protecting assets when going into LTC

ktwlpn, LPN · Sep 16, 2004

i frequently get asked by residents when they find themselves in LTC at first time how to protect assets--house etc. any ideas?

The social workers or the admission dept of the LTC can help them-It is against the law to hide their assets.Medicare goes back 3 yrs to see if you have "given" away a home or your pot of gold to a relative....If there is a spouse in a home they are protected-I love people that want to protect their assets-do they really think that society (you and I) should pay to keep them?I am sure there are loopholes somewhere but from what I have seen it is impossible to hold back any info -it gets found out eventually

Hellllllo Nurse, BSN, RN · Sep 17, 2004

I don't think everyone should get a free ride. LTC is very expensive, and we taxpayers can't foot the whole thing.

Blackcat99 · Sep 17, 2004

:) It's best to hire an "elder law" attorney before you end up in LTC. I would certainly advise them to see an "elder law attorney" as soon as possible. I'm not sure what they can do now after the fact. If they had a relative living with the person for 2 years before they arrived at LTC I think they might be able to get the house put in both people's names. I was told if the house was in 2 people's names that they couldn't take the house. Good luck. We are working with an elder care lawyer now and he said he was going to get my Mom's house put in both our names so she won't have to worry about losing it.

CHATSDALE · Sep 17, 2004

sometimes ltc is not a life sentence...some poeple need assistance/rehab for an extended period of time but then they can return to home if still available....this helps the taxpayer if they are independent....these are unanswerable questions....ltc needs to be paid for but if i had saved money for my kids to be educated i would want it to go for that purpose....don't really know??????

chris_at_lucas_RN, RN · Sep 17, 2004

Sometimes, when someone winds up in an LTC, it's the first time they've considered they might not live forever and that they are vulnerable.

Maybe they want to protect their assets from heirs who will come in and sell everything out from under them? I saw that happen once to a woman a friend knew. Went into LTC, the kids thought she was gonna die, and uh-oh, she didn't. When she was ready to live in the community again she had to go live with those creeps.

It's not all about getting something for free. Sometimes it's about conserving the little bit of dignity and autonomy they have left.

donmomofnine · Sep 17, 2004

I would weigh carefully the advice of the elder care attorney. Sure, there are ways to get rid of your assets, but then when they are depleted and you look for something, there are not many "nice" places that take folks who are almost first day medical assistance.....:stone So, I guess it depends on where you want to live and, as in most instances, you "get what you pay for"!

merricat · Sep 18, 2004

its not like i have been running around aggressively advocating people open swiss bank accounts or whatever. just so you know. i just think it is good information to have. my dream? (one of them, anyway)-- run a not-for-profit LTC. and pay the aides ten dollars an hour. i really think it'd solve the understaffing problem.

ktwlpn, LPN · Sep 18, 2004

its not like i have been running around aggressively advocating people open swiss bank accounts or whatever. just so you know. i just think it is good information to have. my dream? (one of them, anyway)-- run a not-for-profit LTC >>> I know-and it's nice that you want to give support to the residents when they are going through such a life changing event....>>>>>>> pay the aides ten dollars an hour. i really think it'd solve the understaffing problem >>>>>>>>Yep-that does it where I work-and excellent bennies.We seldom have a staffing problem...Ours START at $11.00