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So how do you protect it ?
Old 03-08-2017, 02:19 PM   #1
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So how do you protect it ?

God forbid it comes to me or my wife ending up in a nursing home, but what if ? How do prevent them from taking everything ? Is there something you can doto protect your home ? is there something you can do to protect your 401K ? WTF !! It gets me mad just thinking about it. I'm just now starting to look ahead at that. Im 58, plan on retiring at 60. Firecalc and other calculators say I'll be ready. I just don't want to give it to anyone but my kids !!
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Old 03-08-2017, 02:31 PM   #2
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I figure if DW or I wants to be in a nursing home, we shouldn't expect someone else to pay for it. If I didn't plan well and ran out of all our assets, my understanding is that the taxpayers will step in.

If I were seriously concerned about not allowing any of my assets to be used for nursing homes, I suppose I would take the appropriate steps when the time comes to ensure that I would not be alive to go into a nursing home.
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Old 03-08-2017, 02:33 PM   #3
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Healthcare directive and Power of Attorney for someone you trust a lot.
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Old 03-08-2017, 03:31 PM   #4
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God forbid it comes to me or my wife ending up in a nursing home, but what if ? How do prevent them from taking everything ? Is there something you can doto protect your home ? is there something you can do to protect your 401K ? WTF !! It gets me mad just thinking about it. I'm just now starting to look ahead at that. Im 58, plan on retiring at 60. Firecalc and other calculators say I'll be ready. I just don't want to give it to anyone but my kids !!
Although expensive, there is long-term care insurance. Many discussions about whether or not it's worth it.
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Old 03-08-2017, 03:34 PM   #5
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I tell my daughter when I can no longer remember or beyond doing for myself, remind me to take the pills on the counter.....all the pills. Of course she said she couldn't do that.
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Old 03-08-2017, 03:37 PM   #6
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God forbid it comes to me or my wife ending up in a nursing home, but what if ? How do prevent them from taking everything ? Is there something you can doto protect your home ? is there something you can do to protect your 401K ? WTF !! It gets me mad just thinking about it. I'm just now starting to look ahead at that. Im 58, plan on retiring at 60. Firecalc and other calculators say I'll be ready. I just don't want to give it to anyone but my kids !!
Well, I guess one moves to Sweden. Out of curiosity after reading another thread on Sweden I checked on what the costs of a nursing home would be in Stockholm and it appears that 4,778 Swedish Krona per month would about cover the maximum allowed. One Sweedish Krona = $0.11 so less that $500 a month ought to do it. Of course, there might be a little pesky thing or other about being a Swedish citizen
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Old 03-08-2017, 03:45 PM   #7
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I have LTC for up to 3 years, but I make sure I have enough to cover. I budget 6-figure budget per year when my husband and I in our 80s-90s. But one thing I feel better is that on avearage people don't stay in nursing home for longer than 3 years. This is why I only purchased LTC for 3 years. But one of my kid's will manage our money in that case. Like I often said to my husband, my daughter may not earn a lot of money now, but she has the flexibility to work anywhere she likes, so that is a bonus. In my city, there's a lot of help for older people, ranging from day care to full nursing home. You can age in place until you absolutely have to go to nursing home, which helps with the cost.
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Old 03-08-2017, 03:53 PM   #8
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Yes, there are legal maneuverings that can be done to protect your assets if you or your wife - whomever is the survivor - must live in a nursing home. It protects your assets for your heirs and puts the State on the hook to pay for your semi-private medicaid room. Or you can use your assets to pay for the best private room in the facility of your choice for as long as your assets last. It depends on your level of motivation to sacrifice for your heirs. All of this varies by state.

I just went through this as my mother's power of attorney. She is an introvert and a semi-private room would be torture for her. I have no interest in protecting her house as my inheritance while she is forced to settle for a semi-private medicaid room. So we sold her house and are using her assets to keep her in a private room as long as possible. She is graduating to a much cheaper assisted living facility which is more like an apartment in a few months, assuming continued recovery from a badly botched surgery.

But if you and your spouse qualify for long term care insurance, you should check it out. My wife and i do not qualify because of preexisting conditions.
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Old 03-08-2017, 03:59 PM   #9
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Well, I guess one moves to Sweden. Out of curiosity after reading another thread on Sweden I checked on what the costs of a nursing home would be in Stockholm and it appears that 4,778 Swedish Krona per month would about cover the maximum allowed. One Sweedish Krona = $0.11 so less that $500 a month ought to do it. Of course, there might be a little pesky thing or other about being a Swedish citizen
Making me think of the other thread. I suppose having a Swedish nurse wouldn't be so bad.
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Old 03-08-2017, 03:59 PM   #10
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Here's a link to an older post that covers the way we look at this. While there are more details in later posts, this gives a broad overview. Post #34

Sharing 23 years of Frugal Retirement
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Old 03-08-2017, 04:02 PM   #11
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I figure if DW or I wants to be in a nursing home, we shouldn't expect someone else to pay for it. If I didn't plan well and ran out of all our assets, my understanding is that the taxpayers will step in.

