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Re: O/T Assisted Living Question


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Posted by John A on December 06, 2014 at 23:26:49 from (162.251.9.41):

In Reply to: O/T Assisted Living Question posted by John B. on December 06, 2014 at 13:34:16:

John , At this late stage I am going to step out on a limb and say No, depending on your parents circumstances!
1st-?, Do they Own Real property ie a Ranch or a Farm ...."other" than a Frame House in town at the corner of 4th & Pecan.
That would need to be protected so it can be passed on to Children or other Beneficiaries !!!
IF NOT
and the House is nothing special, No other children need it for a home, Has no real significance other Sign it over and let it go!
IF SO....
An Insurance Policy would have been needed to Protect it and other properties from being used up for pmt for ones Long Term Care!
2nd ?, What can you do? Your options
! Spend Down 1/2 of Estate for the care of that person...in Community Property States Like Texas!
1/2 for Wife, 1/2 for Husband.

Deed it all to a Love One, Become penniless on Paper ...
BUT,
It REQUIRES this to be done 5yrs prior to that person needing LTC! At this point the State will take care of you on the State's Nickel This Is as Legal as Legal can Be!

Children cost share with Mom & Dad, or other Siblings for the care.

Talk to the VA and see what they will do for the parent that has military Benefits and what other Options are available for the Spouse! IF ANY!

If any other Real Properties are owned can they Generate Income to help off set any reoccurring monthly LTC!

Lasty, Close down the House, Use Mom & Dads Income (SS pmts, Pensions, investment MDRs) to pay for LTC.

John I have Describe the basic options available as I know here in Texas. I am afraid the options are limited at this late date, Waiting to enroll in some sort of LTC policy usually has disastrous outcomes.

I am a 21 yr Ins Agent here in Texas, I have personally sat down with Couples, had a plan of attack for the LTC that would be needed later on, And have their children, Stop it all, Cuss Me, Call Me everything in the Book that is ugly and Mean Because they thought I was Selling them something their Parents Do Not Need, Only later to learn the Disastrous out comes after one or both of them needed LTC of some sort and the estate was No Longer what it once was or a 0 balance was left and the House had to signed over the the state
Hope this Helps,
Later,
John A.


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