Hey guys, I could really use some guidance from someone who has gone through something similar to what my family is going through right now. Hopefully ClutchFans won't let me down. My mother is 57 years old and has suffered from Multiple Sclerosis since she was a teenager. The disease has slowly progressed, and the last few months have been very hard. Lately she just hasn't been feeling well and she hasn't been eating. She was put into the hospital again this week for an infection (urinary tract, common among MS patients) and we found out that she'd lost 14 pounds in the six weeks from the last time she was in the hospital. She now weighs just over 100 lbs and she's 5'3". The sudden loss of weight was a real wake-up call for my family, as we knew things had been getting worse but didn't know things were that bad. My father confessed to me last night that he just doesn't know if he can take care of her anymore. Unfortunately, his financial situation is very working class and his options are limited. I'm just starting a new career, and my only sister just had a baby and has financial problems of her own, so we're of little help. My parents' income would qualify my mom for medicaid, but they own some assets (less than $100K -- insurance, annuities, IRA's, etc.) that keeps them from qualifying. We're trying to figure out a way to get some help, and I think we're to the point of spending his assets on in-home care until he runs out of cash. We're forced to also consider nursing home care, something we hoped we'd never have to do. I've heard so many horror stories about medicaid-funded nursing homes, but I'm faced with the reality that eventually she may be forced into one. I wish we could do something to protect some of the assets for my dad, but I feel like we're way too late for that. Hell, I'm an attorney and I can't even understand the law on what type of trusts are legit and if any asset protection is even possible. I've even talked to one attorney who practiced in this area, and her advice was so far off from the research I'd done that I'm still at square one. We can't really afford to screw things up, because we're just running out of time. Has anyone dealt with similar issues with parents, involving nursing homes and in-home care? Anyone have experience with medicaid? I don't even know where to start, and what resources are available. I think the only ones who understand how hopeless this feels is people who have been through it. Thanks to anyone who can give me there two cents. I really appreciate it.
Can they transfer their assets to you and get into Medicaid? Based on the federal gifting rules (IRS-wise), it should be O.K.
Nope, I don't think so. There's a five year look-back period now. You're penalized for any transfer of assets within the last five years.
that's really sad, man. can't imagine having to go through that with my mom. best wishes to you and your family, and i hope y'all are able to sort things out.
I've been through it, and it sucks...........that's all there is to it. The whole thing, and especially some of the places where my dad had to live. I know my mom (who is now also deceased) had some attorney help her, and he charged like a flat fee of ten grand. My dad left school before fifth grade to pick cotton, and all my mom had was a high school diploma, so that was a lot of money for them, but I believe he was able to help them qualify for medicaid. Unfortunately, I don't remember this attorney's name, and what's more, I remember him pushing my mom to fill out the paperwork quickly because some law was changing at the time. Whatever window of opportunity the had, they were just able to get it in in time. One thing I've learned with my wife being an attorney is that although she is brilliant in her little niche, there are just too many areas of the law to be an expert in everything. Try to find someone who can help you and who is an expert in this specific area. here's a link I found: http://www.texaselderlawattorney.com/elder-care-services.html Also, if you are in the Houston area, I remember finding a decent place for my dad to live.......and then later for my mom.....was almost impossible. My mom ended up living at Clarewood House which was easily the best place I saw. It is walking distance from Sharpstown Mall, so it isn't in the most desirable area, but once you got inside the gate, everything changed for the better. I highly recommend it.
my dad had parkinsons I worked a 40hr week job and still took care of my dad until the end I never considered putting him in nursing home was it hard yes but I loved him and have no regrets July 4th will be 2yrs hes been gone.
I'm a paramedic. I deal with nursing homes and older people that are just seeking help.. I have ideas and numbers. Pm me on the board and we can talk.
This is a local specialist in North Carolina; maybe you can find some help there: http://www.elderlawfirm.com/
Move all their assets to your name right away. There is still a chance that there will still be something left when Medicaid kicks in. Good luck.
I didn't know medicaid had a lookback rule, but it makes sense. I'm not really sure there is much you can do. I feel bad for your family.
