I am greatly hoping that you can provide some help. My Mother and Father are 88 and 92 years old respectively. My parents have approximately $260,000 in total assets and they live in an Assisted Living Facility (ALF) in Tarpon Springs. My father has been advised by a representative of a private organization U.S. Benefits Group that my father should consider purchasing a $230,000 ten year single premium Annuity in order to lower their countable assets below the VA cap so that they will be eligible for VA Aid and Attendance benefits. The Annuity would be taken out in my sisters� and my names. My understanding is that this annuity would pay income on a regular basis which, if needed, could be used by my sisters and me to help with the payment of their living accommodations . This Annuity also has a substantial penalty for early withdrawal (i.e. 9% in the first two years and a downward sliding scale thereafter). My concern with this plan is that this Annuity might make my parents ineligible for Medicaid long term care benefits should they ever need a higher level of care (i.e. memory unit or skilled nursing).

I have been advised that Medicaid has a gifting penalty provision which assesses a 1 month penalty for every $5,000.00 transferred in the past five years, and this penalty does not start to run until my parents actually apply for and are otherwise eligible for Medicaid. If the Annuity is in my parent�s names they will be over the asset limit for Medicaid. If my sisters and I are the owners of the Annuity, my parents will have a 40 month penalty if and when one of them applies for Medicaid.

We are in need of some sound objective advice and have been told you are an excellent resource for these situations. I work in Connecticut but live in New York which leaves me at a major disadvantage in helping them the way I could if I lived closer to them.

Any assistance or advice you could provide would be greatly, greatly appreciated.

With my sincere thanks for your consideration,

Cathie

My father had been taking care of my elderly stepmother. My father recently suffered a stroke and has lost most of his short term memory. My step brother has POA for my stepmother and my sister has POA for our father. Our stepmother has been put into a nursing home and my step brother had to pay the full cost for the home since she isn't on Medicaid. My father and stepmother have pretty much kept their finances separate over the years.

Can the nursing home go after their house or my fathers finances?

Is going with Medicaid the best option?

How can we protect my father's home and assets if she doesn't qualify for Medicaid?

I know my father would not consent to paying for any nursing home costs with his assets. My father also may make a complete recovery in months from now.

Hello,

Our family consist of 8 brothers. Many of us have taken turns, 6 months at a time, to take care of my mother in Arizona who has Alzheimer�s. My brother Greg is currently taking care of my mother, he also has medical power of attorney. In the two months he has been the caregiver he has put my mother on three new medicines that we have found out are not harmful but can alter her personality. We ask him to let us know before putting her on any new medicines. When he added the newest medicine we asked him to leave as the caregiver. Greg just had a lawyer send us a letter stating all medical decisions will be made by him and he will decide who to hire and dismiss as caregiver. I understand we can not remove him as MPOA but, can we refuse to pay for his services as a caregiver if he stays. Three of my other brother are trustees of the will, one financial trustee. f.y.i my dad has passed away.

Thank you for your help

Jim

Hello

My elder mother owns her home, which is currently due to be put in my name

We want to transfer the home into my daughter's name while my mother is still alive and prefer not to go about the transfer through the will process e.g. the house passed down to me, and then from me to my daughter

We prefer the house get passed on to my daughter while my mother is still alive, however want my mother to feel safe and secure while she is still alive e.g. don't want her to feel we are going to sell her home while she is still living in it

Is there a 'living trust,' or estate where my daughter can have the house put in her name while my mother is still alive? Additionally, my mother might have stipulations, such as my daughter only marrying someone of our faith and similar. Does a stipulation law exist?

Looking for the best option here.

Thanks for your help.