If I were seriously concerned about not allowing any of my assets to be used for nursing homes, I suppose I would take the appropriate steps when the time comes to ensure that I would not be alive to go into a nursing home.
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Old 03-08-2017, 04:21 PM   #12
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If I were seriously concerned about not allowing any of my assets to be used for nursing homes, I suppose I would take the appropriate steps when the time comes to ensure that I would not be alive to go into a nursing home.
The issue here is that you may not be in the position to make that decision. My Dad constantly tells me that he will "clock himself out" before he "becomes a burden" and I try to explain to him that very often, you will not be able to make that decision depending on what happens. How many people know the day before they have a debilitating stroke or slip in the tub and fracture their spine?
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Old 03-08-2017, 04:47 PM   #13
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Making me think of the other thread. I suppose having a Swedish nurse wouldn't be so bad.
Hum... Yup, Sweden is looking better all the time
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Old 03-08-2017, 04:51 PM   #14
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The issue here is that you may not be in the position to make that decision. My Dad constantly tells me that he will "clock himself out" before he "becomes a burden" and I try to explain to him that very often, you will not be able to make that decision depending on what happens. How many people know the day before they have a debilitating stroke or slip in the tub and fracture their spine?
That would be a bummer if you didn't want to spend your assets. In my case, as long as I could communicate by some means (and assuming that for some reason I didn't want to spend money on a nursing home or pay for in-home medical/nursing/companion care), I'd simply have to talk in some manner with DW; she and I have for many years discussed active means as a not inappropriate course in some situations.

In any event, I don't lose sleep over the OP's concern of not letting assets be spent in this manner; they are there to spend.
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Old 03-08-2017, 05:04 PM   #15
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God forbid it comes to me or my wife ending up in a nursing home, but what if ? How do prevent them from taking everything ? Is there something you can doto protect your home ? is there something you can do to protect your 401K ? WTF !! It gets me mad just thinking about it. I'm just now starting to look ahead at that. Im 58, plan on retiring at 60. Firecalc and other calculators say I'll be ready. I just don't want to give it to anyone but my kids !!
There is an easy way to avoid "them" from taking everything so your kids can have there due.

When the time comes that you need nursing home services, your kids take you in and house you, feed you, wipe your drool and clean your a$$ until you are gone.... problem solved!
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Old 03-08-2017, 05:04 PM   #16
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I figure if DW or I wants to be in a nursing home, we shouldn't expect someone else to pay for it. If I didn't plan well and ran out of all our assets, my understanding is that the taxpayers will step in.

If I were seriously concerned about not allowing any of my assets to be used for nursing homes, I suppose I would take the appropriate steps when the time comes to ensure that I would not be alive to go into a nursing home.
Agree. There were a few discussions on LTC insurance here. DW and I decided not to purchase LTC insurance because there is unpredictability of the premiums rise on one hand and survival of insurance company when or if you need it on the other. Our plan if it comes to a nursing home, we may sell one of our properties (if run out of funds) and it would cover the cost for an average 14 month living in there (according to statistic) before leaving this world.
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Old 03-08-2017, 05:25 PM   #17
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Well, I guess one moves to Sweden. Out of curiosity after reading another thread on Sweden I checked on what the costs of a nursing home would be in Stockholm and it appears that 4,778 Swedish Krona per month would about cover the maximum allowed. One Sweedish Krona = $0.11 so less that $500 a month ought to do it. Of course, there might be a little pesky thing or other about being a Swedish citizen
Still, I would not envy the Swedes for their good deal on nursing homes. They pay income taxes that make the rest of Europe cringe. If you make it to old age for admission into a nursing home, you win.

From the Web:
Swedes' personal income tax can be as little as 29 per cent of their pay, but most people (anyone earning over 32,000) will pay between 49 and 60 per cent through a combination of local government and state income tax.
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Old 03-08-2017, 05:34 PM   #18
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My parents both were in nursing care before passing. Fortunately they had enough assets to cover the cost. (My Mom paid monthly for my Dad's care for 1.5 years before he passed.) When my Mom went in to nursing care she was terminally ill and was gone in 3 months. The first month was covered by insurance and the last 2 months was paid out of her estate after she passed.

That is about it - have enough money to pay for care or else have LTC insurance. If you run out of money then you have to go on Medicaid ....

Even though I live in a right to die state, you still have to be able to administer the drugs to yourself. I know my Mom could not have physically done that in the last few weeks of her life even if she had wanted too.
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Old 03-08-2017, 05:35 PM   #19
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Making me think of the other thread. I suppose having a Swedish nurse wouldn't be so bad.
Even if that nurse is about to give you a shot of sodium thiopental and potassium chloride?

Well, I guess it's a lot better than getting the same shot from this nurse.

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Old 03-08-2017, 06:04 PM   #20
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Even if that nurse is about to give you a shot of sodium thiopental and potassium chloride?

Well, I guess it's a lot better than getting the same shot from this nurse.

Oh Dear... Death panels over there too?
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