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Acknowledgment of Disclosures and Authorization
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.
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There are many reasons why transferring assets from an elder to an adult child or other person or entity might be considered, but there are always consequences, or potential consequences when doing so.
Certainly qualify for Medicaid is one of them as most states have adopted federal law which requires that most assets transferred by a Medicaid applicant within five years of application be considered as countable for eligibility purposes.
In the case of transfer to an individual it is important to creditor status. Understand that assets that are gifted to another become the property of the the donee and therefore become subject to the donee's creditors. We always ask before a gift is made if the donee has creditor issues, whether they are in a litigious provoking profession, or if their marriage is unstable to avoid unexpected diminution of the funds.
Income tax (gift tax is discussed below) may also be an issue in that any earnings generated by the asset transferred are now taxed at the the donee's highest marginal income tax rate. The difference can be appreciable. Many elders pay no taxes or are in very low tax brackets whereas an adult child may pay ordinary income tax rates of almost 50% (between federal, state, and sometimes city, income taxes).
One consequence that is NOT typically at issue, however, is gift tax. The Unified Federal Estate and Gift Tax exempts each individual from paying Federal Estate or Gift tax on the first $5.42 million dollars gifted or bequeathed to any other individual or entity (in 2015). Naturally, there are very few elders who have this kind of wealth and, therefore, there is no "gift tax" consequence when most gifts are made. (As an aside, in most cases gift tax returns and gift taxes, when due, are paid by the donor, not the donee).
In addition to the estate and gift tax exemption mentioned above, there is the "annual exclusion" which for 2015 $14,000 as it was for 2014. The annual exclusion permits each individual to gift up to $14,000 per year to as many individuals or entities as they wish without the gift being subject to gift and estate tax or the lifetime exemption.
Although there is never any tax due for gifts of up to $14,000 per year, a gift tax return may have to be filed for gifts over that amount even if there is no tax due (again, except in rare circumstances, this would be filed by the person making the gift, not the person receiving the gift).
Very important, too, is to not conflate Federal Estate and Gift Tax rules with Medicaid rules. For instance, I am often asked "Can't my mother gift her three children $14,000 each to qualify for Medicaid?" The answer is no as such a gift would indeed be a penalty inducing transfer for Medicaid eligibility purposes.
Before transferring anything that belongs to an elder you may wish to consult with a professional familiar with Medicaid, estate transfer, and income tax rules.
Your banker would be able to tell you. Be aware that if she is trying to hide money from Medicaid, it wouldn't work. Plus, you may be liable for a hefty gift tax.
She could. Then two things happen: 1. the IRS sees a large gift and taxes you on anything over the allowance for gifts. 2. Mom would be totally ineligible for Medicaid for the next 5-7 years, so you get all the Nursing Home bills.
She could, but the above answers are correct. It can't be hidden, and depending on the amount, it could be taxed. I'm only assuming that she doesn't currently need the money, since she isn't going to just cash it in. If that is the case, she could add your name as POD (paid on death), meaning that it will transfer to you when she passes.
But the POD would not pass to the beneficiary if there is money owed to a nursing home under Medicaid because of the MERSA or whatever it is called. Medicaid will always get their money somehow, if there is any money to be had.
Hi PrettyGood, the CD will have to be spent (for the owner's care) before applying for Medicaid. The CD would be an asset. The POD will only be good if no other money is owed. I think you are thinking of MERP (Medicaid Estate Recovery Plan).
thank you brendalynn for the correction,yes, you are right. I was in "life insurance beneficiary" mode (which would only be paid after death) (because my parents have a small life ins policy and they are changing their beneficiary to their church)
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.
Certainly qualify for Medicaid is one of them as most states have adopted federal law which requires that most assets transferred by a Medicaid applicant within five years of application be considered as countable for eligibility purposes.
In the case of transfer to an individual it is important to creditor status. Understand that assets that are gifted to another become the property of the the donee and therefore become subject to the donee's creditors. We always ask before a gift is made if the donee has creditor issues, whether they are in a litigious provoking profession, or if their marriage is unstable to avoid unexpected diminution of the funds.
Income tax (gift tax is discussed below) may also be an issue in that any earnings generated by the asset transferred are now taxed at the the donee's highest marginal income tax rate. The difference can be appreciable. Many elders pay no taxes or are in very low tax brackets whereas an adult child may pay ordinary income tax rates of almost 50% (between federal, state, and sometimes city, income taxes).
One consequence that is NOT typically at issue, however, is gift tax. The Unified Federal Estate and Gift Tax exempts each individual from paying Federal Estate or Gift tax on the first $5.42 million dollars gifted or bequeathed to any other individual or entity (in 2015). Naturally, there are very few elders who have this kind of wealth and, therefore, there is no "gift tax" consequence when most gifts are made. (As an aside, in most cases gift tax returns and gift taxes, when due, are paid by the donor, not the donee).
In addition to the estate and gift tax exemption mentioned above, there is the "annual exclusion" which for 2015 $14,000 as it was for 2014. The annual exclusion permits each individual to gift up to $14,000 per year to as many individuals or entities as they wish without the gift being subject to gift and estate tax or the lifetime exemption.
Although there is never any tax due for gifts of up to $14,000 per year, a gift tax return may have to be filed for gifts over that amount even if there is no tax due (again, except in rare circumstances, this would be filed by the person making the gift, not the person receiving the gift).
Very important, too, is to not conflate Federal Estate and Gift Tax rules with Medicaid rules. For instance, I am often asked "Can't my mother gift her three children $14,000 each to qualify for Medicaid?" The answer is no as such a gift would indeed be a penalty inducing transfer for Medicaid eligibility purposes.
Before transferring anything that belongs to an elder you may wish to consult with a professional familiar with Medicaid, estate transfer, and income tax rules.