What is the name of your state (only U.S. law)? IOWA
My aunt currently lives in an assisted living facility, however the facility is planning to forfeit their assisted living license and become just like senior apartments, because they're in a little bit of a battle with the State about them coming in and inspecting. Needless to say, we are looking for another place for my aunt to live. Not only am I a little concerned about the care at this place now that this has happened, but also once they are no longer an assisted living facility, her nursing home insurance policy will no longer cover part of the cost to live there.
We were looking at another place for her to stay, however it is income-based, and because the retirement pension she receives each month is too much, she doesn't meet the income guidelines to qualify for living there.
I am not at all familiar enough with the legalities on this, but would it be possible to set up some sort of trust for her, make the trust the beneficiary of her pension, have the income from the pension go into the trust, and then pay her rent and other expenses out of the trust? Would this make any difference, or would the income from the trust still be considered hers when it comes to determining if she makes too much money or not?
I hope that makes sense, any help on this would be greatly appreciated. Any questions please let me know.
Thanks,
Kevin
My aunt currently lives in an assisted living facility, however the facility is planning to forfeit their assisted living license and become just like senior apartments, because they're in a little bit of a battle with the State about them coming in and inspecting. Needless to say, we are looking for another place for my aunt to live. Not only am I a little concerned about the care at this place now that this has happened, but also once they are no longer an assisted living facility, her nursing home insurance policy will no longer cover part of the cost to live there.
We were looking at another place for her to stay, however it is income-based, and because the retirement pension she receives each month is too much, she doesn't meet the income guidelines to qualify for living there.
I am not at all familiar enough with the legalities on this, but would it be possible to set up some sort of trust for her, make the trust the beneficiary of her pension, have the income from the pension go into the trust, and then pay her rent and other expenses out of the trust? Would this make any difference, or would the income from the trust still be considered hers when it comes to determining if she makes too much money or not?
I hope that makes sense, any help on this would be greatly appreciated. Any questions please let me know.
Thanks,
Kevin