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What do the elderly do with their assets when facing ALF?

By CL   Follow   Mon, 18 Jun 2012, 4:32pm   692 views   4 comments
In Emeryville CA 94608   Watch (1)   Share   Quote   Permalink   Like   Dislike  

If someone is facing the end of their life in a Nursing home or Assisted Living Facility, it seems like many move their assets so as not to have their entire savings wiped out. How else do the patients make sure the surviving spouses don't get left in a dangerous position financially?

Is anyone familiar with this concept? What does this entail? Any insights welcome!

Most Liked Comments

1. elliemae Follow Befriend (25) 413 threads 6,982 comments Saint George, UT elliemae's website

   1   8:10am Tue 19 Jun 2012   Share   Quote   Permalink   Like   Dislike   They need to see an elder law attorney - if they give away their assets they probably won't be eligible for Medicaid to pay for nursing home placement. Spouses who remain in the community are able to keep the first $20k, after which the $ are split 50/50. the patient who is placed in a nh ends up spending on his/her care until they only have $2k left. However, a good attorney can help a patient legally spend the $ they have to become eligible more quickly. Sometimes immediately. BTW, in most cases medicaid doesn't pay for assisted living...

2. FortWayne Follow Befriend (13) 103 threads 3,764 comments

   2   8:13am Tue 19 Jun 2012   Share   Quote   Permalink   Like   Dislike   There is insurance one can buy to cover for a nurse. It gets progressively more expensive with age, so often a good idea to lock it in early.

3. CL Follow Befriend (12) 140 threads 1,355 comments Emeryville, CA

   3   10:43am Tue 19 Jun 2012   Share   Quote   Permalink   Like   Dislike   Thanks guys (is that sexist?)! Is this a typical problem? And is it mostly resolved by getting an attorney? Can you tell me what happens to normal people with Social Security and some investments when they're looking at Assisted Living? (Sorry. I'm not very well-versed in the particulars of these important programs! But, I'm sure you have figured that I have a family member in this predicament. They looked to me for help on the matter, as the resident smarty-pants. So, I thought of you! Especially Ellie!)

4. elliemae Follow Befriend (25) 413 threads 6,982 comments Saint George, UT elliemae's website

   4   4:44pm Tue 19 Jun 2012   Share   Quote   Permalink   Like   Dislike   FortWayne says There is insurance one can buy to cover for a nurse. It gets progressively more expensive with age, so often a good idea to lock it in early. long term care insurance does pay for in-home care some of the time - but sometimes it's not enough; it's not 24 hour care. CL says Can you tell me what happens to normal people with Social Security and some investments when they're looking at Assisted Living? In my experience, people spend their $ on assisted living and give away assets to grandchildren or other family members... then, when they run out of money, aren't eligible for Medicaid. It truly depends on how much money they have. If one partner goes into assisted living or a group facility they might spend everything until they've run out of money - then they find out that the patient could have been placed in a nursing home under medicaid and saved $. Everyone is different. I would recommend meeting with an elder law attorney - a quick search found the following: http://pacificelderlaw.com/ http://www.alamedaelderlaw.com/ http://www.avvo.com/elder-law-lawyer/ca/emeryville.html