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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.
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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.
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I don't know what is the best thing to do in this situation. I don't want it to affect my credit or my Fasfa #'s for my childrens college funding. She doesn't have much money but how do I find an alternative?
This is the time that you and your mother see an Elder Law ATtorney and discuss all about a POA, what it is, how to keep records, whose name goes on accounts and as what and who signs, how to do a personal spending account for her, how to manage and keep meticulous records and etc. This isn't something to just go to bank and have her put your name on. That's melding finances and is not a good idea. You can otherwise, if she has no assets, make yourself the representative payee on SS and manage her SS for her life and her care; separate account, and a yearly accounting to the Social Security administration.
You need legal guidance now in all this. Not really the opinion of a bunch of caregivers who know nothing of your situation or the state you live in and its laws. Best of luck to you both.
You can ask a CPA what the tax and Fafsa loan impact would be if she adds your name to the title, and then ask a Medicaid Planner for your home state what the impact would be should she ever apply for Medicaid. FYI in most states the financial "look-back" on the app is 5 years, if they see a reason to dig that far back. It may be viewed as "gifting" by Medicaid, which would affect her ability to qualify.
SGarrPurple, welcome to the forum. Could you give us some basic information about your Mom, such as does she have any memory issues, or major health problems? That would help us get a better understanding.
My Dad had my name placed on his bank/checking account, it read "Dad's name and Daughter's name". It wasn't a joint account but I could sign a check in my name. That made it so helpful when it came to paying Dad's bills from his checking account.
As for the house, this can be very tricky and costly for you if Mom puts your name as a co-owner or even prime owner on the Deed. If placed as co-owner, then you would be responsible for half the cost of home-ownership. If your Mom should fail to pay property taxes, the County/City could require you to pay the whole amount. If your Mom needs to be in a nursing home via Medicaid (which is different from Medicare), half the house could be placed in a lien to pay for Mom's care. Medicaid is taxpayer funded.
If Mom wants to take her own name off the Deed and replace it with your name, that's another whole ball of wax to contend with. You would be responsible for everything house related if your Mom is unable to pay. And when the time comes to sell the house, the Federal Income Taxes would require you to pay profits going alllll the way back to when your Mom had bought the house. Thus, you would need to have Mom's closing statement on the house for the price she paid. Example, if Mom paid $30k for the house and you sell it for $130k, then the profit would be $100k which is taxable, minus any current updates to the house. The house would be viewed as an Investment Property and not Primary Residence (unless you lived there), thus even higher taxes.
Now, if Mom gives you the house in her Will, and you sell it, the Federal Income Tax cost basis is what the house was worth when you inherited the house. Example, if that house appraised at $125k the day you received it, and you sell at $130k, then you are only taxed on $5k, minus any current updates to sell the house. Now, if Mom is being cared for via Medicaid in a nursing home within a 5 yr time frame (can vary from State to State), that another tangled mess regarding the house, the profit could go to Medicaid for reimbursement. Clear as mud, right?
As others here had recommend, see an Elder Law Attorney as State laws could be different regarding those above items.
Spot on! Really you have to HAVE TO have the house appraised fairly quickly after death to have the fixed figure to base value on.
Also should it be way under what tax assessor has placed, the appraisal can be use at a property tax hearing or “protest” to lower the tax bill. It lowers property taxes for that year and resets its improvements value from that point on for assessment.
If house has a lot of issues, may be worthwhile have it inspected first and that report given to the appraiser to use should they choose to. They will & could lead to a significant reduction in value with solid evidence to support the lower appraisal.
But if you do this, it establishes that you are aware of the issues of the home. Which can be a problem in trying to sell the home. As you have to disclose those issues exist.
Why is mom wanting to do this? If because worried about what happens should something happen to her and unable to pay bills, or deal with her home, she is right to want to do something now to make that easier.
