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Velvet
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Re: Aging parents & finances
[Re: Beer Belly]
#3227895
09/25/20 03:43 PM
09/25/20 03:43 PM
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Joined: Aug 2005
Posts: 8,363
Montgomery
WmHunter
14 point
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14 point
Joined: Aug 2005
Posts: 8,363
Montgomery
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Yes, echoing others - estate planning lawyer who specializes in elder law and planning.
In Montgomery that would be Koutoc & Vogel.
"The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson
" Chuck Sykes is a dictator control freak like Vladimir Putin " WmHunter
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Re: Aging parents & finances
[Re: WmHunter]
#3228113
09/25/20 09:13 PM
09/25/20 09:13 PM
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Joined: Jun 2013
Posts: 52,232
Gee's Bend/At The Hog Pen
James
Freak of Nature
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Freak of Nature
Joined: Jun 2013
Posts: 52,232
Gee's Bend/At The Hog Pen
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Get an attorney that specializes in that area.
Yes, echoing others - estate planning lawyer who specializes in elder law and planning.
In Montgomery that would be Koutoc & Vogel.
Do not regret growing older, it's a privilege denied to many!
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Re: Aging parents & finances
[Re: Beer Belly]
#3228126
09/25/20 09:41 PM
09/25/20 09:41 PM
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Joined: Dec 2006
Posts: 16,976
Madison
BowtechDan
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2006
Posts: 16,976
Madison
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(Florida)
My parents, like many on here are increasing in age. Rich has never been something that we have been mistaken for, but my parents lived well within their means and have managed to save some $, have some property, and don't want it to be pissed away.
My mom called me today and asked me to look into what they should do. My mom knows that a nursing home will take every dime that they have ever saved in matter of a few months.
If you have sound advice, great, but I was more looking into who would be best to talk with regarding their situation.
I saw this post title and didn't want to read it. But now I've read the OP. My response: My 90 year old MIL has dementia and can't take care of herself. She's poor. Her 3 living kids in WV are poor also (in other ways, and basically didn't help her much). We brought her down to AL and take care of her. She's doin fine. It takes effort though by us. What pisses me off is that we raised 3 kids. We made them our priority through some lean years, so we did without. Once we get our head above water, we raise a grandson...........then we get Nathan our 2nd grandson.........then we get a MIL............and life is passing us by. Sure would be nice to have "our time" (husband and wife). Rant over. So I guess my response is.......take care of them. They took care of you. Now I will read the responses.
Nathan Carl Goff 19 Sept 2016 - 14 Jan 2017.
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Re: Aging parents & finances
[Re: BowtechDan]
#3228142
09/25/20 09:55 PM
09/25/20 09:55 PM
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Joined: Jan 2018
Posts: 839
Clanton,Alabama
Dublgrumpy
6 point
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6 point
Joined: Jan 2018
Posts: 839
Clanton,Alabama
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(Florida)
My parents, like many on here are increasing in age. Rich has never been something that we have been mistaken for, but my parents lived well within their means and have managed to save some $, have some property, and don't want it to be pissed away.
My mom called me today and asked me to look into what they should do. My mom knows that a nursing home will take every dime that they have ever saved in matter of a few months.
If you have sound advice, great, but I was more looking into who would be best to talk with regarding their situation.
I saw this post title and didn't want to read it. But now I've read the OP. My response: My 90 year old MIL has dementia and can't take care of herself. She's poor. Her 3 living kids in WV are poor also (in other ways, and basically didn't help her much). We brought her down to AL and take care of her. She's doin fine. It takes effort though by us. What pisses me off is that we raised 3 kids. We made them our priority through some lean years, so we did without. Once we get our head above water, we raise a grandson...........then we get Nathan our 2nd grandson.........then we get a MIL............and life is passing us by. Sure would be nice to have "our time" (husband and wife). Rant over. So I guess my response is.......take care of them. They took care of you. Now I will read the responses.Brother, with the exception of the MIL- your life is a near carbon copy of mine. I'll just say I feel what you feel & will leave it at that.
