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Home: General Discussions: General Discussion:
early dementia

 

 


martinaperezmartina
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Sep 12, 2022, 3:47 AM

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early dementia Can't Post

My parents are both in their early 70s, and my father has an early stage of dementia. They met with an advocate for the care of the elderly, who, of course, proposed to create an irrevocable trust to reduce the assets accounted for under the Medicaid program, for the possibility of further long-term stay in a long-term care facility (LTC) for him in 5-10 years.

I have read a lot of topics on this topic on the forum, and I have not seen a similar situation described.

The goal would be to prevent the depletion of property, leaving my mother without the necessary resources to cover her future expenses and medical needs. The transfer of inheritance to my brother or sister and me is not a priority. Reducing the likelihood that this will become a financial burden for us.

Their current income of about $50,000 a year comes from SS, pensions and some RMDS.

Their net worth ranges from $400,000 to $500,000, of which $200 is in their net worth and about $150,000 in retirement accounts.

Given the cost of LTC and their financial resources, it won't take a very long stay on the estate to qualify for Medicaid. The lawyer estimated that under the Medicaid family impoverishment rule in their state, my mom, as a spouse from the community, would be able to keep about $30,000 of counted assets, and she would be allowed a monthly income of about $2,600.

Longevity - living to the 90s and 100s is a common occurrence for both sides of our family. Like dementia, my mother's mother and her two siblings suffered from dementia/Alzheimer's disease at the age of 80, which required a long stay at LTC. So my mom is worried about a future in which assets have been spent on paying for my dad's LTC and she has almost nothing to care about.
What do you think about the pros and cons of a lawyer's offer to care for the elderly? Suggestions on alternative ways to achieve my parents' goals?


(This post was edited by martinaperezmartina on Sep 12, 2022, 3:51 AM)


dispratceed
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Sep 12, 2022, 4:01 AM

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Re: [martinaperezmartina] early dementia [In reply to] Can't Post

Many years ago, our family knew a couple who divorced ďon paperĒ so that one of them could qualify for Medicaid.


samefredd
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Sep 12, 2022, 4:18 AM

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Re: [martinaperezmartina] early dementia [In reply to] Can't Post

Is an irrevocable trust the best solution in this case? are there other possible ways to finance the care?
My father is experiencing some brain health issues, and itís possible that he will soon be unable to make decisions for himself. Thatís why heís actively looking for the best solution in this case. he had a brain test, and it said his memory state was rather bad, and he might lose it completely eventually. Heís mentally prepared for it but also wants to be ready juridically.
We are seeing our attorney next week, but maybe there are any particular tips we could use?


(This post was edited by samefredd on Sep 16, 2022, 1:52 AM)


KiraWdhf14
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Oct 5, 2022, 4:46 AM

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Re: [samefredd] early dementia [In reply to] Can't Post

I think the best care for the elderly is the care of their children. Despite all the advantages of retirement homes, an exceptional level of care is still required, which only the family can provide. Based on my experience, I can say with certainty that the love and care of the family is the best cure for many illnesses. For example, for people suffering from addiction, how quickly the family notices the strange behavior of the patient plays an important role. And with timely referral to a doctor, there is a chance to rid the person of addiction. So that you can also recognize the symptoms of addiction, you may find https://fherehab.com/cocaine/about-cocaine/ helpful. Tell me, what have you decided about your parents' care?


(This post was edited by KiraWdhf14 on Oct 5, 2022, 4:47 AM)

 
 
 


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