Go do a consultation with a second lawyer and see what they say. It sounds about right but so that you get that reassurance that’s what I would do.
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Listen to ur lawyer if anything does happen you and your sibblings can sit and decide who wants what money wise split it between all of u
Do it!!! Otherwise the state will for sure come after his assets
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Does anyone know if you can sell assets or transfer into poa/ next of kins name before going into a nursing home (if need be) if you have to wait 5 years for that too? Jw cause I’m going through something kinda similar with my gpa
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Yep get everything out of his name. I work LTC. They will take everything he has worked so hard for. The lawyer is right.
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There are tax issues with having your name on assets prior to death, but I understand the 5 year look back is what the lawyer is trying to avoid. Assets sold after someone dies is sold at date of death basis, if you are put on the property before death, your basis becomes his basis, creating a larger tax burden. Just make sure the lawyer explains all of this.
I had a friend whose aunt had to be placed in a care home. The aunt had to transfer everything (home and bank acct) to the niece because they would have taken everything from her in order for her to get any type of care.
The attorney sounds inexperienced. You cash in all your dads investments and you’re going to stick him with a huge tax bill. Get a wealth advisor and set up a managed plan to care for your dad.
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Take care of any of his assets before Medicaid. They will take everything if he is ever in a nursing home. That costs about $8,000 a month out of pocket just FYI
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I have heard of a transfer of death paperwork that instead of cashing it all out before death it can all go to y’all all after death and avoid probate in the will
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I would lean towards trusting lawyer. Believe me my family went thru this with siblings having own ideas of what’s “best” not even in a selfish way just what they thought woukd work. There are soooo many ins and outs. Trust the lawyer they see this all the time
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The quality of care he’ll get if Medicaid pays is far lower than the quality of car he can get by paying himself. If he can only afford this for 5 years, start looking for a facility that accepts Medicaid now; there’ll be a long list for a bed. You’ll probably want a facility where some patients are self-pay and others have Medicaid. Medicaid nursing home reimbursements are very low, so quality suffers.
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Take it now or the state will take everything he worked for.
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How about an irrevocable trust where the lawyer is the trustee and all you kids are in the trust. This protects his assets. My husbands grandfather did this.
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I would transfer his assets because any nursing home will take it all. Not so sure about the life ins policies. I was on my grandmothers and they made me sign it off before placing her so they wouldn’t get stuck paying the burial. I get it some people are placed in nursing homes they are forgotten about by family and the the nursing home has to bury them. If you do cash his life Ins policy make sure you put it aside so if something happens you have it Pd for
I recommend the POA and executor of estate be 2 different people and maybe 2 of each. My children were cheated in there inheritance by the lawyer who was POA and executor on an estate. It was a mess and not all lawyers are trust worthy. Also I don’t know how many siblings you have but all should be named with equal responsibility in keeping doctor appointments and whatever your dads needs are.
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Um why are you making decisions regarding his finances
Has he been declared as medically incompetent by a dr
Is he physically able to take care of himself without assistance
It sounds like your solicitor is seeing a lot of $$$ flashing before his eyes
With that much legal work
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Definitely put it all into a trust with you and your siblings as the trustees.
As others have said, consult with other lawyers but also financial advisers and maybe a tax person. Then evaluate all the info to make a decision. Sorry about your dad. Mine had dementia but was still happy to see me and loving until the end.
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Yes! Do it! I cannot express enough to ease listen to him. He is correct. Medicaid will swoop in and literally take it ALL. They even took a friend’s lawn mower and all his furniture and clothes. They are like piranha. Everything will go to them. Or government. If the property is in another name they can’t take it. Same goes for bank account. Be sure when you do cash in the life insurance to keep it back for burial services. It’s getting more expensive every yr. It’s crazy.
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Why pay for a lawyer and not take the advice but ask a bunch of strangers for advice?
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If he ever needs to go to a nursing home, they would take all his assets.
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Maybe an irrevocable trust instead of that.
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only if you trust your siblings and yall get along well enough to not fight over it.
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Listen to the lawyer. The nursing home/medicaid can take any and all assets your father worked so hard for. We are going through this now with my MIL. The lawyer can transfer into your names, but leave your father as a life tenant so it cannot be sold, but it will not keep him from getting Medicaid one day if he needs it. Also for his life insurance policies the funeral home can declare a “pre-need” to cover his final expenses. We are doing this right now because the assets from the life insurance is blocking my mil from getting Medicaid, but the life insurance is not enough to cover but only a few months at the nursing home.
Prepaying funeral expenses for my husband and myself was one of the smartest things I could have done.
You get the funeral you want and it’s one thing my sons won’t have to deal with when my time comes.
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Name transfer. Maybe?
My Dad was a Widow for several years before he died last autumn, he lived in his home with myself and my husband caring for him with the help of Hospice(for the final month of his life).
Sorry to hear about your dad. Sadly many people are not prepared for exactly this- I see this ALL the time and it’s really difficult on the family. Your attorney is correct. I understand why you are nervous but all of it is legal and it protects you and your siblings from probate. It also helps if he needs long term care/help. Sending positive thoughts to all of you.
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Listen to the lawyer. You can even sprak to another lawyer if you need to. But you need to get everything transfered. If he ever needs to go into a nursing home or applies for medicaid, if everything is still in his name or it has been less that 5 years they can and will take everything.
