My mom is in the beginning stage of memory loss. She is 85 and in good health, other than bad eyesight. I foresee her having to go to an Assisted living place in the next year or so. I have been told that when you place them, you have to sign over everything and that they will deplete her bank accounts, savings, and all, including her house. I was told that you couldn't sell or do anything with her money saved because they go back 5 years and account for all money spent. I need to know what to do so that this doesn't happen or at least ways around it.
Thanks in advance for ANY help!
Mom would like to leave a financial legacy. I don't blame her. But it just may not be possible.
Nursing homes must be paid for what they provide. Whether they are for-profit or nonprofit, they must maintain their buildings, pay their staff, pay for and maintain all kinds of equipment, provide meals and snacks for their residents, pay taxes, etc. etc. If they can't bring in income, they can't stay open. If a nursing home is in your mother's future, it will have to be paid for. If she runs out of money before the end of her life, taxpayers will take over, in the form of Medicaid.
But expecting Medicaid to take over while she is holding on to assets to leave to her family is just not how it works. Maybe it should. Maybe Medicaid should be like Medicare, and not be based on financial need. But for now, it is what it is.
The professional that you and your mom really need to consult is an attorney who specializes in Elder Law. If there are legal ways to set aside some money, the lawyer will know about it. You can also get advice in how best to prepare for applying for Medicaid (if you need to), how to set up a personal care agreement so Mom could pay you or other relative to provide care while she is still at home, guide you with documents such as Power of Attorney, and Healthcare Directive.
We can all share our experiences, and I hope that helps. But please consult an attorney for legal advice. It will be worth what it costs!
If your Mom outlives her assets, then VA aid and Attendance or Medicaid may chip in. Most facilities ask about financial assets so they have some idea of when you may need help. Don't wait til the money is gone to start applying for things. Some facilities do not accept Medicaid residents. That is something you might consider in your planning. Good luck and if you are like most on this site, you will want to make sure your Mom has the best facility for as long as possible. Inheritances are nice but not if the person who accumulated assets doesn't get the care needed. Good luck
My MIL liquidated her home and sold it. That was very nice of her, because now that job is done. On the other hand, my Mother has hung on to her house and hasn't stepped foot in it for 18 months. I would have preferred that she sell everything.