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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

932.0. "nursing home plan" by GRANPA::JHAGERTY () Fri Oct 27 1995 14:18

    Wasn't sure if this was the correct conference.  Let me know.
    
    My father, age 70, has made no plans for his potential of going into a
    nursing home. He's currently healthy as an ox, however we need to plan.
    Based on what I know, the nursing home will take everything he has when
    his time comes.   He'd prefer his assets go to my mom and then the 
    children (its really only the house), however, he won't move a finger
    to do anything and suggested on of the kids do the legwork.
    
    What's involved?   What if my mom goes into nursing home, who pays?
    
    On a seperate issue, he also has no will.  He assumed everything go to
    my mom first, then the kids.  Sounds logical, but there's got to be a
    catch.
    
    thanks,
    
    John
    
    (parents live in Mass.)
T.RTitleUserPersonal
Name		DateLines
932.1PADC::KOLLINGKarenFri Oct 27 1995 14:553
    What happens to assets if a person dies without a will varies
    from state to state.
932.2MPGS::FARRELLFri Oct 27 1995 15:1713
    The main catch is that without a will, the stuff goes into probate
    before it's distributed to whomever receives it.  (I believe this is
    true regardless of the state.)  It can take a LONG LONG time to clear
    probate.
    
    We did a will for ourselves within the last year.  Cost was about $150
    for our lawyer to draw one up, and we're both in our 30's.
    
    Not doing a will is less work for the person whose will it is, and
    means a LOT of hardship for those left behind.
    
    Bernard
932.3NLA0::ONOThe Wrong StuffFri Oct 27 1995 16:5016
Start by reading about estate planning.  There is an estate
planning chapter in most financial planning books, or you can get 
a book specifically about estate planning.

You'll probably end up looking into asset transfer techniques,
trusts, power of attorney.  You will definitely look into wills. 
As indicated in the previous replies, your father should have 
one, even if it's a very simple one.

After you pick up the basics, then you may want to consult with a 
professional estate planner, especially about the asset transfer 
stuff.

See notes 488.* and 729.* for a bit more info.

Wes
932.4Insurance + Will thoughtsACISS1::PATELWed Nov 01 1995 23:5518
    I have heard about having a Nursing Home Insurance to prepare one for
    going into a nursing home (esp from EXPENSE standpoint).
    
    Secondly, there was a short mention today in the news about Nursing
    Homes being able to tap into KIDS finances if their parents assets run
    out of money - I DO NOT KNOW ANY MORE ABOUT IT, AND THE SHOW DID NOT
    TALK ABOUT HOW, WHY, WHEN AND OTHER "QUALIFIERS".  It could be just a
    proposal at this time.....Please investigate further if this can or
    does apply to you (the reader).  
    
    Lastly the WILL and PROBATE issue is WORTHWHILE for you regardless of
    the thought of NURSING HOME (for yourself AND your parents). 
    Do-It-Yourself WILLS are also an ALTERNATIVE (not the best, but in
    situations SOMETHING IS BETTER THAN NOTHING). 
    
    Hope this helps.....Good Luck.....
    
    Ken