Anyone giving away your empire?

[green 4 acres]

Originally Posted by Merk

Not if you have your estate planned right. The main thing is you need to have plan in place long before you need to go in a care facility.

Nope.. estate plan is for your death
if you go to a rest home the state takes all property, at that time , to be liquidated asap
,if you would get well enough to leave the rest home , then what was left ,you get back , that rarely happends though, my mom would have payed $1100 a week

[Terry C]

Originally Posted by green 4 acres

Nope.. estate plan is for your death
if you go to a rest home the state takes all property, at that time , to be liquidated asap
,if you would get well enough to leave the rest home , then what was left ,you get back , that rarely happends though, my mom would have payed $1100 a week

What you describe is what here in Iowa is Title19.
They only do that here if you can’t pay the 6000 per month of nursing home.
Here when you can’t pay anymore then they liquidate your assets. My grandmother just died this summer, been in the nursing home for three years. I bought the family farm house/ acreage from her last year. The rest of the farm belongs to my dad. I saw her slipping and didn’t want the hassle of buying it from the estate.

[cubby102]

Everything I have is to be auctioned off and money split evenly between the children. Except a few noted family heirlooms.

[Merk]

Originally Posted by green 4 acres

Nope.. estate plan is for your death
if you go to a rest home the state takes all property, at that time , to be liquidated asap
,if you would get well enough to leave the rest home , then what was left ,you get back , that rarely happends though, my mom would have payed $1100 a week

My estate is set up like the one John Hall posted.

[zippy1]

Everything that's worth anything is in a trust. Lawyer said it was the best way. Well, he makes the big bucks, so he should know.
As for the tractors, if the day comes where I have to go to a nursing home, I'll give them away before I put the bullet in my cranium.

[Cannon51]

Originally Posted by Jumper

In NY, I believe you have to do it five years prior to going into the home, welcome to NY, the state of "GOTTCHA".

It's the same in Ga. My late MIL signed her farm over to her son and my wife about 10 years before she passed. She had the right to live in the house as long as she lived through something I believe they called a "Life Estate". My 89 year old mother signed her house over to her 4 children about 2 years ago with the same right to live there for the remainder of her life.
Cannon

[dadej]

BE CAREFULL!!!!!!!!!!!!!!!!! My MIL did this at the advice of her son. Then he turned on her and she was left wishing she had not done the life estate thing. I have a trust set up but make sure you never get in the irrevocable type wording. Always keep a way out incase a relative gets stupid.