Long term care
I knew this subject would get some comments and it did get 96 comments over seven pages. One common theme is it fair to gift money to heirs and then have the government pay for your care. Most of us have been paying taxes for 50 years and part of that goes to fund Medicare. Two things I found out for sure is for example you are a married couple and own a house. One of you goes in a Medicaid nursing home. First of all your retirement funds whether an ira, annuity, is protected no matter what the balance. That’s the funds where you take your annual withdrawals from. The surviving spouse also has $154,000 protected even its a joint account. As far as gifting and 5 year look back, I’m not real clear on that.
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