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Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
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State of Connecticut. At what point does the P.E. kick in? For example: $500k home quit claim to children today and the 5 year lookback starrts. No additional $ or assets. I apply for Medicaid in year 6. Do I bypass the P.E. or does it still apply?
And if the quit claim is not filed because someone wants lower property taxes until parent dies or goes into home, the quit claim will mean nothing. You have to file it and transfer out of parent name, or it is not valid for Medicaid. Parent benefits of lower property taxes don't apply to children who own. You will need to file gift tax return as it will be above annual exclusion by IRS even if no money due until death. talk to a lawyer experienced in Medicaid in your state and federal filings. You cannot count on six years. One fall or infection and it all collapses. Not do it yourself with property in that range.
I would think that it is 5 years starting with the month of application. That would likely include part of year 5 even if you applied in December of year 6.
Pls pls keep in mind that the 5 yr from date of application look-back is not set in stone. Medicaid laws since the 1990's allow for up to a 10 year look back. 5 yrs is the federal guideline as per DRA / Deficit Reduction Act of 2005, a Bush43 era law. DRA provided a framework for uniformity for LTC medicaid. But the states - as each administers it's Medicaid program - can tweak their regulations beyond the "federal".
If the property is 500k, it could well be that it is over the limit allowed by medicaid as an non-exempt asset. Most states have 500k - 550k as maximum allowed & usually is based upon assessor value. If your property is over the amount, Medicaid is off the table for you as an option.
Really you need to clearly speak with a NAELA level elder law atty to see what options may or maynot be possible. It's too much $$$ to be a DIY.
MARIEOC, there is a huge draw back when one quit-claims a deed over to the children, especially on expensive homes. If the deed is changed to your children's name, when it comes time to sell the house, the basis used for figuring out Capital Gain Taxes will be on how much you paid for the house. Your children could face a hefty Capital Gain Tax. More so if the property is deemed an "investment property" if the house isn't your children's main residence.
If the children inherit the house, with just your name on the deed, the the basis used for Capital Gain Taxes upon selling the house, the basis will be what the house is worth on the day your children inherit the house.
With such an expensive house, depending on the equity on the house, your Mom should use that equity to pay her own way should she need a higher level of care down the road. Otherwise, the taxpayers would be paying for her care.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
If the property is 500k, it could well be that it is over the limit allowed by medicaid as an non-exempt asset. Most states have 500k - 550k as maximum allowed & usually is based upon assessor value. If your property is over the amount, Medicaid is off the table for you as an option.
Really you need to clearly speak with a NAELA level elder law atty to see what options may or maynot be possible. It's too much $$$ to be a DIY.
If the children inherit the house, with just your name on the deed, the the basis used for Capital Gain Taxes upon selling the house, the basis will be what the house is worth on the day your children inherit the house.
With such an expensive house, depending on the equity on the house, your Mom should use that equity to pay her own way should she need a higher level of care down the road. Otherwise, the taxpayers would be paying for her care.