Nursing home expenses and personal bank accounts

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Latest post 09-17-2009 7:09 PM by Paddywakk. 5 replies.
  • 09-17-2009 11:11 AM

    • chas036
      Consumer
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    • Joined on 09-17-2009
    • NY
    • Posts 3

    Nursing home expenses and personal bank accounts

    I am getting up in years and I have no children or wife.  I have a $800,000 in cash in the bank that I am living off the interest and I also collect about 3000 a month in SS and pension. In the future if I have to go into a nursing home, I know the first thing the government will do is confiscate all my money to pay for the nursing home.  I have not worked hard all my life and saved my money to have it confiscated by the government to pay for a nursing home, when a welfare person who has nothing gets into a nursing home for free of charge. There is nothing I can dio about my SS and pension, but I will deny them my savings.

    My question is, if I know I have to go into a nursing home, and a few months prior to going in, I withdraw all my money from my bank in cash and give it to my cousin in cash and I tell him not to deposit it in a bank and to just hide it in his house and use it as he sees fit.  What can the government do? I know they will grab my SS and pension, but what can they do if I withdrew all the money.  I know they will ask me what I did with that money, and I will tell them that as a last fling before I die, I went Vegas and enjoyed myself.  It was my money, and I worked for it, and I can spend it as I see fit.  What are they going to do?  If I am sick and dying, what are they going to do.  Are they going to deny me a nursing home and let me die in the street.  Prosecute me and put me in jail.  What can they do.     

  • 09-17-2009 11:31 AM In reply to

    Re: Nursing home expenses and personal bank accounts

    chas036:
    I know the first thing the government will do is confiscate all my money to pay for the nursing home.

    No.

    Not if you can pay for the nursing home with your own money.

    Which, by the way, would probably only cost a thousand or two above the 3000 you get per month. That could be easily paid with earnings on your 800,000 without eroding the principle.

    chas036:
    My question is, if I know I have to go into a nursing home, and a few months prior to going in, I withdraw all my money from my bank in cash and give it to my cousin in cash and I tell him not to deposit it in a bank and to just hide it in his house and use it as he sees fit. What can the government do? I know they will grab my SS and pension, but what can they do if I withdrew all the money. I know they will ask me what I did with that money, and I will tell them that as a last fling before I die, I went Vegas and gambled it all away and spent it on hookers and I just enjoyed myself. It was my money, and I worked for it, and I can spend it as I see fit. What are they going to do? If I am sick and dying, what are they going to do. Are they going to deny me a nursing home and let me die in the street. Prosecute me and put me in jail. What can they do.

    Given how little more it would cost you per month, giving 800,000 cash to your cousin just to get into the nursing home would be really stupid, wouldn't it? Although it would certainly make your cousin happy.

     

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  • 09-17-2009 11:33 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,974

    Re: Nursing home expenses and personal bank accounts

    No, you have that part of equation wrong TOO!    See my other answer/post.



  • 09-17-2009 12:49 PM In reply to

    • chas036
      Consumer
    • Not Ranked
    • Joined on 09-17-2009
    • NY
    • Posts 3

    Re: Nursing home expenses and personal bank accounts

    If the money is gone, what can they do to me....put me in jail?  I have the right to spend my money as I see fit, and if I tell them I gambled it away in a casino, who is to say I didn't, and what can they do about it.  If I have terminal cancer or alzhiemers and I have nobody to care for me, are they going to tell me I can't go into a nursing home becuase I spent all the money in my bank account. What are they going to do, put me in the street. I can't stop them from getting my pension and my SS, but they will not get my savings.  If welfare people never contribute to society by not paying taxes,  get handouts from the gov, and get free nursing home care when they are old, then if they can do it, then so can I.  

  • 09-17-2009 1:03 PM In reply to

    Re: Nursing home expenses and personal bank accounts

    While you don't seem to be looking for any actual input,  don't you think you should consult with a financial adviser so you can appropriately handle your financial affairs instead of worrying and trying to transfer monies and property in an inappropriate manner?

  • 09-17-2009 7:09 PM In reply to

    Re: Nursing home expenses and personal bank accounts

    Why did you work and save all your life if not to afford care when you are old and unable to take care of yourself?

    You'd be able to afford better care than the person on welfare gets.

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