Ralph Robbins
Certified Financial Planner
Ralph S. Robbins, CFP©, is a licensed Certified Financial Planning Practitioner and an Accredited VA Claims Agent specializing in Eldercare Financial Planning. He works everyday helping families in crisis find creative ways to fund long-term care expenses and deal with family financial issues.
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Question
Mom has a joint account with my brother. Most of the funds are his. Would Medicaid be able to take that money?
Unless your brother can prove funds originated from him the agency will consider the account 100% hers. Joint accounts are never a good... Unless your brother can prove funds originated from him the agency will consider the account 100% hers.
Joint accounts are never a good idea and once Medicaid is being received the agency will require the account to be in mom's name only.
The proper way to title accounts is as follows:
1. Name of Elder only
2. Name of POA
3. Name of Payable on Death (POD) beneficiary (if desired).
This accomplishes the three goals we are trying to achieve:
1. Allows the elder to have control while competent.
2. Allows the POA to step in when required.
3. Avoids probate at elder's demise (if this is desired). see more
Joint accounts are never a good idea and once Medicaid is being received the agency will require the account to be in mom's name only.
The proper way to title accounts is as follows:
1. Name of Elder only
2. Name of POA
3. Name of Payable on Death (POD) beneficiary (if desired).
This accomplishes the three goals we are trying to achieve:
1. Allows the elder to have control while competent.
2. Allows the POA to step in when required.
3. Avoids probate at elder's demise (if this is desired). see more
Question
My 80 yr old dad has DPOA for my sister to act on his behalf. Does our step mom have any say at all in his car...
HI Denise... Just to be clear, is it your step mother that your father did not trust? I wanted to be clear on what the desired result is... HI Denise...
Just to be clear, is it your step mother that your father did not trust?
I wanted to be clear on what the desired result is here but in the end it really doesn't matter in that medical personnel will turn first to the wife for directive UNLESS the healthcare POA is exercised. Once the POA is invoked step-mom will not have input unless the POA requests it. see more
Just to be clear, is it your step mother that your father did not trust?
I wanted to be clear on what the desired result is here but in the end it really doesn't matter in that medical personnel will turn first to the wife for directive UNLESS the healthcare POA is exercised. Once the POA is invoked step-mom will not have input unless the POA requests it. see more
Question
What if dad goes to nursing home and files for Medicaid and still owes money on his mortgage will the nursing...
See this link:
http://www.nls.org/Disability/MedicaidMedicare/MedicaidLegalInformationLetters/MedicaidLien
http://www.nls.org/Disability/MedicaidMedicare/MedicaidLegalInformationLetters/MedicaidLien
Question
Can a Health Care Proxy/Power of Attorney prevent me from visiting my dying Mother in Law?
POA and/or Health Care Surrogacy does NOT give the holder the power to prevent visitation. You and your husband need simply visit with the... POA and/or Health Care Surrogacy does NOT give the holder the power to prevent visitation. You and your husband need simply visit with the administrator of the facility. I am sure he/she will help arrange visitation for you. see more
Question
Both inlaws in nursing home, mother-in-law died, how much can my father in law have in the bank in the state o...
The answer to your question(s) depends on the answer to several unanswered questions: Is father-in-law (FIL) currently on Medicaid or is he... The answer to your question(s) depends on the answer to several unanswered questions:
Is father-in-law (FIL) currently on Medicaid or is he looking to qualify for Medicaid?
Was mother-in-law (MIL) receiving Medicaid?
Did the closing take place before or after she passed away?
Generally, you may use their funds for anything related to the sale of the property and funeral expenses.
Otherwise, to remain on, or to receive Medicaid, FIL cannot have more than $2,000 in cash or equivalent assets. If he has substantially more than that as a result of the sale or otherwise I would urge you to look at ways to protect the money for his own benefit while on Medicaid. Simply spending it all down to $2,000 is a very bad idea.
If there was no lien on the house then there is no obligation to repay the state from the proceeds of the sale for MIL's care.
Was the see more
Is father-in-law (FIL) currently on Medicaid or is he looking to qualify for Medicaid?
Was mother-in-law (MIL) receiving Medicaid?
Did the closing take place before or after she passed away?
Generally, you may use their funds for anything related to the sale of the property and funeral expenses.
