We are joint shareholders in a co-op and have assets, such as investments. I have already spoken with a company that does not charge a fee for their application. I am aware of the monthly/annual income limitations. The rep mentioned putting assets into a Family Trust.
To complicate matters, I am currently on Medicaid and my healthcare expenses are covered by a Medicaid Managed Care plan.
I would contact a well-qualified eldercare attorney to do this right.
yuo need to make sure your educated. Not being educated you can end up with tax liabilities or other costs that getting educated on this would of prevented
1) Contact medicaid understand their conditions
2) Contact an Elder attorney attorney that specializes in Senior issues to insure the real estate is set up right
3)Contact an accountant to insure you set things up right to avoid taxes
Putone in front of the other and take action. you will feel soo much better once you understand the ins and outs and dynamics of all this
I agree with Lacy. Speak with Medicaid first. Take that info and see a lawyer well versed in Medicaid.
They know the ins and outs and you don't want something weird bouncing back at you in a couple of years.
Also, if you have family members who aren't easy to deal with--you refer them to the attorney. If they care that much about whatever issue--they can shell out the $$ to figure out the problem.
As others have suggested, see an elder attorney to put the whole issue in perspective, but make yourself as knowledgeable as you can be so it's easier to understand and make decisions. If reading upon on Medicaid confuses you, do it little by little, and take relaxing breaks in-between.
And do address the joint shareholder issue that Barb raised.
I remember our first experience with rehab with my mother fell. We attended one of those "seminars" sponsored by the rehab center. The woman gave a soft but firm sales pitch for trusts. Over the years, I've learned how trusts can be a gateway for greedy reps of companies (with an affiliation with an attorney who does boilerplate trusts) more interested in exploiting worried families than in providing advice applicable to individual situations.
like the others I’d be wary of anyone promoting a “trust” for moving assets into involving someone (you) who is already on Medicaid
Find a elder law atty. As both you & your mom will have Medicaid concerns, I’d suggest that you find a CELA level of elder law attorney.
I’ve got to ask, why are you on Medicaid? Is it because your in a special disease category? Or your SSDI & on Medicaid due to that? Whatever the case I’d tread carefully on doing anything as Medicaid eligibility is I’d be irreplaceable for you. Really find an atty to look at what your & moms options can be for how NY administers Medicaid.
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