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Meeting with parents to go over long-term care stuff
You would think being a social worker with adults for years, I'd be used to this by now.
However, by the time they get to me, they usually have all this in place.
In any event, my parents want to set up a meeting with my sister and I, to discuss their long-term plans for care, and sign off on all kinds of legal paperwork......they are even talking about signing the house over to us now "just in case".
I think I'm in denial of this, but know it's important, obviously.
What do I need to expect from those of you have been there?
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Posted 7/27/13 8:27 AM  |
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beachmama
LIF Adolescent
Member since 8/12 599 total posts
Name:
T
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Meeting with parents to go over long-term care stuff
My mother in law signed house over to my husband and his brother six years ago. She died this year. We are avoiding so many taxes because the house is in their name and not hers.
Definitely an awkward situation but it is worth it to be prepared, understand long term plans, their wishes for end of life care, etc.
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| Posted 7/27/13 10:15 AM |
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Re: Meeting with parents to go over long-term care stuff
True. I also know since they both have significant health issues, they are more concerned about ending up in a nursing home and losing everything to those scoundrels. Especially since their home has been paid off for years.
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| Posted 7/27/13 11:40 AM |
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Mom-of-one
LIF Adolescent
Member since 1/08 677 total posts
Name:
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Re: Meeting with parents to go over long-term care stuff
Have you & they spoken with a lawyer? They may be better off putting the house into a trust, with you & your sister as trustees. There may be tax liabilities that go with transferring the house directly to you.
Some things to consider:
If they do transfer to you, will they lose any senior property tax exemptions?
What is the lookback period for Medicare regarding transfer of a home?
Are there taxes that will be incurred from the transfer?
When I was helping my parents with estate/long term care planning, one of the best things I did was go to one of those free seminars. Sometimes they are offered by the public library - sometimes insurance companies or financial planners offer them.
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| Posted 7/27/13 5:29 PM |
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Re: Meeting with parents to go over long-term care stuff
Posted by Mom-of-one
Have you & they spoken with a lawyer? They may be better off putting the house into a trust, with you & your sister as trustees. There may be tax liabilities that go with transferring the house directly to you.
Some things to consider:
If they do transfer to you, will they lose any senior property tax exemptions?
What is the lookback period for Medicare regarding transfer of a home?
Are there taxes that will be incurred from the transfer?
When I was helping my parents with estate/long term care planning, one of the best things I did was go to one of those free seminars. Sometimes they are offered by the public library - sometimes insurance companies or financial planners offer them.
Yes. I believe this is what they are probably doing. They said they met with a financial planner already, and the next step will probably be to meet with a lawyer to sign off on a bunch of paperwork.
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| Posted 7/27/13 8:17 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
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Re: Meeting with parents to go over long-term care stuff
It's great you are having this conversation. My inlaws are in their 70's and not a word has been said. I think they are in denial, so it really is a good thing your parents are talking about this
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| Posted 7/27/13 8:43 PM |
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