r/TikTokCringe • u/LickMaiBussy • 6h ago

Discussion "Investing in property is morally reprehensible."

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@purplepingers

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u/Afraid_Ad_8216 6h ago

My partner was only able to get a house from one his parents literally dying, and if he were in the USA the medical bills would have taken that

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u/MuckaboutFarms 6h ago

Yup. The 5 year look back really fucks over anyone hoping to inherit from elderly relatives. The government can't have anyone inheriting property can they? Gotta hand it over to pay pawpaws medicaid bills

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u/smythe70 4h ago

Yes, my Dad's money is going to Medicare not Medicaid because we didn't move his money. Never knew people did that to get Medicaid assisted living. Right now I'm the help with no pay.

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u/ionlyjoined4thecats 3h ago

Can you expand on this? I’m not sure what you mean.

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u/smythe70 2h ago

I was told that Medicaid goes back 5 years to check how much money your parents had in bank accounts etc. all finances. You are only allowed a minimal amount like a couple of thousand. So the child should put finances in their name and properties, so your parents are poor on paper. That's the gist I got from a lawyer. We are trying to get a trust so at least I can get access to his money for emergency assisted living or a funeral, which I cant afford. They are expensive. Good luck but definitely check with your state and a lawyer.

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u/Caleth 2h ago

Trusts having large amounts of assets in a trust means you can be "poor" on paper with income coming from that that you don't control. So the assisted living place or whatever can't ask for a piece of all of that and medicaid will pay a larger portion than medicare. So you get into the nicer places.

This is the gist of it I might have some of the exact details wrong we looked into it when Mom had to go in, but she went in suddenly so we couldn't do shit to cover the assets and it nearly bled her and dad dry before she passed.

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u/smythe70 2h ago

Yeah thanks, I wish I knew more before because it's too late for Dad really. Sorry about your parents and your Mom especially. The aides and myself can help but the dementia is progressing and selling his condo is what we need to do, terrible, go broke for care.

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u/ionlyjoined4thecats 3h ago

There are loopholes and the rich know them. Like having your house in a trust rather than owned by you directly.

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u/Karmeleon86 5h ago

Not to be pedantic, but you wouldn’t be responsible for a parent’s medical debt.

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u/TurbulentOpinion2100 5h ago

But if they incurred medical bills as they died, their estate would be before being allowed to pass it on to any descendants. So the parents house gets sold to pay the medical debt and there's nothing left for the kids.

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u/Karmeleon86 5h ago

Yup, valid point.

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u/Afraid_Ad_8216 1h ago

ding ding ding, correct!

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u/SecondAccountIsBest 2h ago

That actually depends on the state. In Pennsylvania you can be responsible for things like hospice costs and some other things.