Posted on 12/23/2013 9:13:09 AM PST by Oldpuppymax
The Affordable Care Act was designed to dramatically increase the number of Americans who qualify for Medicaid. In fact, the ACA will literally FORCE many low income seniors onto Medicaid rolls as subsidies for regular ObamaCare plans are NOT available to those over 55 years of age who earn less than 138% of the federal poverty level ($15,856 for individuals; $21,403 for married couples). And without such subsidies, ObamaCare plans are generally far too expensive for older, low-income individuals or couples. (1)
Why should any of this matter to those getting “free” healthcare via Medicaid?
Because: “If you’re 55 or over, Medicaid can come back after you’re dead and bill your estate for ordinary health-care expenses.” (2)
The government has long been permitted to seek reimbursement for healthcare services by attaching the assets of...
(Excerpt) Read more at coachisright.com ...
10,000 / year used to be the limit, I think. Wonder if zer0care changed that too. Of course, if congress deems it, an entire estate can be exempted. Has happened many times.
Medicaid Estate Recovery already cancelled for those newly enrolled in Expanded Medicaid (in Washington and Oregon), except for long-term care expense.
[ Which is a windfall for tax-avoidance lawyers, who will show you how to get taken care of on the public dime after transferring your assets out of reach of the government.
Not really. There is no real way of avoiding estate taxes short of giving it all away and even then you have to do it gradually else they’ll tax it. ]
Pretty soon the only recourse will be owning a post hole digger and washing out used mayonaise jars....
And a map you give to your decendents.....
There is so much misinformation on this thread.
Down here in my home state, people are seeking permits to protest the legislature because Medicaid was not expanded. This time the legislature, in my home state, protected people and they want to protest. Can’t fix stupid.
If they do actually protest I recommend going there and settign up near them with a large bag of popcorn and start munching pop corn and laughing at the fools...
It is always fun. LOLs, and they always do stupid things like getting arrested and of course, they are typical rats.
How much should be passed on. $50,000. $500,000 $5,000,000?
What is wrong with paying back the government before your heirs can inherit any money?
Nope, nope. When you put your kids name on the deed you are making a gift and you are subject to gift tax (minus the yearly and lifetime limits).
I am a conservative and I will say.....absolutely nothing. In my opinion they should be required to sell their assets to help pay for their care as soon as they go into long term care. Then keep track of the money til it is within the $2500 allowable cash before they qualify. That’s the way it used to be.
I think the limit is up to 14K per child, per year.
Look at an irrevocable Medicare trust to protect assets from Medicare clawback. The rules and laws vary depending on the state, and you need an attorney to set it up. I just had one set up for my parents.
What is “Medicare clawback”?
OH HOW NICE. I AM GOING TO BE PAYING FOR YOUR PARENTS CARE VIA MY TAX DOLLARS SO WHEN THEY DIE YOU CAN INHERIT THEIR WEALTH. How about they pay for their own care and you inherit nothing.
Its a Medicaid Clawback not Medicare
Medicaid.
Remember when there was no need to have this discussion because the government was not involved? I do, and you probably do too. Many estates over the years have been exempted by congress. Rats picked the winners and the losers of whose estate remained and those that were taxed. Regrettably, people are not aware of the law and the law changes constantly. Guess there needs to be three things that are certain. Death, Taxes, and the Law changing. (frowning) regarding there are now three things.
You sell the house to the kids at fair market value with life use.
When you file, you take the tax exclusion available since it was your primary residence.....and you wind up paying no taxes on the capital gain.
This is pretty common here.
Thank you for your unsolicited advice, such as it is worth. I will continue to use all legal means to reduce the amount of money the Fed.government extracts from us. As for you, I have no advice, and you are certainly free to pay hundreds of thousands of dollars that you might have easily avoided.
Thank you for your unsolicited advice, such as it is worth. I will continue to use all legal means to reduce the amount of money the Fed.government extracts from us. As for you, I have no advice, and you are certainly free to pay hundreds of thousands of dollars that you might have easily avoided.
Most of the time the kids don't have the $ to pay FMV.
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