She will not be coming out. My sister is in charge of things and has a chore to find things to spend my aunt’s monthly Social Security income on month after month. I don’t have any figures but the SS is probably modest. Her room is full, so a TV or recliner will not be feasible and she has a roommate. She has way more clothes than she needs. I doubt she would use a computer or iPhone, but I will ask. She got over the limit once and it was a major ordeal. Any ideas?



Edited 1 time(s). Last edit at 01/12/2022 02:47PM by Dennis S.

I take it there's no longer a house in play. My parents got a new roof, new septic, new furnace, etc. when one of them was facing nursing home.

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NTFs

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Can it be used to fund a 529 college savings account for a family member? Charitable donations?

As in qualifying for Medicaid to pay the nursing home?

Normally they have to spend down all but a small amount of countable assets...e.g. $2,000.

The nursing home normally takes the resident's entire SS monthly check and allots them only a small portion for personal needs that varies by state...one example I saw was $130/month for Florida.



Edited 2 time(s). Last edit at 01/12/2022 03:05PM by Bill in NC.

If there's a possibility she'll come out (as in, medically possible), in some states she can buy a house. Varies from state to state.

More details, please.

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Bill in NC
As in qualifying for Medicaid to pay the nursing home?

Normally they have to spend down all but a small amount of countable assets...e.g. $2,000.

The nursing home normally takes the resident's entire SS monthly check and allots them only a small portion for personal needs that varies by state...one example I saw was $130/month for Florida.

I believe that is the way in Washington State too.

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She transferred her house to her brother many years ago.

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“ The nursing home normally takes the resident's entire SS monthly check and allots them only a small portion for personal needs that varies by state...one example I saw was $130/month for Florida.”

I have heard that but this case seems different according to my sister. I think the allotment in Arkansas is only $45 or something ridiculous like that. I don’t understand how this is working out. She transferred her house and she is keeping her Social Security, although she has to spend it down. I’ll have to do more digging.

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anonymouse1
If there's a possibility she'll come out (as in, medically possible), in some states she can buy a house. Varies from state to state.

More details, please.

No, she’s at the end of life, although there is nothing right at the moment to cause that.

Personal gift(s), perhaps.

[smartasset.com]

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mikebw
Can it be used to fund a 529 college savings account for a family member? Charitable donations?

That’s the first thing I thought of after the obvious TV and stuff. I can’t think of any kids in the family anymore that could use the college account. I’ll ask my sister about the charitable donations and donations to her church. I wonder if she could just do cash gifts

Consult your financial advisor about this - they may have some suggestions.

Is she receiving good care? is the nursing staff worth a catered lunch and dinner (for the different shifts)?

If it is a hospice, it shouldn't matter as medicare pays 100% of that.

Otherwise, buy something that could be used as an investment, somewhat can be cashed back out for her estate.

but I would definitely talk to a financial advisor to CYA

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Buy gold coins every month?
Do something nice for the staff members? (fruit baskets, really nice coffee maker for their lounge, flowers for anyone's birthday, etc).


I'd suggest hookers and booze, but, I think the demographic is wrong...

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Paul F.
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Have you talked to a Certified Financial Planner? Gold coins or prepaid debit cards directly from a credit union, put in a safety deposit box with a witness.

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Filliam H. Muffman
Have you talked to a Certified Financial Planner? Gold coins or prepaid debit cards directly from a credit union, put in a safety deposit box with a witness.

The coins may or may not lose value or appreciate... the prepaid debit card can lose 100% of it's value if they charge a monthly "fee" (some do), or the company that issued it goes under (I lost a $100 refund from my old internet service when the prepaid debit company folded...).
I'd go with gold or some other more tangible asset... to a point.
Heck a couple 1/10 oz coins a month will add up pretty fast.

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Paul F.
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A sword never kills anybody; it is a tool in the killer's hand. - Lucius Annaeus Seneca c. 5 BC - 65 AD
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Good is the enemy of Excellent. Talent is not necessary for Excellence.
Persistence is necessary for Excellence. And Persistence is a Decision.
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Eureka, CA

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Lizabeth
Consult your financial advisor about this - they may have some suggestions.

.this
In many states, a trust can be very useful.
wikipedia: Estate Planning

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Converting into debit cards, gold coins or other cash-like, liquid vehicles may not count as "spent."

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Consult with a financial advisor. They deal with this all the time.

Most of the suggestions on what to spend her excess will violate Medicaid rules (gift cards, gold, etc.) Even gifts to family can be voided if the purpose of the gift is to get around Medicaid rules. In my state, she would be able to own a car of any value, unless the purchase is solely to avoid Medicaid assets, and it would not count against her asset limit of $2k. Medicaid would have a claim against her estate but a used car is hardly worth them going after.

If the sole purpose is to keep her on Medicaid without a lot of hassle to accommodate the spend-down, she could open an ABLE account. About a week before the end of each month you would transfer any amount you thought might put her over the $2k. Any money left in an ABLE account upon the death of the beneficiary of the account is forfeited to Medicaid. You can set up an ABLE account in any state that offers it, not just the state of her residence because some states don’t offer this type of account. The ABLE account has rules on how the money may be spent for the beneficiary.

Note that the only asset test that is done is on the last day of the month. For example, if on the last day of a month she has $1900 in her bank account and then on the first of the next month she gets $1500 in social security benefits for a total of $3400, she is fine. She just needs to spend down below $2k by the last day of each month, i.e., her account must be below $2k, not that she buys something using a debit card or check on the last day of the month to get below $2k which may not clear before the end of the day but rather the account itself must be below $2k.

My father, age 93, has been giving gifts for a decade or more to his children. He has given the same amount each year over the entire span. This type of gift would not be seen as an effort to get around any Medicaid rule anymore than the tips he may leave at a restaurant the last week of his life or routine donations to his church. Although he is highly unlikely to ever need Medicaid (he is a veteran), he has checked this out.

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Acer
Converting into debit cards, gold coins or other cash-like, liquid vehicles may not count as "spent."

That is very true.

As above consult a financial advisor.

If allowable, I would suggest setting up a non profit to use as a memorial scholarship?

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mikebw
Can it be used to fund a 529 college savings account for a family member? Charitable donations?

I was thinking trust for the grandkids' college.

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The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)

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You might consult [bogleheads.org] before talking to a financial advisor. They WILL tell you if you need to consult a professional but there are a professionals there that will speak up (in a non professional capacity, of course!) if its a simple question to answer.

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Edited 1 time(s). Last edit at 01/13/2022 08:29AM by mattkime.

Rare stamps? Gems?

I would use part of it to pay for a financial advisor

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mrbigstuff
I would use part of it to pay for a financial advisor

That’s what my financial advisor suggested.