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Re: Aging parents & finances
[Re: woodsnwater]
#3228148
09/25/20 10:02 PM
09/25/20 10:02 PM
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Joined: Feb 2013
Posts: 8,400
Atoler
14 point
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14 point
Joined: Feb 2013
Posts: 8,400
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If you have given all your property and money to your children and your in a nursing home who pays the bills? All of us tax payers pay for it.....
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Re: Aging parents & finances
[Re: Atoler]
#3228182
09/25/20 11:50 PM
09/25/20 11:50 PM
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Joined: Oct 2011
Posts: 349
WinstonVizsla
4 point
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4 point
Joined: Oct 2011
Posts: 349
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If you have given all your property and money to your children and your in a nursing home who pays the bills? All of us tax payers pay for it..... A better way to look at it is that the person receiving care is getting back why they paid into the system their entire working life.
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Re: Aging parents & finances
[Re: Orion34]
#3228226
09/26/20 06:28 AM
09/26/20 06:28 AM
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Joined: Jul 2011
Posts: 34,510
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,510
Boxes Cove
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A Florida Lady Bird deed is worth exploring... That the same thing as deeding the property but retaining a life estate?
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Aging parents & finances
[Re: Beer Belly]
#3228363
09/26/20 11:05 AM
09/26/20 11:05 AM
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Joined: Dec 2002
Posts: 11,366
Kennedy, al
globe
Booner
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Booner
Joined: Dec 2002
Posts: 11,366
Kennedy, al
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Sometimes waiting and getting something by will is better because of the basis you receive at the time of their death. It’s sort of a gamble either way, but each case will vary. I don’t want anything in my name until my father passes away. We’ll get a stepped up basis and in case of divorce, it’s not in my name. I love my wife, but I’m just playing the best odds I can.
Everything woke turns to shucks
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Re: Aging parents & finances
[Re: 2Dogs]
#3228414
09/26/20 12:51 PM
09/26/20 12:51 PM
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Joined: Aug 2019
Posts: 639
Smuteye
Orion34
4 point
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4 point
Joined: Aug 2019
Posts: 639
Smuteye
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A Florida Lady Bird deed is worth exploring... That the same thing as deeding the property but retaining a life estate? Pure property protection strategy. Original owner retains continued use and control of property until death at which time it passes to grantee, typically a family member. Advantage is that the property cannot be taken as part of assets used by long term health care facility to cover costs.
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Re: Aging parents & finances
[Re: Beer Belly]
#3228422
09/26/20 01:24 PM
09/26/20 01:24 PM
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Joined: Nov 2002
Posts: 6,633
Moulton,AL
Snuffy
14 point
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14 point
Joined: Nov 2002
Posts: 6,633
Moulton,AL
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Find you a GOOD Elder Attorney. The sooner the better.
If you always do what you've always done you always get what you've always got
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Re: Aging parents & finances
[Re: Orion34]
#3228501
09/26/20 03:42 PM
09/26/20 03:42 PM
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Joined: Jul 2011
Posts: 34,510
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,510
Boxes Cove
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A Florida Lady Bird deed is worth exploring... That the same thing as deeding the property but retaining a life estate? Pure property protection strategy. Original owner retains continued use and control of property until death at which time it passes to grantee, typically a family member. Advantage is that the property cannot be taken as part of assets used by long term health care facility to cover costs. Never heard it called a Lady Bird deed.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Aging parents & finances
[Re: Beer Belly]
#3232258
10/01/20 08:45 AM
10/01/20 08:45 AM
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Joined: Jan 2002
Posts: 7,159
In The Stack
General
14 point
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14 point
Joined: Jan 2002
Posts: 7,159
In The Stack
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Just wen thru this with my Dad and I would suggest a good elder law attorney who knows how to deal with Medicaid. Alabama has a 5 year look back on finances and everything has to be out of their name except the house for them to qualify for Medicaid. Florida is a lot more laid back and we could've kept more had we put him in a Florida nursing home but we didn't want to have to travel to see him. Good luck!
"I'd rather go down the river with seven studs than with a hundred ****heads"
- Colonel Charlie Beckwith
Founder Delta Force
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