Otherwise, to remain on, or to receive Medicaid, FIL cannot have more than $2,000 in cash or equivalent assets. If he has substantially more than that as a result of the sale or otherwise I would urge you to look at ways to protect the money for his own benefit while on Medicaid. Simply spending it all down to $2,000 is a very bad idea.
If there was no lien on the house then there is no obligation to repay the state from the proceeds of the sale for MIL's care.
Was the see more
Question
My husband and I live on Social Security. He has no assets, I have a 401k from a previous job. Is my 401k sa...
In the State of Florida "Qualified Plans", such as IRA's and 401k's, are considered exempt assets with respect to... In the State of Florida "Qualified Plans", such as IRA's and 401k's, are considered exempt assets with respect to Medicaid Institutional Care Program qualification as long as the principal is in distribution.
By law, Required Minimum Distributions must commence by April 1st the year after the owner turns 70 1/2. This means that in all likelihood you are currently taking distributions and the 401k principal is not a countable asset. It will be required, however, that the distributions be taken monthly.
You DO NOT have to purchase a single premium immediate annuity! see more
By law, Required Minimum Distributions must commence by April 1st the year after the owner turns 70 1/2. This means that in all likelihood you are currently taking distributions and the 401k principal is not a countable asset. It will be required, however, that the distributions be taken monthly.
You DO NOT have to purchase a single premium immediate annuity! see more
Question
Are my husband and I, who are becoming guardians for my MIL, financially responsible for her once her assets a...
Bayoubaby.... It is true that in LA the Medicaid waiver program does not assist with the cost of care in an ALF which is indeed... Bayoubaby....
It is true that in LA the Medicaid waiver program does not assist with the cost of care in an ALF which is indeed unfortunate. However there is a Medicaid home care program which you should look into. Here is the website: http://dhh.louisiana.gov/index.cfm/page/723 see more
It is true that in LA the Medicaid waiver program does not assist with the cost of care in an ALF which is indeed unfortunate. However there is a Medicaid home care program which you should look into. Here is the website: http://dhh.louisiana.gov/index.cfm/page/723 see more
Question
Are my husband and I, who are becoming guardians for my MIL, financially responsible for her once her assets a...
Guardianship is a legal process whereby one party is deemed incompetent to handle their own affairs (the “ward”) and a court appoints... Guardianship is a legal process whereby one party is deemed incompetent to handle their own affairs (the “ward”) and a court appoints another to provide decision making services (the “guardian”). Becoming a guardian is a serious matter involving many responsibilities however liability for a ward’s expenses is not one of them (unless, of course, the guardian accepts such liability). Simply make sure that you never sign personally for any financial obligation of your ward.
The activities of a guardian are court supervised and one would think that as a result it is difficult to commit malfeasance. The record of the guardianship profession points otherwise though of course there are many competent professional guardians. I say this only to point out that the courts can be tolerant of honest mistakes.
Just do your best and all will be fine.
Virginia has a Medicaid waiver that will assist with the cost of care in assisted living. Often there are waiting lists for these programs so you may wish to investigate soon rather than later. Here is the website: http://www.dmas.virginia.gov/Content_pgs/ltc-home.aspx
If your mother in law is the surviving spouse of a veteran she may also be eligible for a cash benefit known as Aid and Attendance. Do a search on this site for lots of info on this benefit or go to va.gov. see more
The activities of a guardian are court supervised and one would think that as a result it is difficult to commit malfeasance. The record of the guardianship profession points otherwise though of course there are many competent professional guardians. I say this only to point out that the courts can be tolerant of honest mistakes.
Just do your best and all will be fine.
Virginia has a Medicaid waiver that will assist with the cost of care in assisted living. Often there are waiting lists for these programs so you may wish to investigate soon rather than later. Here is the website: http://www.dmas.virginia.gov/Content_pgs/ltc-home.aspx
If your mother in law is the surviving spouse of a veteran she may also be eligible for a cash benefit known as Aid and Attendance. Do a search on this site for lots of info on this benefit or go to va.gov. see more
Question
In a joint bank account, what would be the spend down amount required for Medicaid?
I’m sorry to hear of your mom’s decline. When contemplating or anticipating application for Medicaid there are several important areas... I’m sorry to hear of your mom’s decline.
