years (Someone can correct me, but I think it's the last 5 years) before you get assistance. For that reason, if you do have funds to share it is often earlier rather than later to get started with such gifts. Of course, that implies you (or I) have any money to share before we pass from this world. Selling your home, however, might be one way to gift money.

I'm not suggesting selling your home at this time. Just something to consider in the future should your needs change.

 

[digitS']

Taxes may be different

. from ..

. health insurance programs rules.

Steve
14k annually?!

 

[Smart Red]

I agree, Medicaid is a whole different animal than most problems. I've never dealt with it, but know of relatives who have. Unfortunately, I was too young to pay attention at the time. When filing probate papers the spector of Medicaid is one of the bigger obsticles to overcome.

 

[baymule]

What if you sell this home, take the equity, pay down on another home and put that one in your son's name? Then do all the proper papers to protect you should anything change.

 

[catjac1975]

Well basically I asked the Health and Welfare person why should I make repairs on their house. lol. I will get a lawyer. I have been calling, but the law is pretty simple. My estate when I die will be seized. Not furniture and clothes, but bank account and home, newer car or something with value. I asked what if I sold the house now and had some equity in it and she said that is mine. I have to live. I could buy another house or just rent, live, but when I die if I had a home with another person on that title then it would be seized. I said what if I met some old man 10 years from now and we were renting and decided to buy a house and I died first, would they take the house from him. No but after he died they would take it. I said then this goes on forever and she said yes. I could sell this house and live on the money, but say I sold the house 10 years from now and there was a lot of money and I just gave it to DS and he bought a house. That would be okay UNLESS I needed to go into a nursing home and needed Medicaid and they would ask where is the money. Basically I just live but never put my name with another person on a loan or property. I do not want to rent. I guess just live here and keep it in good repair and enjoy life and when I get tired of it sell it and go rent, but I am not like that. This is my home. I will not want to leave. The only reason to rent would be not making repairs, but that is not a life. Rent is high here and would be about as much or more than the house payment, plus no pets, no garden. I could see this if DH and I had a home paid for. He worked for it and he owed and they took it after I died, but if he only paid on a house for 10 years and I go on and work for 20 more and pay this without DH, I do not understand why they could take the whole house and not just what equity he had when he died. I will get a lawyer and see. I asked what if I could not pay the mortgage payments and was foreclosed on? Well they would fight with the bank for any equity in the house, but I would walk away, but still 40 years from now whatever had my name on it would be taken away. Only thing I worry about is DS and how to protect him and since he is young, I wanted to help him. The debt is around $170,000. I could start buying lottery tickets. I do realize this is a debt I owe, but say DS loved this house, fixed it, worked on it, and it was even worth more than $170,000 years from now, they would still force him to sell. He would have to start over. He is not attached to the house like that now, but if he lived here for 58 more years when I died at 120 then he might be, but he also could marry and leave and have no attachment to this house and when I died they would take the house and if any money left would be divided between DD and DS. I wonder if I will have time to plant my onion seeds today. It is really crazy. Everytime I make a plan it changes. I just got into a routine of typing with my job and told DS I was going to be making a little more money and then got an email our line rate was drastically cut. I understand people in India need money too, so I just decided to sit and type even more and as long as the house payment was made it would pay off for DS in the end, so maybe just not meant to live here anymore.

I still say talk to a lawyer. There are many different laws in different states. My inlaws were in a nursing and had a home and some money. Normally they attached the estate for the cost of the nursing home. However, 1 daughter was disabled so they were able to leave everything to her. The did not attach it for the cost of the nursing home. They were not on medicaid they were on medicare.

 

[catjac1975]

Talk to a lawyer about filing for bankruptcy, and from now on any purchases that are big put in your children's names

Every lawyer will tell you never to put your home in a child's name. I know more than one parent forced out of their home by a child.

 

[Gardening with Rabbits]

Talk to a lawyer about filing for bankruptcy, and from now on any purchases that are big put in your children's names

You cannot file on the government. I do not have any debt other than the house. Even walking away would do no good. I do have some equity in the house, so I could leave with that, just not buy anything with anybody else or expect to leave anything I buy to kids. I can live here and make payments. Rent is so high around here that I might end up paying more in rent than this place, other than a landlord fixes things, unable to also I have a garden, freedom, pets.

 

[Nyboy]

Every lawyer will tell you never to put your home in a child's name. I know more than one parent forced out of their home by a child.

unbelievable for child to do that to a parent

 

[Gardening with Rabbits]

What if you sell this home, take the equity, pay down on another home and put that one in your son's name? Then do all the proper papers to protect you should anything change.

I asked. I can take the equity and do whatever I want. I could give him money when he has credit and could afford to get a loan. He just could not get a loan with my name on anything.