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Do a trust with an executor of the estate named…that way everything is will be evenly distributed when that time comes. Good luck.
Listen to the lawyer. A lot of times what happens with older vulnerable people is a new romance where they are convinced to leave all of their assets to the new spouse.
You need a better lawyer. If there’s no power of attorney you’re going to need a guardianship, and you can’t just transfer your dads assets away.
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Listen to the lawyer, nursing homes are ruthless, they will go after anything is his name to take ownership of to pay for his care in a nursing home weather or not insurance will pay for it. Thats why my grandma signed her house over to my mom. They can go back 5 years on some things as well. Transfer money asap
Whatever you decide make sure every asset has to have everyone’s signature in order to sell or remove monet from any account. Good luck!
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It will as your attorney said need to be done 5 years before he could apply for Medicaid, just went through something similar
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That SOUNDS like good advice, and if you’re talking to an attorney versed in estate planning and other end of life plannings then they would be well versed on these matters.
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Never choose Medicaid instead. He worked hard and should use his money to go to a better place. You are treated different on Medicaid, I’m on it and I know.
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Put everything in a Revocable Trust
Putting all the siblings on the POA is a very safe way of making sure everything of your dad’s can’t be touched by any of you and can be change at anytime by you dad if he is in a position too. I have been through it. Things have have changed in my situation now as I’m the only one who has POA now. But yes it is a safe way of doing things and keeps all you dad assets safe. Good luck with everything
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Do not listen to the lawyer get a financial advisor to manage the accounts and investments
That’s too many power of attorneys. How many kids in the family. Choose the oldest and the youngest. That’s what my dad did.
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Your lawyer is correct about his assets after 5 years but if your father has to go into a nursing home every single penny of his should go to the nursing home. If you put him in a nursing home that takes his medicare they are usually horrible places. Understaffed food is horrible and trust me they don’t love their patients.
Interesting, I assumed rich well off people had this kind of legal stuff all sorted out. I guess even with a ton of money people still don’t want to think about death
Probably get a second opinion. If both attorneys say the same thing then you may be on the right track if they don’t, then something isn’t right. Make sure you talk to a probate attorney not family law. They are more specialized. I am pretty sure you need everything in a Trust account to keep it from going into court after death. My best friend is a paralegal in a probate attorneys office and she does this stuff all day every day.
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This is what happened in our family on my maternal side. If you are all POA, this means you are all in control, none more than the other. If he does go into a nursing home, the nursing home, can not take every dime he has, or his assets, due to, them being in the kids names. Boone will be able to take any assets. Nursing homes cost dearly and the more you have, the more you pay, and in most situations, everyone, complains, that their family member isn’t getting the proper care. I think it is a great idea and if you don’t want all siblings on there, then agree to two, to go as POA.
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Get a second opinion from another attorney.
i d just do it by myself make your own mind up an do whats right for your Dad …
Please go with your dads lawyer’s advice,they know what they’re doing…don’t take advice from anyone that’s a fb wanta be lawyer’s advice,
So many think they know it all+know nothing.
My sister in law is a lawyer,now also a District Judge Magistrate …I sure would go to her for advice, before anyone on social media.
I do know from personal experience,when my son was sick it’s important to have P.OA though.
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Do as the lawyer said!!! Trust me!!! I went through it twice!!! The first time, we didn’t do it and they took everything! The second time, we had everything and he got help with medical the last 6 years of his life.
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The Lawyer is giving you sound advice. Protecting assets to assure your Dad will be well cared for!
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Seek a second opinion from a different attorney in a different city, get that in writing to show siblings. Also speak to attorneys about saftey nets in case a sibling goes sideways with any account or asset.
Every dine of his money should go for his care he should have the best care he can afford for the estimated time he is expected to live , if he didn’t set aside any money for family then it’s not for them period.
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You need to find a lawyer that specializes in Elder law to make sure his assets are protected
My question is what are the assets being protected from. All his funds should be spent to provide for his care. What would he want to do, he didn’t set things up before so he was not planning to give it away. Sorry if I sound harsh but as a Soial Worker in long term care, I see families more concerned about their inheritance than the care their loved one receives. Spending down assets to qualify someone for Medicaid puts your loved ones care costs on taxpayers. Most seniors I know would be ashamed to be on Welfare - especially if they are able to pay.
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Get an IRREVOCABLE TRUST!! I repeat, an IRREVOCABLE TRUST!! I wish my sister and I would have taken the 5 year mark more seriously. Had we put my Dad’s estate in an irrevocable trust right away (was recommended to me by the 1st attorney I spoke with) we would have been able to hang on to some very precious family property. Dad passed right before the 5 years was up anyway, so I’m not sure if it would’ve made much difference. But I recommend figuring it out asap. If there isnt the 5 year gap, the state (medicaid) can/will carry the debts over to his beneficiary’s future medicaid, leavibg your future retired selves at risk for prolonged coverage.
Also, I understood that any/all bank accounts, retirement/investments get drained 1st. And fast. I would keep anything that is tangible as is, don’t liquidate.
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I would suggest to have a conference call with your attorney and a financial advisor and a CPA. They all will be able to collaborate what will work best without a lot of tax implications as well for everyone involved.
Good advice!
Listen to him, trust me!!