Long Term Debilitation Strategy

[Al]

I did not have a real plan if my wife or I suffered this whereby long term/permanent nursing care was necessary. I did not get a lawyer to do the paperwork whereby the "healthy" partner would be assured of keeping x amount of money and a home.

I was lucky. I decided to move into our Masonic village whereby no matter what we would be cared for. Now to get into this place they do an extreme abount of vetting on your financial condition to insure that residents have enough means that the village could face disaster. Now that I am here, I can not assure that any "significant" amount can be given away. Its only fair and I am comfortable with that. On the other hand they do not have any claim on $$ left over when we die. If it goes that route I will leave them a good chunk of the residue.

The facility has a 450 bed 5 star rating. They will no longer increase the number of residents. The place is extremely well funded. It sets on 1500 acres of prime farmland with 3/4 of which is s t ill used as such. Tts strictly beef cows and corn/soybeans. I would guess they have 200 head. Half of which are breeders.

I think I was lucky in that I got here before disaster struck and there wound be few places in the U.S. that are better IMHO.

What plans do you guys have?

 

[NormanBuntz]

It seems like you made a good decision to commit before your health worsened. Many life care communities have changed strategy. Some still operate like yours where your care is provided even if your financial resources become depleted. Not many of those are left, as many operate on a "fee for service" plan. In my research I've found that the key is to make the commitment while you and your spouse still qualify for independent living. The game changes if you wait too long. I've made a similar decision as you on a community in PA. Ours is a two bedroom cottage with a sunroom and a good sized garage, so I can still tinker. Good luck with your decision.

 

[skyactiv]

How big is your apartment

 

[doitmyself]

Thank you both for sharing important information. It seems that you are in a mental place of "no regrets", a great place to be as you enjoy growing older. I'm the type that does not place importance on leaving huge sums of money to my kids upon death. They've been raised to make their own way. We help them now, while we can enjoy it - just very small amounts to assist them and especially the grand kids in positive ways. Al, that you show support for the place that supports quality of life is a very admirable cause - kudos to you.

A friend of mine recommended hiring an elder care lawyer to manage all of the complexities of estate and tax management as one ages. I will see. Nearing age 70, we have no debt, have a Will (Trust being considered), and have paid our cremation plans. We are managing my wife's severe health issues. Most important, we have somewhat reverted to our lifestyle/beliefs when first married 48 years ago - live life somewhat fearless with less-than-concrete plans, knowing that no matter what happens we can adjust to the challenges and move forward. Concrete plans for life seem to often crumble - but a good foundation can always be rebuilt one way or another.

Enjoy!!!!!!! A nice thread to start out my Sunday morning. Later we go to my grandson's high school graduation.

 

[Boomer]

We did the same in Central PA. We have an Independent living house with 1750 sq. ft. And if we run out of funds, they will keep us. Hopefully that never happens. We contribute to the fund that allows for this coverage for everyone here. We can move to a unit that allows us to come and go but provides a level of daily care if independent living becomes too much and finally, into a hospital unit for end of days care. We have been her for almost 2-1/2 years now and love it.

 

[Al]

How big is your apartment

Its 1200 sq ft. 2 bedrooms, 2 baths, living room kitchenette and 2 huge closets.

 

[skyactiv]

Its 1200 sq ft. 2 bedrooms, 2 baths, living room kitchenette and 2 huge closets.

Bigger than I assumed and not bad.

 

[OVERKILL]

I'm in my 40's, so I don't really have one, however, I'm deeply involved in my parent's situation as one of the executors, and their plan is to be "retired in place" until they are no longer able, at which point both myself and one of my sisters will need to make decisions as to where one or both of them, depending on how that pans out, go. We, as a family, went through this a few years back with my dad's mom, who lived to be 94, but she wasn't all there upstairs by the time she hit her 90's, having some pretty solid dementia.

If my parents both end up being like my dad's parents, they've got another ~20 years to go.

As you mentioned, having the means to support assisted care is definitely a point of concern. My mom has the Ontario teachers "gold plated" pension (plus OAS and CPP), while my dad has an RRSP plus the regular OAS and CPP. Together, they have a very comfortable income, quite similar to what my dad earned as a tenured prof just before he retired. This puts them in a very good position (sustainable) for assisted care, if the need arises.

I'm involved in most of their financial decisions now, not as a decision maker, but to be kept apprised of any purchases they are making. This was something my dad undertook by himself, I didn't have to ask for this to be the case. We saw some financial abuse of his parents by what should have been trusted parties, so I think he's working to head anything like that off at the pass by having me involved. Elder abuse/exploitation is unfortunately quite common.

One of my recent concerns was ensuring they have safe transportation, so convincing them to buy their new GC-L was a milestone there, as their Expedition was definitely getting unsafe and was unreliable after 25 years.

Al, you are still driving, correct? How long do you see that being the case? Does this facility you are at provide transportation like seniors busses for you guys? I know several of the local care establishments have those.

 

[Al]

Al, you are still driving, correct? How long do you see that being the case? Does this facility you are at provide transportation like seniors busses for you guys? I know several of the local care establishments have those.

Yes we are. We have 2 cars. I would like to get rid if one but she won't do that. The place where we are has regular outings to town 2 miles away And any time you need to somewhere on campus you call and they take you there free. If you have a Dr. visit off campus you call and they take you for a fee.

 

[JTK]

It's a good point Al and you did excellent.

I'm only in my mid 50's, but my mom (86) and my wife's parents (80/81) are still in their own homes, have no set pans and won't even talk about it. Kids and grandkids help when they need help. My mom and FIL still drive. I have older siblings that are recently retired and are able to step in with my mom very easily. My wife takes on 90% of her parents needs when they need it and they are becoming needy.

For me, my oldest moved down south and we hope to follow in the next 8-10yrs.

 

[loneryder]

Trusts are not needed by most people. All you need are TOD's (Transfer upon Death) set up. Real estate, bank accounts etc. They are easy and quick. You will need a lawyer to set up the real estate. Other things you just need a form. Upon your death, the people named get your property and money with no lawyer or court involvement. You will want a will to divide your personal property.
If you have a trust, you and your heirs will need a lawyer every time you want to do something with that trust. Trusts have to be updated yearly. You can see why lawyers push trusts.
I learned all this from an honest lawyer and my GF and her siblings had a lot of trouble with their parents trusts that had not been updated.