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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
Share a few details and we will match you to trusted home care in your area:
Your profile says you dad has alzheimer's / dementia. He will likely reach the point where he will need to move from regular nursing home care to a memory carer unit that is in many nursing homes. All of this is going to cost some big bucks. While he may well like to give part of an IRA to his children, his money will be better spent on his own care particularly if he ends up needing medicaid in five years.
How old is your father and what stage is his alzheimer's / dementia? Is he competent to make financial decisions at this time or is his POA dealing with his finances for him?
My dad has had alzheimer's for many years and has outlasted the time limit of his long term care insurance. He is now living from the money gained from the sale of his house. That money will provide for him for two more years. Then, he will need to cash in on his IRA to pay for his care. After that it is either veterans benefits or medicaid. He did not give anyone any money early on and his POA has rightly not given anyone any money. I think it is better to err on the side of safety in case he ever needs Medicaid.
He can't really transfer an IRA to another person. He would have to withdraw the funds first and pay any income taxes that are due. At that point, it's no different than giving them cash. As others have already stated, any gifts will subject him to a penalty if he plans on filing for Medicaid within five years after the gift.
Sure he can, but it diminishes the amount of funds available for his own care. Does he have reserves left for several years? If not, then he should keep his IRA funds available for his own needs.
There's an additional issue, and that's the extra taxes he might have pay if he withdraws a substantial amount from the IRA to donate to his kids. Whether the full amount is taxable is dependent on IRS regs on the accumulation method and proportion that would be taxable.
But the bottom line is whether or not he could give the funds away and still be able to pay his own way through possibly several years of nursing home care, w/o looking to Medicaid to step up for the deficiency.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
How old is your father and what stage is his alzheimer's / dementia? Is he competent to make financial decisions at this time or is his POA dealing with his finances for him?
My dad has had alzheimer's for many years and has outlasted the time limit of his long term care insurance. He is now living from the money gained from the sale of his house. That money will provide for him for two more years. Then, he will need to cash in on his IRA to pay for his care. After that it is either veterans benefits or medicaid. He did not give anyone any money early on and his POA has rightly not given anyone any money. I think it is better to err on the side of safety in case he ever needs Medicaid.
There's an additional issue, and that's the extra taxes he might have pay if he withdraws a substantial amount from the IRA to donate to his kids. Whether the full amount is taxable is dependent on IRS regs on the accumulation method and proportion that would be taxable.
But the bottom line is whether or not he could give the funds away and still be able to pay his own way through possibly several years of nursing home care, w/o looking to Medicaid to step up for the deficiency.