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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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Mom has alzheimers and my sister is the POA. Mother is in a home for Alzheimer patients. Sister would like to cash in existing CDs to distribute funds to mothers 3 children as was the original intent in the form of annual gift.
If you're asking if this sounds like an okay idea, I'd have to say that you should be cautious as Medicaid does a 5 year look back. Gifting the money could create problems later for Mom, should she need Medicaid. Sadly, while our parents intended to leave assets to their children, all too often that money is actually needed for the parent's care.
Whatever the original intent was doesn't matter now; the CD's are in mom's name and tied into her SS#. It's her asset. And the interest on the CD's are reportable to IRS, so no way they will not come up as an asset. If in the future from now to the year 2020 mom needs to apply for Medicaid to pay for her stay, the disposition of the cashed in CD's will be a issue and cause a transfer penalty from Medicaid.
For my mom's application, the review was 3 years & 6 months for bank statements. AND ALSO another item required was the disposition of any & all accounts at her bank that was closed. This was in the form of a letter on bank letterhead, signed off by bank officer (basically spent a morning @ the bank for this). It read like CD # 1234 expired on 2/2/08 for $ 5,302.89 and deposited into Checking account # 5678 in the amount of $ 5,302.89 on 2/2/08. Every CD, Tbill, etc as they expired were not renewed but plowed into mom's main drawing account. It was just lucky that all was done this way as they expired as it made it all clear & straightforward for Medicaid. But if any CD had been just cashed out, I'm sure there would have been a penalty inquiry to deal with and a transfer penalty imposed. Now if mom should need to apply for Medicaid & has a transfer penalty, someone will have to private pay @ the facility for the penalty period.
Really if they live long enough, they will run out of money unless they are generationally wealthy. Easily over 100K annual costs for NH between their room & board charges, medications, doctor/PT/OT etc costs. They will just flat run out of $ and will apply to Medicaid.
Not enough detail here. If there is a lot of wealth, OK. If it results in Mom needing Medicaid, bad idea. If it exceeds the gift limit, huge IRS tax implications for everyone.
Your mother may need that money for her care. Why distribute funds, now? NH care is expensive and my own mother is going through money faster than anyone would have ever thought. She is 95.
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.
For my mom's application, the review was 3 years & 6 months for bank statements. AND ALSO another item required was the disposition of any & all accounts at her bank that was closed. This was in the form of a letter on bank letterhead, signed off by bank officer (basically spent a morning @ the bank for this). It read like CD # 1234 expired on 2/2/08 for $ 5,302.89 and deposited into Checking account # 5678 in the amount of $ 5,302.89 on 2/2/08. Every CD, Tbill, etc as they expired were not renewed but plowed into mom's main drawing account. It was just lucky that all was done this way as they expired as it made it all clear & straightforward for Medicaid. But if any CD had been just cashed out, I'm sure there would have been a penalty inquiry to deal with and a transfer penalty imposed. Now if mom should need to apply for Medicaid & has a transfer penalty, someone will have to private pay @ the facility for the penalty period.
Really if they live long enough, they will run out of money unless they are generationally wealthy. Easily over 100K annual costs for NH between their room & board charges, medications, doctor/PT/OT etc costs. They will just flat run out of $ and will apply to Medicaid.