1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

OTHER TOPIC

Discussion in 'Off Topic Threads' started by stainlessbt99, Mar 1, 2009.

Thread Status:
Not open for further replies.
  1. stainlessbt99

    stainlessbt99 TS Member

    Joined:
    Sep 12, 2006
    Messages:
    236
    I NEED SOME GOOD SOLID INFO ON WHAT CAN BE DONE IF LAST SURVIVING PARENT GOES INTO NURSING HOME. IS THERE A LOOP HOLE A ATTORNEY WILL NOT TELL US ON HOW TO SAVE THE FAMILY HOME AND SOME CASH WITHOUT IT GOING TO THE STATE AND NURSING HOME? PLEASE NO STREET CORNER ADVICE.
    THANKS
     
  2. fritzi93

    fritzi93 TS Member

    Joined:
    Jan 29, 1998
    Messages:
    321
    If you don't want "street corner advice", do what Pat says, that suggestion is dead on. It's a tricky subject, you need expert advice. The tax ramifications alone are difficult to deal with.
     
  3. Hauxfan

    Hauxfan Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    5,091
    Let me get this right.

    Your looking to find a loophole so the taxpayers can pay for your elderly parent to go to a nursing home, while in the meantime you get the benefits of the estate?

    Something wrong with this scenario.

    Hauxfan!
     
  4. shot410ga

    shot410ga Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    7,794
    Talk to OBAMA, he may bail you out with taxpayers money. Then you can bask on the beach using up the estate. What a jerk............
     
  5. Turtle29728

    Turtle29728 TS Member

    Joined:
    Jul 22, 2008
    Messages:
    194
    Hauxfan:
    Obama didn't invent socialism in this country. It's been around for a long while--he, and the likes of Commissar Polosi, just want to perfect it! I don't blame those, like the originator of this thread, who use the system as it exists,although I don't approve of it, as much as those who created it in the first place. It sounds real compassionate to say "we have to help the sick, elderly, poor, children" blah, blah, blah... whatever, but the stark reality is that for every one who gets a benefit, someone else must pay. the term "entitlement" makes me sick! No one is "entitled" to anything other than the EQUAL OPPORTUNITY to succeed or fail. And yes, if you are on Medicare or Medicaid (the program which pays for most nursing home care) you are the recipient of an "entitlement", no less so that the illegitimate baby factory squatting in a rent subsidized apartment trading her food stamps for her next crack rock. I am a life long Republican conservative and I still can't get over the fact that one of the costliest programs in American history, the medicare prescription drug program, was sponsored by our last president, supposedly a "conservative". We have been sold a bill of goods and all of it hasn't come from the Democrats. The Republican Party MUST redefine and reinvent itself if we are ever going to claw our way out of the mess we are in. If they don't, we, and our free market, capitalist economy, are doomed unless a third party based upon some semblance of common sense arises. Obama is merely the end product of a societal change in American culture that has extended over some three or four generations. We are all a part of it, and, to some extent, recipients of the socialist dole. I include myself in that number. I get my ""free" medical care from the VA. I can't afford $10,000.00 per year in health insurance premiums. If I didn't pay half of what I earn in taxes in one form or another, I probably could do so.
     
  6. grnberetcj

    grnberetcj Active Member

    Joined:
    Jan 29, 1998
    Messages:
    5,680
    When the old become infirmed...the vultures (family) circle....

    Curt
     
  7. TEXASZEPHYR

    TEXASZEPHYR Member

    Joined:
    Jan 29, 1998
    Messages:
    841
    Location:
    TEXAS
    Look into a family trust. better do it while all are mentaly capable.
     
  8. pendennis

    pendennis Well-Known Member

    Joined:
    Jul 26, 2007
    Messages:
    1,567
    Location:
    Southeast Michigan - O/S Detroit
    As others have said, you need to talk to a competent tax attorney, and a CPA.

    You're probably not in a position to do anything to protect the home. Most states have a five-year limit on property protection. Anything done within five years of a commitment is deemed to be done in anticipation of that commitment. Usually, a forensic audit is done of bank accounts and assets by the state. After having been burned over the years, states have increasingly tightened these "loopholes" you wish to exploit.

    PS - I'm with Hauxfan on this. While you think it's admirable to want to keep the "homestead" in the family, it's not unreasonable to have to dispose of assets one has accumulated to pay for changing circumstances. There's nothing written in stone that states you're entitled to have someone else pick up the tab for elder care.

    Perhaps the solution here is for your parent to move in with you (or vice versa), and you use the proceeds of one of the home to care for them.

    Dennis
     
Thread Status:
Not open for further replies.