When contemplating or anticipating application for Medicaid there are several important areas to pay attention to:
1. Make sure you have proper documents in place - You will not be able to assist your mother when she in incapacitated unless you have a well written Durable Power of Attorney and Health Care Surrogate Designation in place or, a Revocable Living Trust with assets actually titled into the name of the trust.
2. Income and Asset limits - In Florida, the Medicaid eligibility limits are $2,000 in assets and $2,130 per month in income. Accounts in joint name are considered to be 100% owned by the applicant unless it can be proved that the joint holder contributed to the account. If at the time of application mom is substantially over either of these limits the situation can be cured without wantonly “spending down”. The goal of proper Medicaid financial planning is to preserve assets for the benefit of the elder while they are receiving benefits. You can do a search or visit my website for more information on countable vs. non-countable assets.
3. Remaining assets at the demise of the Medicaid recipient - Florida has a Medicaid Estate Recovery Program whereby the state will make claim to any assets owned by the Medicaid recipient that are subject to probate. The goal, therefore, is to make sure any assets (including real property) are not subject to probate. Assets in a living trust and bank accounts and real property properly titled will avoid probate as will IRA's and insurance policies as long as the beneficiaries named are real persons.
You may wish to investigate Medicaid sooner rather than later as mom may be eligible for home and community based services. If she is the surviving spouse of an eligible veteran she may also qualify for funds to assist her at home. see more
When contemplating or anticipating application for Medicaid there are several important areas to pay attention to:
1. Make sure you have proper documents in place - You will not be able to assist your mother when she in incapacitated unless you have a well written Durable Power of Attorney and Health Care Surrogate Designation in place or, a Revocable Living Trust with assets actually titled into the name of the trust.
2. Income and Asset limits - In Florida, the Medicaid eligibility limits are $2,000 in assets and $2,130 per month in income. Accounts in joint name are considered to be 100% owned by the applicant unless it can be proved that the joint holder contributed to the account. If at the time of application mom is substantially over either of these limits the situation can be cured without wantonly “spending down”. The goal of proper Medicaid financial planning is to preserve assets for the benefit of the elder while they are receiving benefits. You can do a search or visit my website for more information on countable vs. non-countable assets.
3. Remaining assets at the demise of the Medicaid recipient - Florida has a Medicaid Estate Recovery Program whereby the state will make claim to any assets owned by the Medicaid recipient that are subject to probate. The goal, therefore, is to make sure any assets (including real property) are not subject to probate. Assets in a living trust and bank accounts and real property properly titled will avoid probate as will IRA's and insurance policies as long as the beneficiaries named are real persons.
You may wish to investigate Medicaid sooner rather than later as mom may be eligible for home and community based services. If she is the surviving spouse of an eligible veteran she may also qualify for funds to assist her at home. see more
Question
Question
Can you convert a term life insurance policy into payments for long term care and is home health care covered?
Yes it is legit. However weigh your options. At its core, this is called a "viatical settlement" where you are essentially... Yes it is legit. However weigh your options. At its core, this is called a "viatical settlement" where you are essentially selling the policy to a third party.
They are giving you cash (or in the case of the company you referenced, paying for long-term services) based on an "underwriting" formula whereby they attempt to determine how soon the insured will die as opposed to how long the insured will live.
The purchaser of the policy is making a bet that the value of the policy will exceed the premiums and benefits paid at the insureds death. The sooner the demise, the more money the purchaser makes. It sounds gruesome but it's just business and can benefit all parties.
Depending on the size of the policy it may make sense to contact several brokers and see what offers might be made. Just do a search for "viatical settlements". see more
They are giving you cash (or in the case of the company you referenced, paying for long-term services) based on an "underwriting" formula whereby they attempt to determine how soon the insured will die as opposed to how long the insured will live.
The purchaser of the policy is making a bet that the value of the policy will exceed the premiums and benefits paid at the insureds death. The sooner the demise, the more money the purchaser makes. It sounds gruesome but it's just business and can benefit all parties.
Depending on the size of the policy it may make sense to contact several brokers and see what offers might be made. Just do a search for "viatical settlements". see more
Question
Mom is 99+ years old. Would Medicaid pay for assisted living or would she forced to enter full nursing facilit...
