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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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Thank you. I did read the posts.. All I see is if your going to apply for Medicaid then don't touch the Money. I thought I was clear that she will never need Medicaid .
MommaD - she can gift whatever & however she likes but keep in mind that although she is fine financially right now her health situation could change and the 300K could get wiped out with a couple of bad health situations. But if mom is basically in good health; a young 80 - 85; has stable income coming in that more than covers her AL costs then I'd go for getting rid of 200K. asap. Now realize mom would have to put off asking for any govt assistance till the summer of 2020…..and that is a long long time for things to change...
It's my experience that if they live long enough they will run out of money (unless they are generationally wealthy and their level of caregiving will change that they need a NH, so then end up applying for Medicaid. My mom didn't need to apply for Medicaid till she hit her 90's so divesting in her 80's was good planning. I'd run the risk & go ahead and move 2/3 of all assets now and plan on a nice July 4th event with your mom and the beneficiaries of her largess. Does mom have a FA & elder attorney? If so, I'd start there and ask for their suggestions for your plan. What often happens is that everybody gets an even amount and the FA opens new accounts for each of the beneficiaries based on what mom investment leanings. If any of the funds are in brokerage accounts it will take time to get these moved out and paperwork in so you want to start on all that soon. If this is all liquid, then I'd speak with a CPA too as to how to do this asap and get it done right for 2014 taxes. Ask those who are getting the $ if they want it too. When I was executrix, one of the beneficiaries declined for a tax reason so sometime folks may have a trust or a UTMA account they would prefer the $ to go into instead. Personally I'd steer clear of the banks and anyone (banks, FA or others) who is focused on selling any insurance stuff as I bet they will try to get her to annuitize some of this for her future needs - it sounds like you want to just get the $$$ out to others. Also check her insurance policies to see if there is any cash value in any of them, as you need those changed too, Good luck & you a fortunate to be able to have the ability to do this. Somebody gave your folks good advise and they benefitted from it to be able to pass on to family. hope mom stays healthy till 2021!
Elders like giving money away, the problem is $300k is a respectable amount, however, end of life expenses being as high as they are, it is easy to run out of money. I hope she does not run out so she can choose her living and health care without government restrictions. I strongly suggest that those on the receiving end have the foresight and kindness to hold on to any gifts rather than spend them, and be willing and able to cover the penalty period should Gma ever outspend, out-gift, her savings and require taxpayer support via Medicaid.
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's my experience that if they live long enough they will run out of money (unless they are generationally wealthy and their level of caregiving will change that they need a NH, so then end up applying for Medicaid. My mom didn't need to apply for Medicaid till she hit her 90's so divesting in her 80's was good planning. I'd run the risk & go ahead and move 2/3 of all assets now and plan on a nice July 4th event with your mom and the beneficiaries of her largess. Does mom have a FA & elder attorney? If so, I'd start there and ask for their suggestions for your plan. What often happens is that everybody gets an even amount and the FA opens new accounts for each of the beneficiaries based on what mom investment leanings. If any of the funds are in brokerage accounts it will take time to get these moved out and paperwork in so you want to start on all that soon. If this is all liquid, then I'd speak with a CPA too as to how to do this asap and get it done right for 2014 taxes. Ask those who are getting the $ if they want it too. When I was executrix, one of the beneficiaries declined for a tax reason so sometime folks may have a trust or a UTMA account they would prefer the $ to go into instead. Personally I'd steer clear of the banks and anyone (banks, FA or others) who is focused on selling any insurance stuff as I bet they will try to get her to annuitize some of this for her future needs - it sounds like you want to just get the $$$ out to others.
Also check her insurance policies to see if there is any cash value in any of them, as you need those changed too, Good luck & you a fortunate to be able to have the ability to do this. Somebody gave your folks good advise and they benefitted from it to be able to pass on to family. hope mom stays healthy till 2021!
I strongly suggest that those on the receiving end have the foresight and kindness to hold on to any gifts rather than spend them, and be willing and able to cover the penalty period should Gma ever outspend, out-gift, her savings and require taxpayer support via Medicaid.