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protecting my parents savings

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dinky

Guest
we live in ohio and i need to know how i can protect my parents savings. is there a time frame for this? can i put their savings in another family member's name? how much are they allowed to have in a savings account if any at all?
 


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buckspc

Guest
Parents assets

If you are talking about when they enter a nursing home and applying for medicade, the spouse that stays home can have a car, house, and 78k in assets. If there is no surviving spouse at home then it drops to 2k and a burial plan or $1,700., or so. In Ca. the time frame is 2 years. That said, are you trying to avoid paying for your parents care, if you are be very careful as you could go to jail by hiding assets so you can get the money.

Get an elder care person to advise you from your home state, as the laws vary from state to state.

Wishing your parents and long and healthy life, Bucksp

 
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dinky

Guest
The reason I am inquiring about this is to protect my parents and no I am not trying to get out paying for my parents care I just don't want them to be left with nothing and no I don't want their money. I do thank you for your reply and have a good day.
 
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Barb48

Guest
I was going through the same thing with my parents. Just before my dad died we thought we were going to have to put him in some nursing care and were worried that all my moms meger savings would be used up. However we were informed by an attorney that all assets could be transfered to her name and she could "refuse" to pay for dads bills and medicare would have to pay. Dad passed on so we never had to do that however now mom is alone and 88 and we are wondering what would happen. Medicaid has a five year look back period. You could transfer money to another family member but if you did that within a five year perid of when you mom or dad needed care and applied for medicaid, they would be denied for a period of a certain # of months per I think $10,000. That was then (5yrs ago) check now for the rules. If your parents are in fairly good health and younger, they may want to start making gifts of $10,000. to those they plan on leaving thier money to anyway this way hopefully some of that will be "protected". I wish we had known that when my parents were younger and could understand the concept.Now mom has some memory probs and though she may understand one minute she forgets the next.. Good Luck
 
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Barb48

Guest
An add on to the above. This is info I am aware of for NYS I don't know if the Medicaid laws are the same in each state. The advice to check with an elder care attorney is a good idea.
 
Barb,
I just can't imagine an attorney telling you that
your Mom could "refuse" to pay your Dad's bills
and Medicare would pay. Lots of luck on trying that!
 
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Barb48

Guest
Actually, at the time, this was perfectly acceptable in so much as my mom or anyone whose spouse was in that situation would be using up all of her money to pay off dad's med. and she would not have any money to care for herself and live on (she was about 80 at the time and obviously on a limited income and resources). It would be considered a hardship and apparently was something that was acceptable and that medicaid could not force her to pay or refuse dad under those circumstances - these were very reputible elder care attorneys who we consulted with at the time. I really don't know what the situation is today it may be quite different.
 

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