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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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I wanted to add a quick note. The topic of gift taxes just came up yesterday while I was with my mothers accountant starting her yearly taxes. Now this is just what our guy says but his is very good - a third generation accountant working in a family firm where the aunts, uncles, father all work. He said a gift over the allowed yearly amount - per receiver, which is around $12,000. requires a gift form to be submitted to the IRS however no tax is paid at the time. Gift tax comes into play at the end of life - the final filing and is based on a total amount given away over a lifetime. Generally the amount has to be well over a million dollars. This said, the Medicaid rules are very different and even giving away somewhat more modest amounts can disqualify someone for Medicaid.
If dad signs over the home, and the market value of the home is $120,000, Medicaid will impose the full amount as a penalty. The transfer would also require him to pay gift taxes. Renting in back to him would not matter, there is still the full penalty.
Dad would have needed to have gifted and legally transferred his ownership of the property 5 full years prior to the date of his Medicaid application to avoid a penalty by Medicaid for the gifting. Renting has no effect.
Property would need to have been gifted February, 2011 for medicaid application done today. It is the date of the Medicaid application that starts the lookback time & not the date of the transfer /gifting.
The penalty roughly is based on an equation of your states daily reinbursement rate for Medicaid and property value (this is usually the current tax assessor value). If assessment is whack, it is to your advantage to get the property inspected and appraised (each done by accompany licensed & registered with the state) BEFORE the legal transfer is done. And to file & complete an appeal of value with tax assessor BEFORE it is transferred. Your opinion or a Realtors comps on house value does not matter.
If you've already done this, well dear god, it will show up in the review of your application. You can expect a more detailed review on all your financials and assets too. You will be ineligible for Medicaid for however many many days long the penalty period is OR daughter signs the property back to you (there will likely be days of ineligibility till this is done) OR daughter pays you FMV on house which you use for spend-down you OR don't apply for Medicaid till sometime in 2021.
Medicaid usually does not require that you sell the home. You can keep it for your lifetime in your name but someone in the family will need to pay all costs on the home from now till after you die and go through probate and deal with MERP. MERP has all sorts of exemptions & exclusions but it is totally on family to document and do whatever to get them to qualify for a release of MERP claim or lien.
I need to add more info. The father is not using medicaid nursing home right now. He signed the home over six years ago and used IRS form 709 so no gift tax. Does she have to rent it? In some states the gift in not complete until she rents it back to the parent she can not let the parents live their free. Has anybody heard of this?
Read the transfer documents. Usually the parent retains Life Tenant status, pays no rent, but pays property taxes and upkeep of the home. That means you really don't take possession until they die, when the transfer becomes effective, at full market value, and subject to estate exclusion.
If the property in the daughters name? And it shows in her name on assessors bill, insurance, utilities, etc. if so, then it's hers & outside Medicaid lookback.
But if this is a life estate, take all the paperwork on the property and see an elder law atty. In MO. LE usually transfer outside of probate so in theory LE means no estate recovery by MERP. But many states are allowing a wider view of recoverable estate and LE are subject to MERP. MERP -the recovery arm of Medicaid - is very much interdependent on state laws on property & probate as to what can be one. Medicaid administration is unique to each state. You need a mo atty. to review this.
The daughter name is on assessors bill and insurance. The father lives there free but pays utilities. Not a life estate the daughter just does not charge rent.
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.
The transfer would also require him to pay gift taxes.
Renting in back to him would not matter, there is still the full penalty.
Property would need to have been gifted February, 2011 for medicaid application done today. It is the date of the Medicaid application that starts the lookback time & not the date of the transfer /gifting.
The penalty roughly is based on an equation of your states daily reinbursement rate for Medicaid and property value (this is usually the current tax assessor value). If assessment is whack, it is to your advantage to get the property inspected and appraised (each done by accompany licensed & registered with the state) BEFORE the legal transfer is done. And to file & complete an appeal of value with tax assessor BEFORE it is transferred. Your opinion or a Realtors comps on house value does not matter.
If you've already done this, well dear god, it will show up in the review of your application. You can expect a more detailed review on all your financials and assets too. You will be ineligible for Medicaid for however many many days long the penalty period is OR daughter signs the property back to you (there will likely be days of ineligibility till this is done) OR daughter pays you FMV on house which you use for spend-down you OR don't apply for Medicaid till sometime in 2021.
Medicaid usually does not require that you sell the home. You can keep it for your lifetime in your name but someone in the family will need to pay all costs on the home from now till after you die and go through probate and deal with MERP. MERP has all sorts of exemptions & exclusions but it is totally on family to document and do whatever to get them to qualify for a release of MERP claim or lien.
If the property in the daughters name? And it shows in her name on assessors bill, insurance, utilities, etc. if so, then it's hers & outside Medicaid lookback.
But if this is a life estate, take all the paperwork on the property and see an elder law atty. In MO. LE usually transfer outside of probate so in theory LE means no estate recovery by MERP. But many states are allowing a wider view of recoverable estate and LE are subject to MERP. MERP -the recovery arm of Medicaid - is very much interdependent on state laws on property & probate as to what can be one. Medicaid administration is unique to each state. You need a mo atty. to review this.
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