Assets

• Article - Revocable Living Trusts: A Beginner's Guide

  Revocable Living Trusts: A Beginner's Guide. A revocable living trust is one of the most important documents for parents to have in their estate plan.

• Article - Power of Attorney for Finances: A Beginner's Guide

  Power of attorney designates who handles financial affairs when your parent is incapacitated. This article covers the basics of power of attorney.

• Buying Guide - A Buyer's Guide to Reverse Mortgages

  This free buyer's guide to reverse mortgages will help you understand how reverse mortgages work and what to look for in a reverse mortgage.

• Article - Estate Planning Basics

  Estate planning manages money and property during life and passes it to survivors after death. Know what the basic estate planning documents can do.

Questions & Answers

• Question - Does divorce protect one spouse's assets from the long-term care costs of the other spouse?

  When funds and other property are jointly held, some people consider divorce, at least on paper, to protect some assets from long-term care costs.

• Question - How can you pay for care when your assets are too high for Medicaid?

  You can still qualify for Medicaid in many states if your assets are above the normal eligibillity limit but you have high medical bills.

• Question - Is a home given away more than five years before still considered the parent's asset?

  Long-term care facilities can't attach assets given to adult children but Medicaid may consider such assets in deciding eligibility.

• Question - What do I need to apply for Medicaid for my mother, for whom I'm guardian?

  To apply for Medicaid, you need records of income and assets. If it's for nursing home care, you need financial transactions from the past 5 years.

• Question - Is there a time limit on making a revocable trust before entering a nursing home?

  A revocable trust does not protect assets from consideration by Medicaid regarding eligibility for nursing home coverage.

• Question - With both parents in a nursing home and me with power of attorney, can I protect their savings and house?

  Once both parents are in a nursing home, it's difficult to protect their assets. They'll have to use most of those assets to pay for their own care before Medicaid kicks in.

• Question - Can the children of a nursing home resident distribute his assets as a “spend down” to qualify for Medicaid?

  Can the children of a nursing home resident distribute assets as a spend down to qualify for Medicaid? Get expert answers on spend down guidelines.

• Question - Is there a minimum amount below which Medicaid doesn't bother to check asset transfers?

  For nursing home coverage, Medicaid may look at how the applicant has spent any amount, or transferred property, over the previous five years.

• Question - Can Medicare bankrupt my parents?

  Do you have to be bankrupt to qualify for Medicare or Medicaid home care? Can Medicaid take your house? Medicaid does have very low limits for assets.

• Question - My dad needs 24-hour care and is in a nursing home but has no assets and Medicare won't continue to pay. What do I do?

  This question has been answered by a Caring.com Expert and a Community Member

• Question - With no assets and cash, how can I pay for my own final expenses?

  This question has been answered by a Caring.com Expert

• Question - How should my father balance estate planning, tax planning, and Medicaid planning?

  This question has been answered by a Caring.com Expert

• Question - What documents does Medicaid ask for from an applicant?

  Medicaid asks applicants about all income and assets of any type, as well as support from others and any transfers of property within five years.

• Question - Does the Department of Veterans Affairs seek reimbursement for a veteran’s nursing home care?

  This question has been answered by a Caring.com Expert

• Question - Is a Medicaid annuity a scam?

  This question has been answered by a Caring.com Expert

• Question - Can my father's house be taken to pay for long term care?

  A house transferred out of an elder's name can't be taken by Medicaid but might disqualify the elder from Medicaid nursing home coverage.

• Question - Does the Veterans Administration have any claim on my parent’s estate?

  Does the VA or our state have any claim on my parent’s estate?

• Question - Can people "protect" their home and have Medicaid pay for nursing home care?

  One spouse may qualify for Medicaid nursing home coverage while the other spouse remains in a home they own.

• Question - When property is held jointly and one party enters a nursing home, what is the financial responsibility of each party?

  This question has been answered by a Caring.com Expert

• Question - With a spouse in a nursing home paid by Medicaid, how much can the other spouse keep?

  If Medicaid pays one spouse's nursing home costs, the spouse who lives at home may keep some income and assets. The amounts vary state to state

• Question - From what money are final expenses paid first?

  This question has been answered by a Caring.com Expert

• Question - Does my mother have to sign a home lien for short-term nursing home care?

  Medicare or Medicaid can cover all or most of short-term nursing home costs, but a nursing home might want a home lien from a private-paying patient.

• Question - My father is withdrawing money from his accounts but can't remember where he's spending the money. What can I do?

  This question has been answered by a Caring.com Expert

• Question - Do CDs in trust count in determining Medicaid eligibility?

  Medicaid counts a CD in trust as an asset if revocable trust, and counts for nursing home coverage if put in irrevocable trust in past 3 or 5 years.

• Question - Can Medicaid take a house to pay for nursing home care?

  Unanswered. Can you help?

• Question - How does one go about hiding assets?

  This question has been answered by a Community Member

• Question - Is it wise to put an elderly parent's home in trust?

  Whether it's wise for parents to put a house in a living trust depends on the context: their health, their goals, what else their estate plan provides.

• Question - How can I reconcile the debt of my late father?

  This question has been answered by a Caring.com Expert

• Question - Having limited resources, how do I get into a nursing home?

  This question has been answered by a Caring.com Expert

• Question - Is an IRA counted as an asset by Medicaid?

  IRAs get no special Medicaid treatment. They're counted assets for Medicaid eligibility, even if you can't yet withdraw them and get your tax break.

• Question - What's a Totten Trust and how does it work?

  This question has been answered by a Caring.com Expert

• Question - How do I get into a nursing home with limited resources?

