Marathon Maniac #957
One more thing - our house is exempt with regards to Medicaid because DH and I are not Trustees, nor are we beneficiaries, so Medicaid looks at the Trust assets as "gifts" or "improper transfers" meaning we "gave away" the house to the Trust, which put it out of our reach and therefore out of the reach of Medicaid.)
The "5-year Lookback" Medicaid timeline starts when the asset is transferred (given away) to the Trust, NOT when the Trust was established. Each transfer of an asset to this Trust will start its own timeline re Medicaid.
If you have a Revocable Living Trust, in which you are the Trustee and able to get at those Trust assets, this will protect your assets from Probate, but not from Medicaid. Medicaid will count any Living Trust assets as your personal assets, and will expect you to spend them down to less than $2,000 before you will be eligible for Medicaid.
Enke - score!
Life is a headlong rush into the unknown. We can hunker down and hope nothing hits us or we can stand tall, lean into the wind and say, "Bring it on, darlin', and don't be stingy with the jalapenos."
hey law dawgs, here's a question for you even though I think I know the answer already:
In probate (Oregon requires it), all creditors must be paid as well as government entities and then whatever is left is to be distributed to the beneficiaries. So, what if one of the creditors is also one of the beneficiaries?
I'm assuming they are paid as a creditor, and then later have remaining assets distributed regardless of what they received as a creditor.
60-64 age group - University of Oregon alumni - Irreverent and Annoying
Surly Bill - I am not an attorney, but I believe you are correct - the person would get paid as a creditor first, dealing with the debt the deceased owed him/her, and then later as a beneficiary. Basically, the debt itself is what is getting paid.
In Ohio, once a Probate has been opened at Probate Court, creditors have 6 months to file a claim to get paid. If they don't find out that the person is dead (and no one is obligated to tell them), than the debt goes unpaid
Bust last couple of days for me, but I wanted to be sure to check in to wish you my best, Erika, for your surgery tomorrow. I will be thinking of you tomorrow and sending positive vibes!
Deez, nice job on the weekend racing! I hope your knee trouble resolves and that you are able to run again soon.
Enke, congrats on completing your first race in many years!
Holly and Leslie, how great that your bosses recognize how valuable you are.
KSA, sorry about your banged-up car.
Holly, thanks for all the info. Though I have a will, I really should look into my whole estate plan again. But just the thought of dealing with all that paperwork makes me so tired! Maybe in the new year.
I took yesterday yesterday off due to the rain. Today I got out for 4.3 slowpoke miles under a beautiful clear sky.
Taylor Swift has donated $1M for tornado relief here! She and Dolly are the best!
Out there running since dinosaurs roamed the earth
MM#209 / JapanJoyful#803
KSA - very neat.
Holly - very neat underground lights, Roch's Frenchie's too, especially the aquarium wall I'd like to have on my bedroom one.
Surly Bill - I am not an attorney, ., . ..
Holly - that's for sure. Otherwise, the correct answer, at least out here, would usually be "it depends."
Tet - The attorney who is retiring at the end of next year (or may be sooner) is the one I love working with, but is also the one who leaves 99% of the work on my shoulders. The client can complain, but in the end it's on me and I have to get it done. *shrug*
Leslie - very neat (NOT) but you have neat clients if they are willing to talk to someone other than the attorney on the case they are paying the attorney for. Maybe they know it's you who does the work. Do you meet with them on the initial meeting too? However, maybe doesn't matter as he's retiring but, I hope, your attorney doesn't catch on to letting AI's deal with it instead.
Hoping Tet doesn't need any more ice cream.
enke and all - thanks. Nope, no more. After I lasted 36 hours from the Thursday morning surgery and was starting to think I wouldn't need any at all, the sound sleep from 8pm Friday night only lasted until 11pm when I woke up like my knee was on fire and more than warranted regular dosages until the fire finally subsided on Sunday night and haven't needed any since then.
tet--we seem to have created new Masters Forum lingo...ice cream!
Tramps - especially since I don't need it anymore, no need to let my falling asleep in the middle of a post and getting ice cream mixed up with addictives that, of course, ice cream isn't, be responsible for mixing up the dosages I was taking with the beloved real ice cream that, at least for Jay and Don Kardong, prevents "darkenss and chaos."
I found some cash in my son's room yesterday (some 20 dollar bills) and decided it was better off in my bank account. So today I walk/jogged down to the bank and back up the hill for 3 miles and 335 feet total ascent.
Enke! - bad mom, . . . or did he owe you.
erika - hope and presume you got the AOK down in Anchorage today, and presume the "we" down there is DH too as, as he's proven in your running, etc. too, afterwards support is as crucial as the DOS and overnight hospital care is. Any idea what time as, since I'm used to it, send down as much of any pain as possible. I know how to take care of it
"Enjoy yourself. Your younger days never come again." 100yo T. Igarashi to me in geta at top of Mt. Fuji (8/2/87)
Surly Bill - I am not an attorney, but I believe you are correct - the person would get paid as a creditor first, dealing with the debt the deceased owed him/her, and then later as a beneficiary. Basically, the debt itself is what is getting paid. In Ohio, once a Probate has been opened at Probate Court, creditors have 6 months to file a claim to get paid. If they don't find out that the person is dead (and no one is obligated to tell them), than the debt goes unpaid
I believe the required 4 month notice in a regional newspaper has been completed, and no new creditors popped up. As for the one in question, it's a beneficiary so of course they will be paid regardless of any demand. It's a higher tax rate for them, but if left unpaid it would be split with the other beneficiaries (basically a 50/50 split, but one side of that 50% has two individual instead of one). NOW I'm wondering if it was an unrealized sale of shares in a company if payment would count as "income" for them. Q's for the accountants. I have too many Q's.
I was expecting a lot of scams to pop up, making claims against the estate that weren't real. There was only one thing; someone filed with the State for a couple months of paid leave, and they never worked for the company, and no one had heard of them before. DENIED.
Holly - Thank You For The Start.
Good Luck Erika.
Jay - Best wishes with the knee doc.
Tramps - Why do you have more snow than me?
Sub - I hope Téa spoiling went well.
I was up at 1:00 AM again. I wrote letters to government people regarding healthcare and term limits, checked into RA. I got a mile on the mill, PT. GD Josie (6) helped whip up another batch of reindeer food. That kid has lost three teeth with three more prepared to depart! The grands like to make the glowy stuff.
It looks like a customer lost a vial of reindeer food in our parking lot. One of the window washers found it. He stopped, bent over at the waist and stared at it.
The other window washer went over and stared at a vial of oatmeal and candy sprinkles too.
One of them picked up the reindeer food. Held it up to the better daylight. Shook the vial. They both stared at it again. Then the one dude gently set the vial of oats and candy sprinkles back down in the parking lot and they both walked away.
My Thursday deadline got bumped to E.O.D. Tuesday. I stayed late Monday to set up for the Thursday deadline. I told my boss Tuesday wasn't happening and it didn't.
A couple of customers brought two kids in. It a rarity. I took two vials of the reindeer food and told the parents that an elf stopped in for some boards. It gave us some treats that will help Santa's reindeer find their way. Then asked if they knew anyone who would want to give reindeer some treats. The kids started bouncing up and down. One started clapping. Big smiles all around.
SteveP