Our Elder lawyer has recommended the transfer of all our assets into my name alone. I presume that's in case we need the help of Medicaid. The look back is 5 years and I wonder if, at 83 and bumping up on late stage AD, this is a good idea? What other reason could there be for a transfer of assets? I don't plan on using Medicaid unless his expenses get so out of control that I have to. Anybody have experience with these matters?
That is all ahead of me. I have thought lately I should start checking into things. I don't think he will be on medicaid. He will soon be 83, and is mid stage. Bonnie
It might be helpful to get everything you can transferred into your name using the Power of Attorney so that if/when the time comes, that you can't use the POA, you will be able to carry on without waiting for lawyers/probates etccc.
mothert, one thought, if in your name would make it easier for you to deal with bills etc. so much to deal with along with all the time spent with spouses issues. (((HuGS))).
For some issues it is not a good idea. For us, if I had transferred our mortgage in to my name only, and household bills etc., as a representative payee for his Social Security deposits, and now, (hopefully), a VA agent orange compensation, I have to account for each and every cent. The money has to he used for HIM, for things that his name are on. So if the mortgage was in my name only, I could not use it.
Now if I was 60, (soon), I could have the Social Security in my name and that would be a different story. However as long as he is alive, his VA compensation needs to pay bills for him.
So I am glad that a few years ago I did not make the move to change things. Sounds much different in your case mothert.
I transferred our house into my name only, though our insurance and line of credit are still in both names. It was a mistake for one small reason--my husband is over 65 and I am not, so we would have gotten a break on our property taxes if his name was still on the house. I did it so I would have control. It isn't as big an issue with the house, but cell phone plans and such often require authorization from the person whose name is listed first before they will talk with anyone else.
Coco - Alas, my dh is not a veteran so nothing there. As long as he's alive he will receive his SS; in another year, I'll be eligible to take mine early if I want to (not sure if it's a good idea or not). We don't owe anything on anything - house and cars and everything else is paid for (PTL). My plan at present is if/when dh's needs get beyond my ability to care for him I want to move him to a ADF about 2 miles from our house. It doesn't accept Medicaid and I'm happy to pay what he asks as it's a very nice place. However, if dh lives long enough, this situation could become more costly than our resources can stretch; so I'm just trying to be proactive just in case I ever need to look to Medicaid for help. I do believe he is moving into stage 6 as he is beginning to have delusions - no hallucinations yet (other than when he returned from hospital/surgery - that was scary). So, I think this next year will be very telling for his future at home - but who knows?
mothert, i am only just learning about what they call a sole benefit trust. i was at an alz meeting yesterday where this was discusssed. i googled it and this was definition "a sole benefit trust is used when one spouse is in nursing home and the other is still at home. a sole benefit trust can preserve all assets for the spouse at home and obtain immediate medicaid benefits for the spouse in the nursing home. the lawyer (only does elder care and va) offers a free hour of consultation which i am going to make appointment to find out more about this. it's nonrevocable and you need a trustee are two things i gleaned from meeting. might be something to look at.
Be very careful about medicAID related info; it is different between states. Always, always, talk to an elder law attorney (who will usually give you a free consultation, and always be sure it is one IN YOUR STATE. Not an estate planning lawyer. My husband was not a vet, so I can't help you on that.
I did transfer the house into my name and I did transfer the utilities, take out a credit card in my name only, and other routine charges. This was mainly so that it would be easier to deal with. It may be getting better in many places as more people are dealing with the changes, but federal medicare and medicaid are stricter now about things like "dementia hospice" than they were a few years ago.