  This question has been answered by a Caring.com Expert and a Community Member

• Question - What authority is needed to gather a parent's documents for Medicaid?

  When you want to access your parent's health records, do you need a durable power of attorney for healthcare? Or can HIPAA prevent it even with one?

• Question - Any suggestions for talking to my father, who has Alzheimer's, about his finances?

  This question has been answered by a Caring.com Expert

• Question - Will Medicaid or Medicare help pay for my mother's long-term care?

  Will Medicaid or Medicare help pay for my mother's long term care? Medicare will cover 100 days in a nursing home if certain qualifications are met.

• Question - Does a note on a house affect a trust?

  Putting a house in a living trust has little affect on a mortgage still owed on it.

• Question - How soon after my parent's death do I need to begin administering her will, and what's involved?

  How soon after my parent's death do I need to administer their estate and other financial affairs? What other legal matters should I be aware of?

• Question - What is my first step in administering my mother's will?

  The first step is usually the hardest: Finding and organizing the property your mothe owned at her death.

• Question - What are the risks with reverse mortgages?

  This question has been answered by a Caring.com Expert

• Question - Does the VA/State have the right to take over my parent's assets?

  This question has been answered by a Community Member

• Question - Can my mother help pay for her grandchildren's education and still qualify for Medicaid?

  Will a parent risk Medicaid benefits by helping with grandchildren's education? It's essential to consider whether Medicaid will be lost this way.

• Question - Are there government benefits for someone who's had a stroke and gets only a small company pension?

  This question has been answered by a Caring.com Expert

• Question - Does a living trust protect money from Medicaid consideration?

  A living trust does not "protect" assets from consideration by Medicaid when deciding someone's eligibility for coverage of nursing home care.

• Question - Do my parents need to get divorced to qualify for Medicaid?

  This question has been answered by a Community Member

• Question - How do I get my dad to stop taking questionable financial advice from his friends?

  This question has been answered by a Caring.com Expert

• Question - Who is responsible for paying for my mother's care?

  This question has been answered by a Caring.com Expert

• Question - Is there any inexpensive insurance for the disabled?

  Medicare Part A and Part B, Medicaid, and Medicare Part D prescription drug coverage may all be available to someone on permanent disability.

• Question - Are family corporations good or bad?

  Some parents choose to set up corporations or partnerships to pass along their property to their children. The elephant in the room can be the IRS.

• Question - Does Medicare cover children?

  Medicare does not cover medical care for children, but Medicaid and related programs do cover care for children in low-income families.

• Question - If a couple is separated but own a house jointly, does one filing bankruptcy affect the other's financial affairs?

  This question has been answered by a Caring.com Expert

• Question - How do you get financial help if you are between 55 and 60 years old?

  A few government financial benefits are available to someone under age 60.

• Question - What do I need to know before I sign a nursing home contract?

  This question has been answered by a Caring.com Expert

• Question - What documents, besides a will, do my aging parents need?

  Parents need an advance health care directive, a release for health care records, a durable power of attorney for finances, and maybe a living trust.

• Question - What are the benefits of putting a home in a revocable trust?

  There are several possible benefits to putting a home in trust; protecting it from Medicaid rules is not one of them.

• Question - What's the difference between a guardianship and a conservatorship?

  What's the difference between a guardianship and a conservatorship? I want to know because my elderly parent refuses to sign a power of attorney.

• Question - How do we deal with the expenses associated with the cost of burying my mother when her life insurance policy doesn't cover everything?

  This question has been answered by a Caring.com Expert

• Question - Since my parents own property in several states, how will their estate be administered?

  This question has been answered by a Caring.com Expert

• Question - Can a Wisconsin resident disinherit a spouse?

  If a will does not mention a surviving spouse, the law will likely look at the document carefully -- and make some assumptions giving the survivor a share.

• Question - Are living trusts and living wills the same?

  When it comes to living wills and living trusts, only the names are similar. One concerns itself with controlling medical care; the other, passing title to property.

• Question - How should my mother decide when to file for Social Security?

  Is it best to file for Social Security benefits early, at age 62, if a parent needs money or wait until 65 or 67 to file for Social Security benefits?

• Question - How do I pick an attorney and what should I expect to pay?

  This question has been answered by a Caring.com Expert

• Question - How do I handle finances when I share POA with my sister and both parents have dementia?

  This question has been answered by a Community Member

• Question - What is the legal cost if a court appoints a non-relative to serve as conservator?

  There are laws that allow a person to be paid for acting as conservator of an estate, but the actual amount due is generally left to murky standards.

• Question - How do we preserve my deceased father's estate when my mother remarries?

  To find out whether you are slated to get family property when your mother remarries, you have to look at the underlying estate plan.

• Question - Am I responsible for my parent's debt?

  Am I responsible for my parent's debt? I recently discovered that my father has several thousand of dollars of debt. Are parent debts transferable?

• Question - Should we get a home equity line of credit in order to pay for nursing home care until my parent's home is sold?

  This question has been answered by a Caring.com Expert

• Question - Will my husband's aunt's jointly owned CDs in a credit union automatically be transferred to her trust or us upon her death?

  This question has been answered by a Community Member

• Question - Can I be removed as the "responsible party" from a nursing home agreement?

  It may be illegal or unenforceable for a nursing home to require a family member to be the "responsible party" for a relative's nursing home bills.

• Question - What's the emergency procedure for obtaining durable power of attorney for finance or health care?

  What's the emergency procedure for obtaining durable power of attorney for finance or health care? Get answers on obtaining durable power of attorney.