4 ms·
We're just going through this with my dad, far fewer resources for the middle class when it come to getting assistance at home. Becoming "purposely financially
by exhilaration 6y ago
We're just going through this with my dad, far fewer resources for the middle class when it come to getting assistance at home. Becoming "purposely financially destitute" sounds like a good strategy but I'm sure it has its own risks.
- klondike_klive 6y agoAt least in the UK attempts to gift money to relatives or sell a house to prevent it being sold to pay for social care is seen as "deprivation of assets" in a financial assessment.
- ska 6y agoI think in a lot of jurisdictions this is possible, but there are timing considerations. I know families who have moved significant majority of assets to children much earlier than any medical issues, partially as a hedge against this.
- noitsnot 6y agoThere are laws in the U.S. which prevents someone from qualifying for full medicare benefits of, let's say for example, nursing home care. There is a 5 year look-back period to verify you haven't liquidated assets or you will be penalized.