If anyone is thinking of protecting assets by hiring a lawyer I recommend having it in place well before you are ready to enter a CCMC.
My research has led to reviewing applications for waiting lists. All of three applications, required that applicant have a will or trust along with a health care proxy in place prior to admittance. And of course proof of sufficient funds to purchase and maintain your choice of residence.
If anyone might need to use Medicaid it takes major acrobatics to get things safe. Everything must be done five years before entering a facility.
This is a different discussion, but my memory regarding Medicaid approvals and home ownership changing hands 5 years previously, was correct in FL in 2002. But also note that the law allows for a spouse to retain the home to live in, regardless of its value. Unless 2001 standards no longer apply.
Wanted to bring this thread up to date for those who responded to it last year and newbies who may be interested.
It isn't a lock yet, but I found a place that meets all or at least many of my requirements. You can only see so far ahead in life and to extrapolate isn't recommended IMHO. So research is over and I have begun to act.
Timing, patience, a handful of other virtues (think faith) have been at the forefront these past months. A lot remains before I can move, but that said, I expect mid autumn will find me in new digs.
Any questions are welcome... they might come in handy as I dot the "I's" and cross the "t's." The preceding responses to this thread have been addressed, at least as best as I could currently.
Sounds good, Jer! Hope everything goes smooth for you!
Lots of luck Jer. Hope it is a great transition for you.
I have a couple. Did you have to pay an entrance fee? Does the facility control the money? if yes, suppose they go bankrupt iWas it possible to research if the monthly fees in past years remained consistent without sudden spikes? I don’t mean to be offensive but could you ballpark the entrance fees and the monthly’s and finally what state do you reside? Thank you for all the help you are comfortable sharing.
Thanks KoKo, but as we both know... Having MS gives an a priori assumption, nothing goes completely smooth.
Thank you also Pennstater.
It's going to be a learning experience for sure but that's a good thing.
Also a side note, I did look into (asked is all), on staff, retention rates, nurses or aides for assisted living section (if or when this transition becomes needed). The answer was similar but reflected a lot of what Covid-19 did around the world. Previous to 2020 their retention rates were average. They felt understaffed in 2020. Honest IMO.
I did consult with an attorney over my LW&T etc, needed updating (my executor passed last year). And I addressed your question of leaving. One can leave at any time. Understand that the buy-in refund declines over time, so after a pre determined amount of years... zero refund.
What happens if you are no longer able to manage your finances? Part of the paperwork needed for entrance is a PoA who in my case can handle medical and financial requirements.
I have a couple. Did you have to pay an entrance fee?
Does the facility control the money? if yes, suppose they go bankrupt iWas it possible to research if the monthly fees in past years remained consistent without sudden spikes?
No. This facility has existed for 4 or more generations and appears financially sound and socially responsible. As of my approval for residence I was informed of a cost of living increase in the monthly fee above the figure stated in supplied literature.
I don’t mean to be offensive but could you ballpark the entrance fees and the monthly’s and finally what state do you reside? Thank you for all the help you are comfortable sharing.
I don't find it offensive but some may decide not to research at all if I disclosed my findings. This is a mistake, do your research. And a reminder... I enter as independent living. I pray the need for assisted living will never arrive.
JER ( if I may call you JER) thank you for the info. My wife is recovering from a very nasty fall which I may post about and we will have to sell our two story house and move but where??? We are considering independent living if My wife recovers as they are predicting so I am just starting to check things out. Again, thank you and best of luck.
Much appreciate the update!
My plan is also to eventually go to a place like Pennstater described and definitely with a skilled/dementia unit. There are a couple of nice ones around here. It will likely be expensive but that is what I have worked for and fortunately there are no concerns about preserving an estate. I'd like to spend it all and if not the remaining will go to an animal charity.
A note to say I decided on the Life community (CCRC) mentioned earlier (post #18). Listing my home at the time it presented best (Summer / Fall) and putting up with strangers even during limited hours, isn't good for the old MS.
Now over, apparently sold in a few days but had to honor showings scheduled for a few additional days. Closing to come in 3 weeks, need not be present. Yes! Not over till then, but confidence is high. Funny how that expression use to be more common to me, Hmmmm.
During all this my soon-to-be apartment was under all the havoc Covid-19 spread across the manufacturing industry. Think rugs, cabinets yada-yada....
Currently get to focus on cancelling services, scheduling services and of course, cash flow.
And a move in date a few weeks before Thanksgiving ! ! ! .... Very happy but still much to do with the MS gorilla chuckling at my antics.
Thanking God and a small band of very good friends that this much has been accomplished since the start of this thread.
Will end this thread from the apartment, once I have internet service set up!
Congratulations! Hang in there and I will look forward to updates from your new apartment.
Good luck in your new home. If it is anything like the Evergreens where my wife had her rehab you will enjoy a very nice lifestyle and meet nice people and make new friends.
By the way in your reply to my thread, it is obvious you and your partner had something very special.
Yes, I'm thinking we still do. Thanks Robert!