Disabled In Effects Of Will

Financial Planning - Financial planning in general. (Moderated) 

  Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date Disabled In Effects Of Will rog350 06-11-2008  Re: Disabled In Effects Of Will Dave Dodson 06-11-2008  Re: Disabled In Effects Of Will rog350 06-12-2008  Re: Disabled In Effects Of Will Dave Dodson 06-12-2008  Re: Disabled In Effects Of Will HW \"Skip\" Wel... 06-12-2008  Re: Disabled In Effects Of Will kastnna 06-12-2008  Re: Disabled In Effects Of Will Tad Borek 06-12-2008  Re: Disabled In Effects Of Will Elizabeth Richa... 06-12-2008
Posted by kastnna on June 12, 2008, 10:34 am On Jun 11, 5:29 pm, rog...@webtv.net wrote: > I have been disabled since childhood and live on approx.  $700. a month > SS.  My parents are in the early 90's and live in Florida.  The have a > 50-100 K valued condo and less than 20 K in savings. > My parents have a will that leaves the other all at either of their > passing and then to my sister and myself when they both pass.  My > concern is if either of my parents should need Medicad to pay for their > long term care later (I hope not). > I have read online that since I am disabled the state of Florida would > not come after my parents homestead at their passing to repay Medicaid. > What concerns me is if my parents will leaves their homestead to my > sister and I equally how would this effect this situation ?   > or would it effect it at all ? For starters, we MAY be able to answer your question, but it's definitely a legal one. Medicaid is a real mess, and there are many attorney's who specialize in the field. There are many caveats, exceptions, and "well buts" and it is incredibly difficult to know them all unless you make a living of it. Furthermore, the medicaid *guidelines* are set by the Feds, but each state is allowed to make its own rules within those guidelines. That makes it about 50x more complicated (I can't speak for Guam and Puerto Rico). In short, leave Dave alone; he's trying to help. To ATTEMPT to answer your question: Do you currently live at home with your parents? Are you a dependent of theirs? Your posts makes it sound as if you do not, but I can't be sure. The Florida medicaid estate recovery program does not pursue cases in which a spouse or disabled/blind child is still living in the home after the medicaid recipient's death. If you are not their dependent and don't live at home and the remaining spouse is deceased, the house does not qualify for homestead anyway and therefore your sister has no bearing on the situation. The house can be sold to reclaim medicaid payments. If you do live in the home, you can continue to do so. The spirit of the law is thus: "if someone genuinely needs the home and taking it would cause undue burden, it can't be taken". That's very rough and loosley worded, but that's the gist. *I am not a lawyer. This should not be relied on as legal advice.* -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Tad Borek on June 12, 2008, 1:18 pm rog350@webtv.net wrote: > I have read online that since I am disabled the state of Florida would > not come after my parents homestead at their passing to repay Medicaid. > What concerns me is if my parents will leaves their homestead to my > sister and I equally how would this effect this situation ? > or would it effect it at all ? As other people said this does involve legal questions - regarding both Medicaid in Florida, and SS disability benefits in your state. A very similar question was posted here in April, from the parents' perspective...here was my reply: ============ Anthony wrote: > My wife and I are 90 and living in Orlando, Fl > I have a son who is disabled (50) and lives in subsidized housing in > Massachusetts. Anthony, I'd strongly suggest speaking with an estate planning attorney who is familiar with your type of case, it's a specialized area of law. A big issue here is the effect of any inheritance on disability benefits and other support that your son might currently qualify for. You may have looked into this already, but there is an estate-planning method called a "Special Needs Trust" that is used in this context. The purpose of an SNT is to pass assets to a disabled beneficiary without disqualifying them from their disability benefits. As part of that you can include planning to address the estate administration - as someone posted that's something to consider also, the probate of a FL estate, given that your son is in MA. Ideally you want someone that knows both MA & federal benefits law and FL probate law...a Boston-based snowbird? ============ Here is the entire thread, including the complete original question (the moderator of this group asks us to snip questions to keep down the reply size): http://tinyurl.com/6kd9t7 I think the consensus was to find some legal advice about this one. If you post your home state perhaps someone who lives there can suggest a legal aid resource near you - I can point you towards some groups in CA, but don't know about other states. -Tad -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Elizabeth Richardson on June 12, 2008, 6:03 pm > > I have been disabled since childhood and live on approx. $700. a month > SS. My parents are in the early 90's and live in Florida. The have a > 50-100 K valued condo and less than 20 K in savings. I believe your father posted this question and received many good replies, including the possiblity of the establishment of a trust. Did you Google the archives? Elizabeth Richardson -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted Help For Disabled Son April 3, 2008, 5:05 am Mortgage Relief Plan effects on stockholders December 30, 2007, 9:28 am