[raynitsche]

Could you tell me if Florida allows for a Living Trust where as you can put your property in your children's name. Florida property being a second home. The purpose being to protect same from loss if you were put in a nursing home. I know NY does but it takes five years before the property is protected. Thanks

[NotGolfer]

It would be in your best interest to contact an attorney. We had a will drawn up a handful of years ago...but up north. We are full-time here now and had some questions on whether it would be legal here. It was...but we had to make sure about the POA and the living will (which is for hospital and/or nursing home experience). Depends on what your circumstances are so don't think this is the best place for your information....though I could be wrong.

[raynitsche]

We will be meeting with one as we are up North also. Just trying to get some thoughts from people who have done it so I have the right questions to ask. Mainly for the Florida property. Hopefully they'll be able to drag me home should something happen......

[perrjojo]

Originally Posted by raynitsche

Could you tell me if Florida allows for a Living Will where as you can put your property in your children's name. Florida property being a second home. The purpose being to protect same from loss if you were put in a nursing home. I know NY does but it takes five years before the property is protected. Thanks

Why would you not want to pay your own Nursing home expenses if you have the assets? Why would you expect the rest of us , aka taxpayers, to pay your expenses? Sorry if this is offensive to some but transferring assets to avoid paying your own health care expense is a real sore spot for me.

[raynitsche]

Not looking for you to pay my expenses as I have Long Term coverage. Looking to pass on my bought and paid items to my children. Trust me that nothing offends me.

[784caroline]

Originally Posted by perrjojo

Why would you not want to pay your own Nursing home expenses if you have the assets? Why would you expect the rest of us , aka taxpayers, to pay your expenses? Sorry if this is offensive to some but transferring assets to avoid paying your own health care expense is a real sore spot for me.

If something is done legally, all within the legal maneuvers of the system, you may be offended but I think that is good estate planning. Why should one individual be any different in taking advantage of legal opportunities to avoid taxes or other types of expenses iwhen it comes to estate or tax planning, if...again..legal alternatives are available. I would not be asking anyone to pay anything for me that would not be available to others.

[NotGolfer]

Not sure if you want to know what the FL law is...but if you're seeing a MN lawyer (or whatever Northern state)...they many not be able to give you the proper information on FL. Our attorney here was not able to give us info on our former "up north state". That's why there's seminars here in FL to apprise folks on what they'll need.

[old moe]

Originally Posted by perrjojo

Why would you not want to pay your own Nursing home expenses if you have the assets? Why would you expect the rest of us , aka taxpayers, to pay your expenses? Sorry if this is offensive to some but transferring assets to avoid paying your own health care expense is a real sore spot for me.

I agree with this post, there are enough people on the take from the taxpayers. Why not just leave it to your children in your will? Also I think it will depend on ages of children if they could even own in the Villages?

[perrjojo]

Originally Posted by 784caroline

If something is done legally, all within the legal maneuvers of the system, you may be offended but I think that is good estate planning. Why should one individual be any different in taking advantage of legal opportunities to avoid taxes or other types of expenses iwhen it comes to estate or tax planning, if...again..legal alternatives are available. I would not be asking anyone to pay anything for me that would not be available to others.

t

Perhaps I misunderstood the OPs intent but it stated:
The purpose being to protect same from loss in the event you were put in a nursing home.
I know people have been know to transfer their assets to their children in order to appear penniless and have their nursing home expense paid by Medicaid. Fortunatlely this practice has become more difficult. I have no problem with Estate planning and would hope everyone has done that.

[raynitsche]

My fault if I worded it wrong as it made sense in my head. I'm
not trying to hide anything ( or look penniless ) as I know NY law but not familiar with Florida law.
I was told that Florida allows you to transfer property at anytime whereas NY
states that the property has to be in a Living Trust five (5) years prior to applying for assistance. My wish is I go to bed and not get the next morning
after a night at the Square. Just not tonight.

[NotGolfer]

Is this a "living will" or a "living trust" that is being discussed! If so, I think they're 2 different things.

[raynitsche]

Trust. Sorry

[perrjojo]

Originally Posted by NotGolfer

Is this a "living will" or a "living trust" that is being discussed! If so, I think they're 2 different things.

Absolutely two different things.

[Down Sized]

Originally Posted by 784caroline

If something is done legally, all within the legal maneuvers of the system, you may be offended but I think that is good estate planning. Why should one individual be any different in taking advantage of legal opportunities to avoid taxes or other types of expenses iwhen it comes to estate or tax planning, if...again..legal alternatives are available. I would not be asking anyone to pay anything for me that would not be available to others.

I've popped some popcorn.