Contact the Area Agency on Aging in the county she resides to determine the availability of Medicaid benefits for assisted living.... Contact the Area Agency on Aging in the county she resides to determine the availability of Medicaid benefits for assisted living.
http://www.portal.state.pa.us/portal/server.pt?open=514&objID=616534&mode=2
Is she the widow of a veteran? She may be eligible for a benefit called "Aid and Attendance Improved Pension". More info is available on this site or va.gov see more
http://www.portal.state.pa.us/portal/server.pt?open=514&objID=616534&mode=2
Is she the widow of a veteran? She may be eligible for a benefit called "Aid and Attendance Improved Pension". More info is available on this site or va.gov see more
Question
Question
Can you convert a term life insurance policy into payments for long term care and is home health care covered?
The is no such thing as converting a life policy to a long-term care policy. One possibility, however, might be to sell the term policy... The is no such thing as converting a life policy to a long-term care policy. One possibility, however, might be to sell the term policy for cash and then use the cash for long-term care expenses or, if the applicant is young enough and healthy enough, premiums for a long-term care policy. see more
Question
I'm in process of getting dad Nursing home Medicaid. He's still home with mom, when he gets approved, what do...
You have not indicated what state you are in but generally speaking once he is approved you will receive a notice by mail. Certainly you... You have not indicated what state you are in but generally speaking once he is approved you will receive a notice by mail. Certainly you will want to notify the facility at which he is wait listed right away. Usually within two weeks of approval he will receive a card but you don't need to wait for that for him to begin to receive services. see more
Question
Need Medicaid for assisted living but no longer own a home, it was given to my children in a living trust. How...
I will try to assist you but your facts are unclear. As background, a living trust (also known as an Revocable Living Trust) is, as... I will try to assist you but your facts are unclear.
As background, a living trust (also known as an Revocable Living Trust) is, as it's name implies, a "living" document but it also has "testamentary" provisions that become irrevocable at death.
There are three parties to the trust arrangement:
1. The person(s) who establishes the trust called the "grantor(s)" or "settlor(s)" because they will be transferring or re-titling assets they own into the name of the trust.
2. The trustee(s) who initially is the grantor(s).
3. The beneficiaries who may be the grantor(s) or others.
The advantage to establishing a revocable living trust is twofold. First, in the event the trustee (grantor) becomes incapacitated a successor trustee can be named in the document to handle affairs. Second, at the demise of the grantor the distribution of assets titled in the trust are not subject to probate and its attending expense.
You state that the home was given to the children in a living trust.
This does not make sense to me.
Either you titled the home in the name of your living trust and the children will receive it at your demise or you gifted the home to the children and they placed it in a living trust of their own creation.
If you can you please clarify the situation for me I will be able assist you. see more
As background, a living trust (also known as an Revocable Living Trust) is, as it's name implies, a "living" document but it also has "testamentary" provisions that become irrevocable at death.
There are three parties to the trust arrangement:
1. The person(s) who establishes the trust called the "grantor(s)" or "settlor(s)" because they will be transferring or re-titling assets they own into the name of the trust.
2. The trustee(s) who initially is the grantor(s).
3. The beneficiaries who may be the grantor(s) or others.
The advantage to establishing a revocable living trust is twofold. First, in the event the trustee (grantor) becomes incapacitated a successor trustee can be named in the document to handle affairs. Second, at the demise of the grantor the distribution of assets titled in the trust are not subject to probate and its attending expense.
You state that the home was given to the children in a living trust.
This does not make sense to me.
Either you titled the home in the name of your living trust and the children will receive it at your demise or you gifted the home to the children and they placed it in a living trust of their own creation.
If you can you please clarify the situation for me I will be able assist you. see more
Question
Question
Who is responsible for credit card debt, after my mom passes away?
The estate of the deceased is responsible for any debt incurred by the decedent.
Question
Where do you find a notary public and witnesses for the POA?
If you need the notary to come to you do a search for "mobile notary". They exist. Witnesses you will have to find.
My family thinks since I have POA that all duties regarding moms care are mine. Is this true?
You are not obligated to do anything else. Visiting, scheduling and taking her to appointments, and any other services you may provide are not part of the agreement.
If funds are available, you may want to consider taking payment for services being provided "above and beyond love and affection".
As POA you can establish a contract for mom with you to provide care taking services.
Once the sibs catch wind of this they may change their minds about pitching in.
It is a shame they won't help otherwise. see more