Page 18 - Senior Times South Central Michigan - December 2018 - 25-12

Page 18
Senior Times - December 2018
Ask The
THE ELDER LAW CENTER
Helping Seniors Preserve Their Lives
Asset Protection Planning for Persons in a Nursing Home or Entering a Nursing Home Powers of Attorney • Wills • Trusts • Probate
Don't Lose Everything You Have To the Nursing Home
I can help you save up to 100% of your assets.
Michael B. Walling, J.D., LL.M.
Let me help you properly draft and fund a trust before you or your spouse enter a nursing home; it could save you over $50,000!
MICHAEL B. WALLING
Elder Law Attorney
Author of "Ask the Attorney"
Call for a free
initial consultation*.
*Except Asset Protection Planning
(269) 324-7344
Offices in Portage & Battle Creek
www.wallingplc.com
Helping Seniors preserve their lives for more than a decade.
GIFTS TO CHILDREN... WHY WAIT?
QUESTION: My wife recently passed away and it looks like I may have to go to a nursing home soon. I have a home and a few thousand dollars in the bank. I also have a few old cars that I restored over the years. They are probably worth around $100,000 altogether. I have always wanted my sons to have them. Can I give the cars to them now or would that affect Medicaid paying for the nursing home?
ANSWER: Unfortunately, it would affect Medicaid. Any “gifts” that you make within the five years before you apply for Medicaid are counted against you and a penalty is applied. During the penalty period, Medicaid will not pay for the nursing home. That would be a problem for you.
If you sold the cars to your sons, then that would take care of the gift issue. However, you have to sell them for fair market value; you can’t sell the cars to them for $1. The problem there is that you will then have almost $100,000 and you won’t qualify for Medicaid. That is assuming your sons could even afford to buy them.
I see this issue a lot. With cars, old coins, cottages, etc.
My best advice for all reading my article is this: If you are going to leave your old cars, coin collec- tion, or the cottage up north, etc., to your children anyway, why not just give it to them before you get old enough to start thinking about long-term care. Then it won’t be an issue when the time comes. Of course, check with your tax person to be sure there are no adverse tax consequences first.
I think your best bet is to make an appointment with an elder law attor- ney to discuss your options. It is a little too complicated for me to try to do so in this article.
Michael B. Walling is an Elder Law attorney with a Master of Laws degree. He manages The Elder Law Center and the law firm of Michael B. Walling, PLC. Mr. Walling is also a part-time Professor at Western Michigan University. Please send any questions you would like addressed to: The Elder Law Center, 4625 Beckley Road, Building 400, Suite 4003, Battle Creek, Michigan, 49015. You may also call (269) 968-1101 to set up a free initial consultation. This column is intended for general infor- mation purposes only and should not be considered as legal advice to any particular person.
ATTORNEY
Michael Walling, Special to Senior Times
Habitat-Veterans
A MEDICARE RATED FIVE STAR FACILITY!
FOR A VIRTUAL TOUR VIST www.laurelsobedford.com
Build in the works
By: Ryan Hermes
The Battle Creek Area Habitat for Humanity and SSGT Michael A. Dickinson, II Post 257 of the American Legion are teaming up to help area Veterans.
The community partners are working together on a Habitat for Humanity Veteran Build utilizing a house purchased from the Calhoun County Land Bank Authority. A date has not been chosen for the Veteran Build.
“We’re proud to partner with
the Battle Creek Area Habitat for Humanity on their Veterans Build initiative to ensure area Veterans live in a home that meets their needs and improves their quality of life, including wheelchair accessibility,” said Brian Mohlman, Commander of the SSGT Michael A. Dickinson,
II Post 257 of the American Legion. “The American Legion is built on camaraderie and looking out for our fellow service members – the men and women who have defended our freedoms – and this is one way we can do that.”
Habitat is also hosting a two-day financial training seminar for Veterans and area residents on January 8 and 9, 2019, from 5:30-8:30pm. Call (269) 966-2502 with questions or to check on eligibility.
“Our Veterans have given so much to our country and we want to give something back to them, which is why we are putting together a Veteran Build and sponsoring this finan-
cial training seminar,” said Beverly Kelley, Executive Director, Battle Creek Area Habitat for Humanity.
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