Has anyone run into the situation where you are spending down assets (DH already placed) but then receive a small inheritance outside of probate? I know it will likely vary state by state, but in general I assume unless you gift it to someone else you'll have to spend it down too?
Kind of feel like eventually (or maybe soon)instead of being impoverished, I will be in a major negative position.
My attorney was expensive and not overly helpful last time we talked.
Everyone's perspective on what "small' means is different. If it is enough for you to be concerned, contact a Certified Elder Law Attorney. I don't know if the attorney with whom you spoke is certified in Elder Law, but they know their stuff, and they are the one's to contact.
dog, yes see a certified elderlaw atty as joan says. However they are not all the same so if you can get a referral from a friend or your general atty that would be good. I saw a certified eledrlaw atty and once he found out we were in crisis, he changed the terms of his services and corresponding fees. He then charged $100/hr more than originally discussed and instead of a flat fee for the medicaid advice/documents he wanted to charge me an hourly rate. I should have reported him because I feel he was being unethical.
In my case the fact that he was CERTIFIED didn't stop him from preying on me during the most difficult time in my lfe.
More than likely you will have to spend down your inheritance if you cannot shelter it in some way.
I looked into this--what if my mother dies before my husband? I was told that I couldn't even refuse the inheritance so it went to the next person in line, it would count as my assets that would have to be spent down. If Medicaid has already started my understanding is that you would have to pay again until the money was spent. I was able to have my mother change her will so the inheritance would go to my kids instead of me--that seemed like the easiest fix. An elder care attorney might be able to work out a way to have the money go into a trust so you could benefit from it.
Absolutely, CERTIFIED elder care attorney. Local Council on Aging should be able to recommend one.
TMI: Moved my IRA to an irrevocable trust w/monthly payouts for 7 years. (IRA Services Trust Company iraservices.com) If I die before then, balance goes to my kids. Hb had never invested or saved any $$ he had; hence, I always worked and saved what I could. Inherited farm and always kept it in my personal revocable trust. Yup there were "issues" in our marriage and not all involved $$. My first attorney was killed in an ATV accident and another offered to help finish what first had started. Great guy. Individual who actually set up finances for Medicaid has NO "bedside" manner; so after he got things going, I've had nothing to do with him. Helpful but ARROGANT.
I wish everyone well in all aspects of care planning.
I have looked into several elder law attorneys and I have found them extremely unaffordable with no cap on their expenses. I recently talked with a paralegal and according to her the lawyers are trying to charge me unnecessary added expenses. I don't trust lawyers and will procede with the paralegal. JS Lullie
Some states also have Certified Medicaid Consultants, which is what I used. He charged $75 for the first 1-1/2 hour telephone interview. That's all I needed at the time. He asked lot of questions including financial, then told me where I stood at the moment if I were to apply for Medicaid. If I need him in the future, will also help apply for medicaid, or do further consultation. However, he cannot give LEGAL advice. But, I find these 'hands-on' consultants very knowledgeable and professional. I found him on elderlawanswers.com
Sorry but elder law attorney leaves a bad taste in my mouth. I had one handle several things but when it came to Medicaid he wanted $6,000.00. Really. If I had that much money to pay him, I wouldn't have needed Medicaid for DH. Anyway, the office at the nursing home did it for NOTHING.
I have a certified Medicaid financial planner. He is as good as an elder care attorney. He told me if I get any inheritance from my mother to let my sister or one of my kids hold the money for me until my husband passes. Yes it would count as an asset and would go for his care.
Carolyn*, I know what you mean (see my post above) but the fact is if you have assets that would disqualify your spouse from qualifying for Medicaid or you want to protect assets from Medicaid recovery you do need a professional who understands the Medicaid laws in your state and has experience with asset protection. That's the value the ELA or Medicaid financial planner brings. Completing the application is a different issue and usually can be done with the help of the nursing home or social worker.
They also understand how to write the DPOA so that the spouse can control all the decision making.