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Forum Newbie
Group: Forum Members
Last Login: 8/1/2008 1:18:31 PM
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| We are working with a financial planner that works out of my dad's lawyer's office. My mom entered a nursing home(after living with us for 3 years, me being primary caregiver) On 6/11/08. FP was notified as well as the medicaid dept. at the office. An immediate annuity was to be made to cover the penalty period payments to nursing home before they could be accepted into Medicaid. The FP misunderstood the date and the annuity money was taken out the same day mom went in, taking it out of the asssets. It has caused a HUGE problem. One in which they say they have never dealt with. In addition, they are telling us that the month of June doesn't count toward spend down because of this date problem. There is more but wondered if someone could address this part first. Thanks.
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Forum Member
Group: Moderators
Last Login: 5/27/2008 11:04:45 PM
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| It's a bit hard to comment without all of the information. Also, this type of planning differs significantly from state to state. I'd recommend that you sit down with the attorney to get some clarity about what happened, what could or should have been done differently, and whether we're talking about 20/20 hindsight or something that was forseeable at the outset. Good luck.
Harry S. Margolis
ElderLawAnswers
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Forum Newbie
Group: Forum Members
Last Login: 8/13/2008 9:37:13 AM
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The most important thing to do when starting to plan for one's parent or relative financially is to find someone you trust. I can not tell you how many people I have seen spend thousands of dollars on attorneys making trusts, setting up accounts, etc. only to realize later that it was the complete opposite of what needed to be done. Ask a social worker in a hospital or nursing home that you trust who they recommend. GOOD LUCK!
Steve Salomon
Director of Marketing
SeniorCare
(718)951-2200
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