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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.
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I would like to give my children a monetary gift from my IRA. However, If I give them money and them find myself needing money from Medicaid, will that disqualify me from receiving Medicaid benefits.
A transfer of your IRA money to your children will be viewed by the IRS as a taxable withdrawal followed by a gift. As mentioned by others, any gifts you make within 5 years of applying for Medicaid will normally result in a period of disqualification from receiving Medicaid coverage: the more you give, the longer the penalty period (exactly how long depends on the cost of a nursing home in your state).
It may be possible to convert the IRA into a fixed annuity WITHIN the IRA, which will not be a countable asset for Medicaid purposes. Whether that will benefit you in the long run depends on the amount of your IRA as well as your life expectancy.
First, there are tax complications from gifting from an IRA; you should consult with an estate planning or elder law attorney to be aware of these.
Secondly, your IRA should fund YOUR care before becoming gifts to your children. It's not fair to dip into a taxpayer funded source when you have your own money but want to reserve it for your children. Medicaid is for genuinely, legitimately low income people, not those who have funds but want to reserve them for gifting.
Consult an Elder Lawyer. It might be possible to put the IRA in a Trust. ( I think it would have to be an Irrevocable Trust. But the drawback as I understand it is that you do not have easy access to the money and you would have to request disbursements from it.) And then name the children as beneficiaries.
In reality though.... This is your money that you put away to use when you got older, to help maintain a particular lifestyle. If you need help and have to go into Assisted Living is this not what you put money away for? Children should NOT grow up with the EXPECTATION of getting an inheritance when a parent dies. If it happens then good for them but it should not be expected. Why expect the government to foot the bill if you have $300,000 in an IRA? If you are in failing health now, sell the house buy into a retirement community that will go from independent living to memory care so you do not have to transition to another facility. Or depending on your age now and your health buy a Long Term Care Policy that will help with the expenses you will incur. There are some that will convert to a Life Insurance if you pass before you need Long Term Care so the money that you paid in will be given to beneficiaries. (getting down off my soap box about "hiding" or "gifting" money just to qualify for Medicaid)
If any of your assets/resources are gifted in the five years preceding the application for Medicaid you will be charged a penalty that is equal to the amount of the gift. If you end up with a health issue that requires facility care, Medicaid would fine you. If the monthly charge for care is $5,000.00 a month, and you gifted $25,000.00 then Medicaid would not pay for your care for five months, 25000/5000. Payment would have to be made another way.
You may want to look at facilities that both accept Medicaid and those that are self pay. The selection of facilitues is much better if self pay. You may want to look into a long term care policy. This, is many times, the only way that there are ever any resources remaining at time of death for inheritance.
Any resource, your home, cannot be given away, must be sold for market value. See an elder law attorney that specializes in Medicaid Planning. Make sure all your documents are in place, POA, DNR, will, trust, etc....
Medicaid is not an entitlement nor is it an earned benefit like Social Security retirement. It is for those who have less than 2000 dollars in countable assets and are on a low income. The whole purpose of an IRA account was for your needs to supplement SSI income. Gifting money from an IRA account will definitely affect Medicaid eligibility within the 5 year look back.
Dear Aging Nana, I am familiar with applying for Medicaid in Illinois. Before you are approved for Medicaid, Medicaid will require you to "spend down your assets". They look back 5 years. You will be required to provide written copies of all bank statements, etc. You should contact a good attorney for assistance. You are permitted to make burial arrangements but I believe only a small amount is permitted for this. Medicaid will want an accounting for ALL of your assets including your house if you own one.
It could be. States have different laws. I had a social worker for my mother's hospice tell me that here in Alabama it's 10 years, which is absolutely outrageous. If you have a skilled agency in the home, try asking to speak to a MSW (medical social worker) and they can answer those questions for you for free.
If on Medicaid you can have a car and a home. Medicaid sees the value in possibly income being generated from renting it out. They would place a lien on the house to recover expenses for care.
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.
It may be possible to convert the IRA into a fixed annuity WITHIN the IRA, which will not be a countable asset for Medicaid purposes. Whether that will benefit you in the long run depends on the amount of your IRA as well as your life expectancy.
Secondly, your IRA should fund YOUR care before becoming gifts to your children. It's not fair to dip into a taxpayer funded source when you have your own money but want to reserve it for your children. Medicaid is for genuinely, legitimately low income people, not those who have funds but want to reserve them for gifting.
It might be possible to put the IRA in a Trust.
( I think it would have to be an Irrevocable Trust. But the drawback as I understand it is that you do not have easy access to the money and you would have to request disbursements from it.)
And then name the children as beneficiaries.
In reality though....
This is your money that you put away to use when you got older, to help maintain a particular lifestyle. If you need help and have to go into Assisted Living is this not what you put money away for?
Children should NOT grow up with the EXPECTATION of getting an inheritance when a parent dies. If it happens then good for them but it should not be expected. Why expect the government to foot the bill if you have $300,000 in an IRA? If you are in failing health now, sell the house buy into a retirement community that will go from independent living to memory care so you do not have to transition to another facility.
Or depending on your age now and your health buy a Long Term Care Policy that will help with the expenses you will incur. There are some that will convert to a Life Insurance if you pass before you need Long Term Care so the money that you paid in will be given to beneficiaries.
(getting down off my soap box about "hiding" or "gifting" money just to qualify for Medicaid)
You may want to look at facilities that both accept Medicaid and those that are self pay. The selection of facilitues is much better if self pay. You may want to look into a long term care policy. This, is many times, the only way that there are ever any resources remaining at time of death for inheritance.
Any resource, your home, cannot be given away, must be sold for market value. See an elder law attorney that specializes in Medicaid Planning. Make sure all your documents are in place, POA, DNR, will, trust, etc....
I am familiar with applying for Medicaid in Illinois. Before you are approved for Medicaid, Medicaid will require you to "spend down your assets". They look back 5 years. You will be required to provide written copies of all bank statements, etc. You should contact a good attorney for assistance. You are permitted to make burial arrangements but I believe only a small amount is permitted for this. Medicaid will want an accounting for ALL of your assets including your house if you own one.
It is called a "Medicaid compliant" annuity...Grace + peace,
bob.
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