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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
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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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
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I assume she would be entitled to a CG exclusion b/c the property is (fortunately) less than the threshold for capital gains? Or perhaps there hasn't been enough gain over the period of ownership to reach the level of CG liability?
I'm a bit confused though. If the property would not reach the CG threshold when held by your mother, its value isn't going to change if it's held by the Trust. However, the tax rate would change, and drastically.
This is on the edge of my knowledge, so I'm only going to make suggestions on following through, as I think this clearly is an issue for an attorney with significant trust and tax experience.
You might have to do a breakeven analysis as to how much VA benefits she would lose vs. how much she could potentially get from a sale of the house.
What would be the benefit of conveying the house to the Trust? It seems as though it might become unavailable if she needed access to it.
If she sells the house w/o transferring to the trust, what would she use the money for? Would it be for reserves, or for a facility placement?
I'm just trying to sort out the easier issues from the more complex one of the house being subject to CG taxes.
There might be another issue as well - step-up in value. Is your father alive or deceased? If the latter, I believe the martial step-up in value of the house might mitigate the CG issue, but again, this is close to the edge of my knowledge, so I'm merely suggesting these issues for exploration. They're beyond my expertise and I don't want to lead you astray.
But, seriously, a trust and tax attorney needs to be involved in this consideration.
I might have a clearer conception of the issues later; this is the kind of question that needs to "gel" before I sort out all the issues.
BTW, did you ask the attorney who prepared the Irrevocable Trust about this issue?
If my mother sells property, she would be entitle to capital gain exclusion - however; her VA benefits would cease. If property is moved to trust and subsequently sold; then, trust would have to pay capital gain taxes. The issue is my mother needing the money prior to death and eliminate the issues owning another home.
Could you explain the issues underlying this question? I.e., if the real property is quit claimed to the Trust, which is the way it would be transferred and retitled as a Trust asset, I'm not sure why the tax basis would be relevant. Are you doing some type of asset inventory? Something else?
The value of the home would be relevant at death, and sale, then distribution of the proceeds to the heirs, assuming that the distribution provided for in the Trust.
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.
I'm a bit confused though. If the property would not reach the CG threshold when held by your mother, its value isn't going to change if it's held by the Trust. However, the tax rate would change, and drastically.
This is on the edge of my knowledge, so I'm only going to make suggestions on following through, as I think this clearly is an issue for an attorney with significant trust and tax experience.
You might have to do a breakeven analysis as to how much VA benefits she would lose vs. how much she could potentially get from a sale of the house.
What would be the benefit of conveying the house to the Trust? It seems as though it might become unavailable if she needed access to it.
If she sells the house w/o transferring to the trust, what would she use the money for? Would it be for reserves, or for a facility placement?
I'm just trying to sort out the easier issues from the more complex one of the house being subject to CG taxes.
There might be another issue as well - step-up in value. Is your father alive or deceased? If the latter, I believe the martial step-up in value of the house might mitigate the CG issue, but again, this is close to the edge of my knowledge, so I'm merely suggesting these issues for exploration. They're beyond my expertise and I don't want to lead you astray.
But, seriously, a trust and tax attorney needs to be involved in this consideration.
I might have a clearer conception of the issues later; this is the kind of question that needs to "gel" before I sort out all the issues.
BTW, did you ask the attorney who prepared the Irrevocable Trust about this issue?
If property is moved to trust and subsequently sold; then, trust would have to pay capital gain taxes.
The issue is my mother needing the money prior to death and eliminate the issues owning another home.
The value of the home would be relevant at death, and sale, then distribution of the proceeds to the heirs, assuming that the distribution provided for in the Trust.