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Though it's not the IS's resource, it would make total assets held by the CS over the approx. 110K. A difference of 70K. If 70K is required to be spent down, for what?
The information provided so far and Mr. Robbin's answer as well is giving me a better idea of exactly what I need to ask an attorney I can find that agrees he/she is able to do so. The only asset per se is the equity on the home, but we don't own outright so the bank still holds title. If I sold I would get about 1./3, the bank 1/3, and the state 1/3 if I understand correctly. Your explanations above are a better example that any connected with the SNF or the state. They absolutely would not even say it's possible you may be able to keep some assets. As soon as I can I'm going to see if the attorney 40 miles from here can help. My second choice is the more local who said he can do some things but not others.
This is from our State's Medicaid Policy Manual. ASSET PROTECTIONS At the beginning of the first continuous period of institutionalization, the couple's total liquid assets from all sources is determined and added together regardless of title ownership. Wisconsin marital property law does not apply. Also, any "pre-marital agreement" the couple signed has no effect for Medical Assistance purposes. In general, certain resources are considered to be “exempt” and are therefore not counted in the asset assessment. For instance, the couple’s household goods and personal property are exempt, regardless of value. The house that is used as the community spouse’s primary residence is excluded, as long as he or she continues to reside there or as long as either spouse intends to return to it. At least one vehicle owned by the couple is exempt, regardless of value or purpose. Certain pre-paid burial arrangements for each spouse are excluded, and a small life insurance policy for the institutionalized spouse (face value of $1,500 or less) is exempt. A community spouse’s retirement funds, including funds held in an IRA or a work-related pension plan, may be exempt. Once the total amount of assets is computed, the community spouse is entitled to retain a “community spouse resource allowance” (CSRA). For Medical Assistance applications made after January 1, 2009, the community spouse may retain the GREATER amount of $50,000 or one-half of the couple's combined assets, up to a maximum of $109,500.
IF COUPLE'S COMBINED ASSETS ARE: AT-HOME SPOUSE MAY KEEP: $0 - $50,000 ALL $50,001 - $100,000 $50,000 $100,001 - $219,120 HALF $219,120+ $109,560 The institutionalized spouse may retain $2,000 in liquid assets. It is crucial that the institutionalized spouse’s assets not exceed this limit in order to maintain Medical Assistance eligibility. Any month in which the institutionalized spouse’s assets exceed $2,000, he or she will be found ineligible for Medical Assistance and can be billed for his or her care. If the couple has more assets than the community spouse resource allowance (CSRA) plus $2,000, the couple must spend the excess funds on daily living expenses, the nursing home spouse's care, bills and other permitted expenditures until the couple has only the CSRA, plus $2,000. Thus, it is extremely important that It is not necessary to have all assets in the community spouse's name at the time the Medical Assistance application is submitted. However, the transfer of the assets to the community spouse must be made "as soon as practical" after Medical Assistance eligibility is established. In general, this means that the institutionalized spouse has until his or her first annual review of Medical Assistance eligibility to transfer to the community spouse all assets in excess of the $2,000 limit. If assets that should be in the community spouse's name are still in the institutionalized spouse’s name at the date of the first review, eligibility may be terminated. Once Medical Assistance eligibility is established, none of the community spouse's resources are considered available to the institutionalized spouse. Therefore, the community spouse’s assets can increase beyond his Original 1/2 or 109,000$
After a Spouse is found eligible, Community Spouse receives a $5,000 inheritance from her sister. This $5,000 is hers to keep, in addition to the $60,000 community spouse resource allowance. Medicaid law does not require her to pay any of the $5,000 to pay the Institutionalized spouses Nursing Home Costs.
Houseplant, again individual assets are considered differently than jointly held assets, you must see a Medicaid planning attorney to know what impact it will have in your state,. You should be able to take an individual asset and invest in an income producing annuity that would not be available to cash in but would provide you will income. Good Luck
If a Community Spouse's assets increase AFTER Medicaid approval it will have no bearing on the Institutional Spouse's eligibility presently or at re-certification.
The above is not offered as legal advice. Consider consulting an attorney licensed in your.
HP, if the house in which the tenants were living is rental property, you might have to consult a tax specialist or estate planning attorney. I don't know if rental property value would be stepped up as would a deceased's personal residence (even if she had been in hospice or a nursing facility).
As to the mutual, you can verify if the value provided to you is accurate by doing an online research for the particular fund to see what the shares were on that DOD, then just calculate by multiplying that value by the number of shares.
The mutual fund manager wouldn't be responsible for providing a stepped-up valuation for you; that's something that's done by the personal representative of the estate, or by an attorney handling the estate.
It's from mutual. I was given a date-of-death value but don't know if it's a valid working number. I was able to get the property appraised, tenants evicted, and the estate bank account established, and bills paid. I recall reading about a stepped- up basis for the house. I don't recall anything with the mutual - other than a tax form for the account.
Is any of this money from stocks or mutuals? If so, how did you value them? If you haven't re-evaluated based on a stepped-up basis, you need to do that to calculate YOUR basis of these assets. They're stepped up to the current market value on the date of death; that's your new basis value.
I will look into that angle and try to learn about annuities as I've no experience with this type of financial arrangement. I'm thinking assets can be taken to be sure I never have over the 110K. An annuity can not be taken by Medicaid because it would not all be available at once. If monies are received over time, it's income that can be considered but not necessarily used as a means to fleece spouses?
