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Saving home from Nursing home care (legal)

 
 
Linkat
 
Reply Fri 2 Dec, 2011 08:55 am
Just so you all know, I am in contact with a lawyer - haven't spoken specifics yet with one, but have contacted a lawyer. I just want to make sure I have as much info as possible to keep costs down for my parents with a limited income.

My dad is ill. He has lung cancer and some other issues. He has been in a rehab hospital for a couple of weeks. So far as my parents have good health insurance pretty much everything has been covered financially. My question is considering the future - not sure if it could be in the near future or further along.

If he ends up needing a more permanent situation where he cannot stay home and needs to go to a nursing home facility can I have my parents home and other finances protected so my mom can be taken care of financially? I know the costs of such things can be extremely high, and I've heard of nursing homes going after the value of a home to pay for these costs.

Any one know what I can expect either to protect such assets and what I should expect from the lawyer? They don't have much, but they do have enough they should be able to provide for themselves financially aside from the nursing home costs.
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Type: Question • Score: 1 • Views: 1,249 • Replies: 6
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Green Witch
 
  1  
Reply Fri 2 Dec, 2011 09:10 am
@Linkat,
It's good that you started with a lawyer. This is one of those things I think can vary from state to state. My neighbor lost his farm after his wife had a long term illness and nursing home care. He always said he was sorry he hadn't transfered the deed to one of this his children (it apparently takes 5 years for such a transfer to be valid). If your parents do not have long term care insurance (and most of it sucks anyway as I can tell you from first hand experience) it's likely your mother will be saddled with the debt of the care. Whether it will force her to sell the house is debatable, but possible. She might just be paying the bills until she dies and then they go after the estate. There might be bankruptcy protections if she gets to that point. She also might be able to divorce your father now and take the house in the settlement. It doesn't mean she abandons him, but it makes it harder for them to go after her if he dies with a huge debt. Wishing you the best of outcomes.
Linkat
 
  1  
Reply Fri 2 Dec, 2011 10:32 am
@Green Witch,
Thanks - unfortunately it could be less than 5 years.
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firefly
 
  1  
Reply Fri 2 Dec, 2011 12:13 pm
@Linkat,
It's good that you are consulting a lawyer.

I wonder if taking out a reverse mortgage is helpful in these situations? That would allow the equity in the home to be used to pay the nursing home costs and your mother can remain in the home. You might want to ask a lawyer about that.

Often times it's less expense to provide for round the clock care in the home, and visiting nurses and doctors, rather than to use a nursing home. That depends on the type of care required, but it is another option.

These are difficult situations to deal with.
Linkat
 
  1  
Reply Fri 2 Dec, 2011 12:24 pm
@firefly,
I agree - we don't know what sort of care he may need in the future. But we want to be as prepared as possible. I do highly doubt they have long term care insurance.

He did have a visiting nurse come a couple of days a week. Until he had a major wound issue (combined poor circulation and diabeties (sp)). He went into the hospital where they treated it and now is in the rehab which he hates.

Now he has a problem with his toe - he may lose it. So we know we need to protect their limited assets as at least right now their insurance is covering things.
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Linkat
 
  1  
Reply Wed 7 Dec, 2011 11:08 am
I had an initial conversation with an elder lawyer today. He is going to send me some information and then my mom and I (haven't had the conversation yet with my mom - I wanted to gather the information first) can set up a free initial meeting - after that I get 25% off services - through my work I get some discounts (the free first meeting and 25% off services).

So some good news - since my mom is in good health, they can protect the home for her even without any time limit - there is a five year for non-spouse protection.

He is going to send me the details of stuff to gather.
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Linkat
 
  1  
Reply Wed 28 Dec, 2011 06:08 pm
Thank you all - felt I'd give you an update - met with the attorney today and they are setting everything up. So for long term they will set up an irrevolkable trust for the home and if something were to happen to dad where he needed to go to a nursing home, he can transfer ownership directly in my mom's name to protect it. Their other assets are low enough that they are protected.

So seems he is putting things in place that satisfy my mom and dad. The only problem would be if something happened to both my mom and dad within 5 years. My mom being in good health - you would hope/expect the 5 years would be ok.
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