Confused about something...

carrie630October 13, 2010

what else is new? I am very confused about all of the "rules" concerning assets:

Example: What happens if you have a small house, fully furnished house that you own and you have to go into a nursing home... what happens to the furniture, etc. inside?

in other words, my parents live miles away - let's say it is determined that they have to go into assisted living and then funds run out - but they still have their house, with the furniture. While they are in assisted living, do we sell the stuff, give it away, etc. and account for the money in case they go into Medicaid nursing home - when assisted living money runs out?

See my confusion? Thanks

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sushipup1

I think you are putting the cart before the horse. IF the situation arises, I suggest you talk to an attorney.

    Bookmark   October 13, 2010 at 12:14PM
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falldowngobump

Talking to an attorney is a wonderful idea...I don't think you are getting ahead of yourself at all. Looking back (it's so easy to look back now) I WISH we had discussed all the "ifs" with the family. It would have been so much better if we had formulated a plan of some sort concerning my inlaws, their financial situation, legalitys concerning the property and so on. It's been a struggle to try to make the right choices about things. I suggest talking to your parents first regarding what their preferences would be and then possibley talking to the lawyer about the best legal steps to take "just in case". I've had my MIL for 3 years now, I'm home with her fulltime as her caregiver. It's impossible for me to leave her to take care of anything....and my husband has to take a day from work to handle the least little thing. (and after 3 years, those little things keep popping up, believe me). Be prepared--I so wish we had been better prepared to deal with all this.

    Bookmark   October 14, 2010 at 8:24AM
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