Living Trust Protect Assets of Spouse?

[swrdmbo]

What is the name of your state (only U.S. law)? Ohio

My Father has vascular dementia and is approaching Stage 7, and we are now having to think about placing him in a home. My parents have assets worth approx. 3/4 million , not including their residence.

This is all in a living trust.We figure my Dad's care will cost around 6K a month, which they will have to pay from income they now receive in the form of rental payments , etc.

Will the assets of their bank accounts,house, etc . be protected in this trust?
I am thinking that since this will all be private pay that it will not be an issue.

My second question is how the medical insurance will be utilized. If he is in a nursing home facility will Medicare and TriCare (he is retired Air Force) still pay any medical bills that may be associated with his care?

Any suggestions or comments as to what we may need to do will be greatly appreciated. Thank-you.

 

[anteater]

Will the assets of their bank accounts,house, etc . be protected in this trust?
I am thinking that since this will all be private pay that it will not be an issue.

I am unclear on who the assets are being protected from. Since a living trust is typically revocable, it is not an asset protection vehicle.

My second question is how the medical insurance will be utilized. If he is in a nursing home facility will Medicare and TriCare (he is retired Air Force) still pay any medical bills that may be associated with his care?

Medicare would continue to cover what it covered before. I don't know TriCare, but I would assume that the same applies.

 

[swrdmbo]

Thanks for your reply.

Is there anything we should do to try to protect the assets they have?

 

[Texas Pooh]

Protecting the assets from whom, exactly?

The assets will be used to pay for care for your Dad, after insurance payments. I'm sure that is why your Dad worked hard all his life (and apparently served his country) - to provide for dignified care at the end of his life.

 

[anteater]

Protecting the assets from whom, exactly?

Wait, is there an echo in here?

How you doing, Tex?

 

[swrdmbo]

I hope it will be dignified care...it really worries me...

There is absolutely no upside to this disease...it is such a cruel way to live out the rest of one's life.

Thank-you both for your help. I appreciate it.

 

[Texas Pooh]

Wait, is there an echo in here?

Only because what you said first was so brilliant, ant, it was worth repeating!