Rhondito
Pearl Clutcher
MississipPea
Posts: 4,677
Jun 25, 2014 19:33:19 GMT
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Post by Rhondito on Aug 22, 2023 18:20:04 GMT
My parents turned over their house and 40 acres of land to my two brothers and I over 15 years ago. They did it for this exact reason and we will not pay inheritance tax. Once my home is paid off in a few years, I plan on doing something similar with my daughter.
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$157,000
Aug 22, 2023 20:59:49 GMT
via mobile
Post by Scrapper100 on Aug 22, 2023 20:59:49 GMT
I’m so sorry for this added stress at this time. Sorry for your loss
I heard that at one time long term care was worth it. My husband’s aunts aunt stayed in a nice care facility for years because of her policy but most policies now don’t really cover much - heard this more than ten years ago. I haven’t looked into them lately to see what’s out there and at this point we are too old to get them.
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gsquaredmom
Pearl Clutcher
Posts: 4,080
Jun 26, 2014 17:43:22 GMT
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Post by gsquaredmom on Aug 22, 2023 23:28:05 GMT
When my dad passed away after Medicaid for a few weeks, they did not bill my mom nor force the sale of the house. Maybe the amount was low enough that they did not bother, but at the time I thought it was because her name was on the house and she was living there. I’m sorry this is happening. The social worker at the nursing home or a lawyer may be able to help.
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Post by Charlotte on Aug 23, 2023 0:52:58 GMT
Thank you for giving me a place to start!
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bethany102399
Pearl Clutcher
Posts: 3,540
Oct 11, 2014 3:17:29 GMT
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Post by bethany102399 on Aug 23, 2023 20:35:49 GMT
I'm researching this exact policy. Is your policy expensive? Can you tell me your policy provider? TIA To me, yes it's incredibly expensive. We paid in a huge chunk then pay yearly premiums for 20 years. Once that's done we don't pay anything else. If one of us should need it now, it immediately kicks in. We purchased through a local insurance broker who walked us through the options. I found him by taking a couple of finance classes through my employer and really liked him. That's good to know. Thank you. I know it paid well when she went to a rehab facility, but nothing compared to what she paid in. That's the thing. We're paying in a huge amount both to start and yearly, but it's offset by the fact that should something happen that is catastrophic we would be covered. I also liked the fact that if we don't activate it there is a payout for the surviving spouse/our kids. I feel like we get some of it "back" or are able to pass it on to the next generation.
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tincin
Drama Llama
Posts: 5,368
Jul 25, 2014 4:55:32 GMT
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Post by tincin on Aug 24, 2023 1:58:13 GMT
Oh my gosh, that's awful. Do they not bill monthly? That's what they do here (Alberta, Canada). Dad paid monthly until he ran out of money and then went on government assistance. Medicaid, I think it is called. I get the two confused. After her death, the state is trying to collect on the rest of the bill. But there is no money left. We care for our elderly (Medicare) and aid our poor (Medicaid). That’s the only way I can remember which is which. I’m not sure what the state is aiming to collect since they were both being helped by the government.
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tincin
Drama Llama
Posts: 5,368
Jul 25, 2014 4:55:32 GMT
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Post by tincin on Aug 24, 2023 2:01:39 GMT
My parents turned over their house and 40 acres of land to my two brothers and I over 15 years ago. They did it for this exact reason and we will not pay inheritance tax. My son has a “Lady Bird Deed” to my house. I’m unsure why they call it that. He is the owner as soon as I pass. It doesn’t go to probate either.
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Post by chaosisapony on Aug 24, 2023 2:24:18 GMT
Definitely go speak to an attorney. I work in the County Assessor's office and we see property transfers done all the time solely to get people to qualify for long term care under Medi-cal (medicaid in my state). It's likely too late to do some types of the trusts we see but it's likely there are some legal protections your dad can take to protect the home.
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Post by allison1954 on Aug 24, 2023 2:59:42 GMT
My parents turned over their house and 40 acres of land to my two brothers and I over 15 years ago. They did it for this exact reason and we will not pay inheritance tax. My son has a “Lady Bird Deed” to my house. I’m unsure why they call it that. He is the owner as soon as I pass. It doesn’t go to probate either. It is called that because that is how LBJ transferred his property to his wife, Lady Bird Johnson
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Post by christine58 on Aug 24, 2023 10:22:24 GMT
My parents turned over their house and 40 acres of land to my two brothers and I over 15 years ago. They did it for this exact reason and we will not pay inheritance tax. My son has a “Lady Bird Deed” to my house. I’m unsure why they call it that. He is the owner as soon as I pass. It doesn’t go to probate either. We are already the owners. Tax bills come in our names although my mom won’t let us pay the bill
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Post by peasapie on Aug 24, 2023 11:53:23 GMT
Yes I believe this is correct. They’re putting their lien on the house so when your dad passes away they have first right to the money.
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sweetpeasmom
Pearl Clutcher
Posts: 2,594
Jun 27, 2014 14:04:01 GMT
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Post by sweetpeasmom on Aug 24, 2023 12:23:30 GMT
My parents turned over their house and 40 acres of land to my two brothers and I over 15 years ago. They did it for this exact reason and we will not pay inheritance tax. My son has a “Lady Bird Deed” to my house. I’m unsure why they call it that. He is the owner as soon as I pass. It doesn’t go to probate either. Not all states do this. I looked into it for Ga. They don’t do this.
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bethany102399
Pearl Clutcher
Posts: 3,540
Oct 11, 2014 3:17:29 GMT
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Post by bethany102399 on Aug 24, 2023 14:03:24 GMT
My parents put their house in a revokable trust with mom as executor for dad and vice versa. I was successor trustee for both of them. When mom died after a short illness she was able to dump the house on me through the trust. No probate involved and I didn't pay capitol gains on the house. I was able to clean up her estate using the trust.
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tincin
Drama Llama
Posts: 5,368
Jul 25, 2014 4:55:32 GMT
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Post by tincin on Aug 25, 2023 2:03:14 GMT
My son has a “Lady Bird Deed” to my house. I’m unsure why they call it that. He is the owner as soon as I pass. It doesn’t go to probate either. We are already the owners. Tax bills come in our names although my mom won’t let us pay the bill The problem with that is that you or your brother could get sued and the property would be included in the estimate of what you own.
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snyder
Pearl Clutcher
Posts: 3,994
Location: Colorado
Apr 26, 2017 6:14:47 GMT
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Post by snyder on Aug 25, 2023 2:09:04 GMT
We are already the owners. Tax bills come in our names although my mom won’t let us pay the bill The problem with that is that you or your brother could get sued and the property would be included in the estimate of what you own. Also, when the house is sold, there will be capital gains taxes based on any profit above the market value of the home from when it was put in a person's name.
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