There may not be any issue with this. The joint assets are restricted for the community spouse but if this is an individual asset like and inheritance or sale of the couples primary home it is handled differently. Consult with a Medicaid or Estate planning attorney. You could invest the money in an annuity that will give monthly income, do that within 30 days of receiving the money and it will not be counted as an asset but income. Good Luck.
Source is final settlement of parent's estate - so it doesn't qualify as "income" for me until received. Taxes on Mom's estate are filed in the name of the estate and taxed as income to the estate. At some point this will be income for me and taxed on my taxes. My parents were fortunate to live mostly healthy up to the end. So no long term illnesses to pay for. Dad lived to 92 and Mom to 85. We worried they would run out of money and have to be desperate like many elders. I have no idea how the 70K may have to be spent down. Timing wise, spouse finally got approved while at the same time I've been trying to settle Mom's estate, long distance across many state lines. The 70K was not mine while doing the initial SNF process for spouse so it did not need to be declared/considered in spouse's application. It is still part of her estate in that it is still in her name/accounts and has not been distributed. We still file taxes on her estate. It probably won't be settled until a little after the Medicaid anniversary of my spouse.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
ASSET PROTECTIONS
At the beginning of the first continuous period of institutionalization, the couple's total liquid assets from all sources is
determined and added together regardless of title ownership. Wisconsin marital property law does not apply. Also, any
"pre-marital agreement" the couple signed has no effect for Medical Assistance purposes. In general, certain resources
are considered to be “exempt” and are therefore not counted in the asset assessment. For instance, the couple’s
household goods and personal property are exempt, regardless of value. The house that is used as the community
spouse’s primary residence is excluded, as long as he or she continues to reside there or as long as either spouse
intends to return to it. At least one vehicle owned by the couple is exempt, regardless of value or purpose. Certain
pre-paid burial arrangements for each spouse are excluded, and a small life insurance policy for the institutionalized
spouse (face value of $1,500 or less) is exempt.
A community spouse’s retirement funds, including
funds held in an IRA or a work-related pension plan, may be exempt.
Once the total amount of assets is computed, the community spouse is entitled to retain a “community spouse resource
allowance” (CSRA). For Medical Assistance applications made after January 1, 2009, the community spouse may
retain the GREATER amount of $50,000 or one-half of the couple's combined assets, up to a maximum of $109,500.
IF COUPLE'S COMBINED ASSETS ARE: AT-HOME SPOUSE MAY KEEP:
$0 - $50,000 ALL
$50,001 - $100,000 $50,000
$100,001 - $219,120 HALF
$219,120+ $109,560
The institutionalized spouse may retain $2,000 in liquid assets. It is crucial that the institutionalized spouse’s assets not
exceed this limit in order to maintain Medical Assistance eligibility. Any month in which the institutionalized spouse’s
assets exceed $2,000, he or she will be found ineligible for Medical Assistance and can be billed for his or her care. If the couple has more assets than the community spouse resource allowance (CSRA) plus
$2,000, the couple must spend the excess funds on daily living expenses, the nursing home spouse's care, bills and
other permitted expenditures until the couple has only the CSRA, plus $2,000. Thus, it is extremely important that
It is not necessary to have all assets in the community spouse's name at the time the Medical Assistance application is
submitted. However, the transfer of the assets to the community spouse must be made "as soon as practical" after
Medical Assistance eligibility is established. In general, this means that the institutionalized spouse has until his or her
first annual review of Medical Assistance eligibility to transfer to the community spouse all assets in excess of the
$2,000 limit. If assets that should be in the community spouse's name are still in the institutionalized spouse’s name at
the date of the first review, eligibility may be terminated.
Once Medical Assistance eligibility is established, none of the community spouse's resources are considered available
to the institutionalized spouse. Therefore, the community spouse’s assets can increase beyond his Original 1/2 or 109,000$
After a Spouse is found eligible, Community Spouse receives a $5,000 inheritance from her sister. This $5,000 is
hers to keep, in addition to the $60,000 community spouse resource allowance. Medicaid law does not require her to pay any of the $5,000 to pay the Institutionalized spouses Nursing Home Costs.
You should be able to take an individual asset and invest in an income producing annuity that would not be available to cash in but would provide you will income.
Good Luck
The above is not offered as legal advice. Consider consulting an attorney licensed in your.
As to the mutual, you can verify if the value provided to you is accurate by doing an online research for the particular fund to see what the shares were on that DOD, then just calculate by multiplying that value by the number of shares.
The mutual fund manager wouldn't be responsible for providing a stepped-up valuation for you; that's something that's done by the personal representative of the estate, or by an attorney handling the estate.
Consult with a Medicaid or Estate planning attorney. You could invest the money in an annuity that will give monthly income, do that within 30 days of receiving the money and it will not be counted as an asset but income.
Good Luck.
I have no idea how the 70K may have to be spent down. Timing wise, spouse finally got approved while at the same time I've been trying to settle Mom's estate, long distance across many state lines. The 70K was not mine while doing the initial SNF process for spouse so it did not need to be declared/considered in spouse's application. It is still part of her estate in that it is still in her name/accounts and has not been distributed. We still file taxes on her estate. It probably won't be settled until a little after the Medicaid anniversary of my spouse.