no, i don't think they are trying to beat the death tax..... don't you need to have like $600k or something like that for a single parent? and $1.2M for 2 parents?

Most of the people i spoke to have (rough numbers) a couple hundred thousand (max).... they move it $10k (i think that is the legal 'gift' limit) per person (which can be to kids as well) per year..... so on December 30th $40k to a family of 4, then January 1 of the next year....another $40k.

As long as all that is done 3 years before they head into the piss smell of the nursing home then the money is forever hidden....... I am not counting on any inheritance but maybe some people are....why shouldn't the nursing home people pay? I guess at this point some do and some don't so that isn't very fair.

Guess it sucks to see parents hard earned $ dissappear so quickly at a nursing home, but the parents are the one's who are there, so they should pay as much as they can (in my opinion).

Gotta work the system....Everyone is a victim.

 

Yes, I agree -- but.... Don't you have to prove that you've used up all of your life savings before Medicare really kicks in to cover the cost of the nursing home?

 

i think that is the trick.....you dump as much $ into other people's names 3 years early.... then when you show up with $10k to your name.... you use it all and then Medicare kicks in.

I would guess that most wealthy people paid their own way................. but my boss's parents (worth over $1M a few years ago) went to a Nursing village type place..... they put their $ into an irrevocable trust except for enough to pay their own way for the first 3 years.... after that apparently they can't get kicked out even though they will be out of $..... it is even a really nice place vs the "county home" that smells like feces and piss.... medicare will pick up the tab for them. My boss told me the entire plan...... great move!

I guess the blame could be put on the Gov't for making such goofy loopholes. I am just not a fan of taking stuff that I *should* pay for myself. We could get free $ to fix our rental houses, but haven't. A guy we know has probably taken $100k in free $ to fix his.... he is just a greedy dick as far as I can see. Hopefully some bad karma comes around to get people like that

 

I figure we pay so much in taxes that anything we can hide should be hidden.

 

Well the government made the loopholes....

 

but it isn't the same taxes.....

That would be like we paid too much for Gas, so therefore I should hide money from medicare.

 

Exactly my point. We pay all this money in taxes, social insecurity, etc; and it basically goes into a government slush fund. As far as I'm concerned, they already got my money, and I don't care what the tax was called - my money's still gone.

For example, I paid something towards unemployment. When I was laid off a few years ago, they taxed the unemployment checks! What kind of crap is that?

And another one that bugs me is repeated sales tax. Why should I pay tax on a used book, used car, etc? The damn tax was already paid when the article was purchased new!

If there's any way to legally avoid losing more money to taxes, I'm all for it.

 

FYI, you are all speaking of Medicare when MediCAIDE (welfare) is the Fedral/State program that picks up costs in a nursing once your assets are depleated.


Again, Medicare has Nothing to do with Long-Term Care/ Nursing Home

 

Wrong. Common mistake. There are state specific rules to look at, the date when application to Medicaide is made, income guidelines., plus the fact that the Govt can extend the lookback period at any time Retroactive.

Also try explaining that the a healthy spouse of the one trying to qualify for medicaide. Who pay for His/Her bills for the rest of their life??

Lots of other issues I could go into here....

 

So the Gov't can lookback further? Why do all of these Pennsylvania people tell me how their parents/ aunt's, uncles all hide their $ into the kids accounts if it would do no good.?

How often does the Gov't look back further? Apparently not often in this state.?

How does Medicade get funded? What makes everyone think they *deserve* Medicade?

Just seems like everyone feels like they are entitled to everything for free. I know we all pay some $ in taxes, but many people have paid in very little, but cost the system dearly and yet think nothing of it....