Has Anyone Protected Their Assets With An Irrevocable Trust?
Our elder law attorney thinks I should out savings, land, home, etc into an irrevocable trust to protect and allow me to use Medicaid funding in 5 years for Ron's care. You have to wait 5 years for it to be in effect. My son would be trustee. I just don't know what to do.
@A MyParkinsonsTeam Member - My husband and I had a living trust set up with an elder law attorney's office. Our attorney stays closely up to date on how the medicaid situation is being handled. Laws do change sometimes. For us in California it is called Medical.
We went to the attorney to update our trust in 2010, just to make sure we were still on the right track. The minute our attorney found out my husband had been diagnosed with PD his first suggestion was to take my husband's name off of the trust and put everything in the trust in my name. Apparently, at this time, in the event my husband needed to go to skilled nursing, he would qualify for Medicare/Medical and there would be no lean put on our home. We did do this. Luckily we did not have to use Medical. We had purchased long term care insurance for him several years ago.
After he passed I was talking to the attorney and I said I didn't understand how this would benefit me anyway. I figured I was liable for his debts being married to him. The attorney explained in California that the Living Trust in my name protected me from any debt collection on his behalf. I asked if there was any look back period and she said "no, as long as your name is already on the accounts, and house, there is no look back period."
My husband agreed to this arrangement prior to his dementia, and made me POA. Now that the house is in my name only, and I have no long term insurance, I will most likely plan to move whatever house I am living in at the time into an irrevocable trust for our children.
The trick is to find an elder law attorney who is really good and stays up to date with the laws, and stay in touch with them. Laws change. My mother used our attorney and she put her home into an irrevocable trust and everything went smoothly for her and my sister. Your attorney may think it's time and if you trust your attorney and your son, then you might want to agree. Make sure your son is willing to take care of you if something should happen to you. Seems like you are suddenly dealing with many hard decisions. What happened to our "Golden Years?" Good luck.
Continuing with @A MyParkinsonsTeam Member suggestion is to make sure ALL of your assets are renamed and put into the trust.... Very very important to prevent estate going thru probate... Alan
@A MyParkinsonsTeam Member
Medicare is definitely on the look out for this legal maneuver, especially since the cost today of assisted living is so expensive.... and only getting worse.... It's like we're getting punished, for being good stewards of our financial well being... Mary and I created a Living Trusts last year, even thought we are not married.
My Attorney who set things up, mentioned how often the government is now changing the laws, to ensure they get their taxes, and not trying to hide assets. He said that in todays world, when some assets are kept outside a true Trust, the government will pierce and invalidate that Trust... It seems the main purpose of a trust is to prevent double taxation, and keep certain assets from probate...
My suggestion is that you have a serious conversation with an estate planning attorney, as soon as possible, because they will be able to help you we all of these details... The link below is one example that is very through and actually does the funding of your assets, correctly.... Alan
Follow this link for ideas on estate planning >>. http://www.lifedesignlaw.com/estate-planning.html
HI @A MyParkinsonsTeam Member,
I have not any issues with hallucinations from taking Sinemet.... I take 12 tabs a day currently, and several of my Neurologist has several patients taking +30 tabs a day.....
Did you know that Sinemet comes in several Ratios & Strengths? One type is 1 to 4, and the other is 1 to 10 ratio of carb / levodopa ......
Which type and what ration strength does he take ? Sinemet 25/100 verses Sinemet 25/250 ???
I would appreciate your comments... Alan
@A MyParkinsonsTeam Member,I really don't know but my husband started having hallucinations after taking sinmet also. My husband hallucinates most of the time.
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