On banking, her wanting to place you as a signature on accounts is a good thing as allows you to write checks on her behalf or use a debt card tied to the account should she be unable to do this. Ideally account would be POD / TOD pay on death / transfer on death to you as well. So would not have to go thru probate for access to the funds. Also if she is getting Social Security income, SSA require their payments go to an account owned by & in the name of beneficiary (mom), not an account owned by another (like you or a Trust), but you can be a signature on the account. Either way her bank account(s) stay fully hers tied to her social security # for its ownership. It’s not yours, you are a signatory. No effect on FAfSA.
Regarding her home that’s more complex. Does she own the home 100% outright? No mortgages, no HELOC, no other lending using it as collateral? Because if any of those exist, cannot re-title the home from her name to yours UNLESS the lending agreement allows for this. Realistically it won’t. She does this, lender tend to call in the loan…. in other words loan due in full.
But if she owns it outright, she can retitle it to you. Probably NOT a good idea because should she file for any “at need” program that looks as assets (home is an asset), she has gifted her home as an asset to you which will make her ineligible. For Long Term Care Medicaid program - pays for custodial care in a facility - they do a lookback of usually 5 years to see if any gifting occurred. Also any benefits she has for home as primary residence will stop… so no homestead exemption, no over age 65 exemptions, etc. Property taxes will increase and likely be a huge increase that is 100% your responsibility to pay as home is in your name. Her old homeowners insurance policy is basically no longer in effect if she title transfers it over to you so the house will need new property insurance done. Lot of nuances on property ownership that is very State specific. Realistically something to discuss w/Real Estate attorney for your concerns & Elder Law attorney for mom’s interest.
FAFSA does not give a rats butt if you as a parent have 2nd or even 3rd home. FAFSA is all about your (as the parent) filing to the IRS, so based on your income sources which are all part of your tax filing. You allow for FAFSA to do a match up. Info submitted to IRS is used along with details in FAFSA application to determine the parental ability to pay. If a “gap” between what FAFSA determines you can pay & costs of the school exists, that is amount of “need based” financial aid student can qualify for. If your FAFSA shows you in theory can totally 100% pay parental share* but you can’t, then student & maybe you as well will end up getting student loan done. (Merit based is done differently but it too requires FAFSA done to process scholarship or grant.)
*parental share is a fixed #, so if you as the parent choose to use your income to pay the costs for your lifestyle, that’s your choice. FAFSA does not care that you have a 2nd home, a yacht, or pay for your own parents Assisted Living, etc. FAFSA is abt the fixed $ “gap” based on IRS filing. If you don’t have gap $, then student gets lending with you as a cosigner if needed. Fin Aid office can look to see if merit based, or work study that could be done if FAFSA gap cannot be met. Fwiw not unusual for parents FAFSA $ amt to be more than tuition and fees if parents are higher income & kid goes to an instate school with more modest tuition & fees.
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.
You need legal guidance now in all this. Not really the opinion of a bunch of caregivers who know nothing of your situation or the state you live in and its laws.
Best of luck to you both.
My Dad had my name placed on his bank/checking account, it read "Dad's name and Daughter's name". It wasn't a joint account but I could sign a check in my name. That made it so helpful when it came to paying Dad's bills from his checking account.
As for the house, this can be very tricky and costly for you if Mom puts your name as a co-owner or even prime owner on the Deed. If placed as co-owner, then you would be responsible for half the cost of home-ownership. If your Mom should fail to pay property taxes, the County/City could require you to pay the whole amount. If your Mom needs to be in a nursing home via Medicaid (which is different from Medicare), half the house could be placed in a lien to pay for Mom's care. Medicaid is taxpayer funded.
If Mom wants to take her own name off the Deed and replace it with your name, that's another whole ball of wax to contend with. You would be responsible for everything house related if your Mom is unable to pay. And when the time comes to sell the house, the Federal Income Taxes would require you to pay profits going alllll the way back to when your Mom had bought the house. Thus, you would need to have Mom's closing statement on the house for the price she paid. Example, if Mom paid $30k for the house and you sell it for $130k, then the profit would be $100k which is taxable, minus any current updates to the house. The house would be viewed as an Investment Property and not Primary Residence (unless you lived there), thus even higher taxes.
