You Can’t Take it With You
You are going to die. I’m sorry to break it to you, but one day it will happen. No matter how well you eat, or how many weights you lift, miles you log, or supplements you take, the natural order of life will mean that you must go to make room for the next generation. But your house will not die with you. So what happens to your property after you die? You can’t take it with you. More importantly, what happens to your property if you need long term care? A little planning today can assure you are ready for the days ahead.
“It’s like your second planning stage,” says Anthony Flower of Flower Funeral Home. Many adults who are caring for their ailing parents are learning these planning lessons the hard way. Americans are living longer than ever and this means we require more long term care. Often this includes expensive medical attention or assisted living. Many of us will need Medicaid to help us pay the costs. But Medicaid will require you to exhaust your assets before it pays for your care. In other words, if you own a house in your name, you will have to liquidate it and exhaust those funds before you get a penny from Medicaid.
Furthermore, Medicaid increased their “look back” from three to five years. This means that if you have owned any assets within 5 years of your application, you may get rejected. Do you know when you are going to die? Neither do I. So that means we must plan now.
Ira Berliner, a Westchester Estate planning attorney says, “Westchester long term care can run $8000 to $10,000 per month in a nursing home. You have to demonstrate financial need to be eligible for Medicaid. If you own a home, you need to plan ahead.” Ira says that it is more difficult today to get Medicaid than years past. If the thought of liquidating all your assets to care for your final years is making you sick don’t fret. There are ways to transfer ownership of your house to others. Some allow you to maintain control, others means that you will lose control. You can also gift assets to loved ones. You have options.
The only thing you don’t have is the luxury of time. If you own property and want options for possible long term care, contact a planning attorney today. Life is short. Live it on your terms. If you need to contact a planning attorney….AskRey.