Home Forums Hunting & Shooting Hunter's Campfire Giving Away The Farm

Ol Chocolate is still needed to keep my pants from falling off and thus has job security.

A Mcmansion is a huge house on a tiny lot where two old folks live. It has five or more bedrooms and the old folks built it after all their kids were grown.

Look for the Chevy Corvair version, more room in general and cheaper.

and the looks and build quality are cheesy....

I suspect that Scott is smart enough to have gotten good advice and followed it.

Yep. Have been talking with my friendly attorney.

What did you do with rattler?



Travis

But Gee, there might be a buck in it....

Good for you! Wish I had stopped in more often, but it sounds like you will still be at the farm once in awhile for coffee and good talk. Your place is peaceful with good memories for me. Thanks for good visits and all the best in the future.

Maybe even TWO bucks.

UBER!



Travis

A VERY common misconception, and a very costly one, is that Medicare or VA will cover long term care. This is not the case in most instances. If (more like WHEN, statistically) either Scott or his wife need long term care. Such care is not covered by medicare unless after a 3 day stay in the hospital AND the person is getting "Skilled Care" which is very narrowly defined and very limited in time and scope. VA does not cover this, either, unless the long term care need can be directly linked to an injury incurred while on active duty and under orders.

For long term care such as Nursing home, Assisted living, long term in home health care (medicare does have a limited benefit for this in home care IF one is completely homebound and other criteria are met, but only for limited skilled care, not around the clock supervision etc.) the money comes from either:

1) Your assets - most common -

2)Long term care insurance, which far too few people have or

3) Medicaid...

BUT, Mdicaid only comes into the picture AFTER one has spent one's own assets down to very low levels, and transfers of money or property within the past 7 years before application for Medicaid can and will be reversed unless the property was sold for fair market value. A gift, putting the property in a will or the common revocable trust etc. is no longer a valid protection plan. As Medicaid has become more and more of an albatross on the federal budget, more and more of the onus or costs are being put onto the families in need, and gifts or old estate plan idea's are oft times no longer good protections.

Generally, only a special needs trust for a disabled dependant or an IRREVOCABLE trust that is more than 60 months in place, with the asset one is trying to protect placed into that trust also 60 months prior to need will save a farm etc. OR, of course, a good long term care insurance policy.

Another good plan for this kind of issue can be to get a reverse mortgage on the property being protected and use some of the proceeds to purchase either a monthly pay or single premium long term care policy. There are single premium long term care policies out there that, if not used, return 100% of the premium paid, with interest, to the estate! These should be a LOT more popular than they are.

For some other still active estate planner, perhaps. My help and advice to friends is and has been for years, free. As was the overview I just wrote, above.


if Scott is hoping that a quick claim deed will protect his farm in the event of a catastrophic health care need not covered by medicare or the VA, as it seems, then no he has not been given good up to date advice or counsel. This is my fear, and why I have offered assistance at no cost. Scott also knows VAnimrod fairly well. I brought VAnimrod into the financial planning part of the Estate world and he did very well in it for several years, even becoming a training manager for the company we both worked for before he moved on to becoming a development officer for Johns Hopkins University. He or I can guide Scott to some more solid footing for his goals. And at no charge of course.

Good to hear! I hope the fun is almost more than you can bear. All the best to you, Scott.

The catastrophic health scare only counts 60 months. That should be and likely is the least of his concerns.

Tax implications would be far and away a more real concern and if Scott is smart enough to have sought counsel this (and not the boogie man of health scare) would have been the focus of the advice.

Is it just me or does anyone else think that taking long term financial advise from someone who looks forward to jury duty to supplement their income might be a tad risky?

Oh hell yeah get a reverse mortgage that is a strong and secure plan!
Some people should understand their own limitations. I'm sure Scott and his wife actually planned their retirement with the same acuity that they lived their life.

mike r

So rattler stays with the farm?



Travis

Might seem risky on the surface. But when you get into the weeds of his strategy, you find gun swapping for tires makes a big difference.



Travis

I'd seek counsel from kawi before that guy.


ScottF - best of luck to you! Hope you enjoy your travels!

rattler hasnt been on the farm since the beginning of July....

Are you sure?




Travis