What to do with my dad? Financial Q - reverse mort? or we buy? or something else?

[ponyo]

The biggest thing is get the house out of his name so if medical bills pile up in this thievery of a medical system, they can't take it.

When my sister bought a house when my dad was very sick, it was one where my mom could live too. She helped with the purchase and helps with the mortgage. But her name is nowhere on anything.

🙄

And transfer it. No money. No buying or selling. Find a good lawyer experienced in this area.

Some states have a 'backsies' clause, where they can revoke certain transfers in 'x' years of financial need. Something like if you transfer it today and he goes into care next year, they can do it because it's clear why you did it. But if he doesn't go into care for 'x' years, you're OK.

I find it amusing that two people who always demonize the "rich" for using loopholes to protect their assets and pay less taxes are perfectly fine to do the same if it benefits them. 😀

Sorry for the OT, Zeze. I just found their replies humorous but not surprising.

 

[MrSquished]

🙄


I find it amusing that two people who always demonize the "rich" for using loopholes to protect their assets and pay less taxes are perfectly fine to do the same if it benefits them. 😀

Sorry for the OT, Zeze. I just found their replies humorous but not surprising.

I agree with it for medical purposes for average people because the healthcare system in this country is fucked up and corrupt as hell. I mean you have one party that made it illegal for Medicare to negotiate drug prices. And that's just scratching the surface. I don't mind if people fight a system corrupt to its core.

It's really not hard to pick up that reasoning. Go cry and whine about Elon potentially having to pay very reasonable taxes.

 

[Torn Mind]

Yes, get the title out of his name before its too late. Whatever the arrangement is, it must be "interception-proof" against the state and its business cronies(i.e nursing homes).

Feasting on real estate assets of old people is what the money holders do. That's what the gubment of Montgomery County, MD, in association with a nursuing home tried to do with my grandmother, among other things(such as taking guardianship and drugging up my grandmother; it's the same with Britney Spears but my family matter predated that by 10 years).

So yes, my mom did take my grandmother's name off of the house title.

And this is not a matter of party affliation; just that money talks louder than anything else, especially when the pickings are "easy".


My half-sister and husband bought a condo in her hubby's name but my father lived there. So, in the property records, you would never know my dad was the resident as "Baumohl" was the surname of the owner. (As you can tell, I have a considerable amount of contempt for that side of the family given that I'd drop their name on the Interwebz to strangers)

 

[Zeze]

Had some chat with friends. No need to reverse mortgage, keep the house in the family. That's for sure. I should buy his house so that his long term care in this country and medical bills cannot be taken from him beyond his name.

Need to talk to estate lawyers

 

[PowerEngineer]

(As you can tell, I have a considerable amount of contempt for that side of the family given that I'd drop their name on the Interwebz to strangers)

And as we can perhaps conclude, doing so says something contemptible about you too. 💩

 

[IronWing]

And as we can perhaps conclude, doing so says something contemptible about you too. 💩

Be nice. He’s slowly coming around to the realization that the Packers are the best team in the multiverse. We don’t want to derail his healing.

 

[Torn Mind]

And as we can perhaps conclude, doing so says something contemptible about you too. 💩

The retaliatory/victim usually has moral justification.

 

[Torn Mind]

Be nice. He’s slowly coming around to the realization that the Packers are the best team in the multiverse. We don’t want to derail his healing.

Packers are not on my list of disliked teams.

Disliked teams are:
All NFC East teams except Washington
Tennessee
Ravens
Buffalo
Seahawks
Patriots
Bears
Rams
Entire NFC South

 

[skyking]

The state helped take care of my mother-in-law with long-term care in the house, and put a lien against their house. That worked out well because father-in-law didn't have to move didn't have to sell the house.
We didn't begrudge that at all because we needed the help. Some of the other heirs didn't appreciate the fact that most of the value of the house was going to the state, but they weren't there helping us take care of her while she fought a 10-year battle with cancer.
Long-term care costs money big money. If in your family history it looks like you might need it, then I would strongly suggest that you purchase insurance for it.
For ourselves, we've decided to self-insure. We're really too late to be in the market for LTC insurance.

 

[Lost_in_the_HTTP]

'Long Term Care' whether at home of in some facility is nothing but a waiting room. It isn't living, it's waiting for the inevitable.

Why do we do that to people?

That train's coming. We have no choice.

 

[MrSquished]

'Long Term Care' whether at home of in some facility is nothing but a waiting room. It isn't living, it's waiting for the inevitable.

Why do we do that to people?

That train's coming. We have no choice.

Euthenasia has to be figured out. Watching my dad die from Alzheimer's, and from a distance, so I missed a lot of it, was still horrible. And having spoken to the man and knowing he did not want to be alive when not remembering anything, and being in such a state, made it worse. At the end he died not even remembering how to swallow. They wanted to put a feeding tube into him. He would have wanted to be put down much earlier.

He went to Cyprus with my mother for his last 3 years. I visited every year. We could afford to take care of him there, and did so. In America we would have all been bankrupt. He would have wanted to save us and himself from the last two years though.

 

[otho11]

As for the end game, I've witnessed this process in FL and NY. Depending on health, you gift and transfer assets and hope you don't need advanced care until the look back period is over.

Professionals will tailor this to your particular situation, re: trusts, etc.

As for nursing homes, you will get better placement with some assets to your name (social security, pension, savings.) They will use up what you have then when qualified for Medicaid (assets drained), and you'll be more likely to stay in the same home.

Hospice can be used depending on his health issues and willingness to participate. It can cover much more and longer than you may initially assume.

 

[dainthomas]

Medicaid is for the indigent. Recipients can sometimes keep their houses and still qualify but have to be otherwise broke or close to it.

The big thing is that neither Medicaid or Medicare cover long term care (nursing home) unless "skilled nursing" is required. A person can be fairly incapacitated and need nursing home care w/o needing skilled nursing. This situation is common with very old people and unless the person has long term care insurance then they can quickly go broke covering nursing home costs.

Yeah, my grandma lost her house. Even had to sell her 80-something rusty POS Chevy before medicaid would pay for her nursing home.

OP's dad definitely needs to get the house out of his name somehow, like yesterday.