Quote:
Originally Posted by ROCKETMAN
I’m sure some of you have these questions or have actually experienced these circumstances. I am talking about Medicare nursing facilities, not private. Private ones run about $9000.00 a month so for me that’s out of the equation. Been to seminars where they tell you you can protect your assets including sale of your house and just your s.security will cover cost. A lawyer quoted me $5000 to do the paperwork. My lawyer who has done my wills in a phone conversation asked me why I would I spend $5000 and have no idea if I would or my spouse would ever go in a nursing home. You can fill out the paper work the day before you would go in or even after you go in. My lawyer does not charge like the ones in fancy offices, has a small office in a tiny strip mall in Eustis. Used to be in summer field but closed that one.
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If you redo your RE deed & replace with a Lady Bird deed naming beneficiaries after the surviving spouse dies (if single, after your death), then ownership of the property will automatically transfer to your beneficiaries (without Probate, which normally triggers Medicaid reimbursement).
If you put POD (pay on death) on your bank accounts, that person(s) cannot access your money, but upon your death, all they have to do is present a certified copy of your death certificate & the bank will turn the money over to them.
Can also put beneficiaries or use Transfer on Death form for investments. (No Probate on these methods).
Qualified Income Trusts (Aka Miller Trusts) can be used if income is too high to qualify for Medicaid. Surplus income placed in Trust must be used to enhance the medical care of the person entering nursing home.
See a local attorney; these are cheap protections for Estates, especially if people qualify for Medicaid. All people may benefit from no Probate required & faster transfer of assets to beneficiaries & no Executor trying to resolve arguments amongst heirs.