Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Having never posted before, I'm about to plunge in; if I can be of help. I don't know what state you're mom is in, but depending upon where she is, the nursing home costs can vary considerably. In addition, depending upon her condition, that factors in to the cost. My dad had costs of upwards to $80000 per year, living in New York, had having a progressive debilitation of Parkinsons. So of course, you can invest her 240K agressively at say, 75% Equity/25% bonds but the point is: for how long will that last? No one can tell "when" but have you thought of the 36 month look-back period that allows Medicaid to kick in when resources are depleated? This 36 month time frame has reprocussions. I'd rather not go into the details here, but you should check with an ESTATE attorney in order to make the accommodations necessary. So its not just what vehicles you plan to invest your mom's 240K--its what account names etc...that comes important down the line.
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.