Now, if Mom gives you the house in her Will, and you sell it, the Federal Income Tax cost basis is what the house was worth when you inherited the house. Example, if that house appraised at $125k the day you received it, and you sell at $130k, then you are only taxed on $5k, minus any current updates to sell the house. Now, if Mom is being cared for via Medicaid in a nursing home within a 5 yr time frame (can vary from State to State), that another tangled mess regarding the house, the profit could go to Medicaid for reimbursement. Clear as mud, right?
As others here had recommend, see an Elder Law Attorney as State laws could be different regarding those above items.
Also should it be way under what tax assessor has placed, the appraisal can be use at a property tax hearing or “protest” to lower the tax bill. It lowers property taxes for that year and resets its improvements value from that point on for assessment.
If house has a lot of issues, may be worthwhile have it inspected first and that report given to the appraiser to use should they choose to. They will & could lead to a significant reduction in value with solid evidence to support the lower appraisal.
But if you do this, it establishes that you are aware of the issues of the home. Which can be a problem in trying to sell the home. As you have to disclose those issues exist.
On banking, her wanting to place you as a signature on accounts is a good thing as allows you to write checks on her behalf or use a debt card tied to the account should she be unable to do this. Ideally account would be POD / TOD pay on death / transfer on death to you as well. So would not have to go thru probate for access to the funds. Also if she is getting Social Security income, SSA require their payments go to an account owned by & in the name of beneficiary (mom), not an account owned by another (like you or a Trust), but you can be a signature on the account. Either way her bank account(s) stay fully hers tied to her social security # for its ownership. It’s not yours, you are a signatory. No effect on FAfSA.
Regarding her home that’s more complex. Does she own the home 100% outright? No mortgages, no HELOC, no other lending using it as collateral? Because if any of those exist, cannot re-title the home from her name to yours UNLESS the lending agreement allows for this. Realistically it won’t. She does this, lender tend to call in the loan…. in other words loan due in full.
But if she owns it outright, she can retitle it to you. Probably NOT a good idea because should she file for any “at need” program that looks as assets (home is an asset), she has gifted her home as an asset to you which will make her ineligible. For Long Term Care Medicaid program - pays for custodial care in a facility - they do a lookback of usually 5 years to see if any gifting occurred. Also any benefits she has for home as primary residence will stop… so no homestead exemption, no over age 65 exemptions, etc. Property taxes will increase and likely be a huge increase that is 100% your responsibility to pay as home is in your name. Her old homeowners insurance policy is basically no longer in effect if she title transfers it over to you so the house will need new property insurance done. Lot of nuances on property ownership that is very State specific. Realistically something to discuss w/Real Estate attorney for your concerns & Elder Law attorney for mom’s interest.
FAFSA does not give a rats butt if you as a parent have 2nd or even 3rd home. FAFSA is all about your (as the parent) filing to the IRS, so based on your income sources which are all part of your tax filing. You allow for FAFSA to do a match up. Info submitted to IRS is used along with details in FAFSA application to determine the parental ability to pay. If a “gap” between what FAFSA determines you can pay & costs of the school exists, that is amount of “need based” financial aid student can qualify for. If your FAFSA shows you in theory can totally 100% pay parental share* but you can’t, then student & maybe you as well will end up getting student loan done. (Merit based is done differently but it too requires FAFSA done to process scholarship or grant.)
*parental share is a fixed #, so if you as the parent choose to use your income to pay the costs for your lifestyle, that’s your choice. FAFSA does not care that you have a 2nd home, a yacht, or pay for your own parents Assisted Living, etc. FAFSA is abt the fixed $ “gap” based on IRS filing. If you don’t have gap $, then student gets lending with you as a cosigner if needed. Fin Aid office can look to see if merit based, or work study that could be done if FAFSA gap cannot be met.
Fwiw not unusual for parents FAFSA $ amt to be more than tuition and fees if parents are higher income & kid goes to an instate school with more modest tuition & fees.