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I currently pay the out-of-pocket expenses for a spouse in Assisted Living. The monthly expense is taking its toll on me financially. I had a thought recently. If I could find 5 relatives to pitch in $1000 a month each, or 10 to pitch on $500 a month each, I could cover this expense. I'm thinking that they might be willing to do so if that expense would be a straight 100% of the amout tax-deduction for them each year. Is there a way to set something like this up? Can I somehow register her to the IRS as a non-profit charity?
I currently pay the out-of-pocket expenses for a spouse in Assisted Living. The monthly expense is taking its toll on me financially. I had a thought recently. If I could find 5 relatives to pitch in $1000 a month each, or 10 to pitch on $500 a month each, I could cover this expense. I'm thinking that they might be willing to do so if that expense would be a straight 100% of the amout tax-deduction for them each year. Is there a way to set something like this up? Can I somehow register her to the IRS as a non-profit charity?
You need to contact the social worker at the assisted living place and find solutions to your problem. You will not be able to get a tax deduction for friends, however his medical costs could be a tax deduction for you if it is over 7.5% of our AGI. You might need to investigate Medicaid as a solution. In the mean time, investigate some Long Term Care Insurance for yourself.
You need to contact the social worker at the assisted living place and find solutions to your problem. You will not be able to get a tax deduction for friends, however his medical costs could be a tax deduction for you if it is over 7.5% of our AGI.
I'm hoping so.
Quote:
Originally Posted by golfgal
You might need to investigate Medicaid as a solution.
Been there done that twice. They will not cover any portion of the cost. They MIGHT cover part of the cost for a Nursing Home if we divorce so only her disability income is considered. But, we can't wait that long for a bed to become available somewhere.
Quote:
Originally Posted by golfgal
In the mean time, investigate some Long Term Care Insurance for yourself.
I hear you, but I certainly can't commit to that level of a monthly expense until I'm free of the other financial obligations.
Been there done that twice. They will not cover any portion of the cost. They MIGHT cover part of the cost for a Nursing Home if we divorce so only her disability income is considered. But, we can't wait that long for a bed to become available somewhere.
I hear you, but I certainly can't commit to that level of a monthly expense until I'm free of the other financial obligations.
Medicaid will not pay for assisted living, they never have. Your only option is to go to a nursing home and have them pay for that. Check again about having to get a divorce and them only using her income. In most states there are provisions for income for a spouse, not that they are all that great, but you won't have to sell your house, you can keep a car and a reasonable income. Have you contacted an elder care attorney or onbudmuson in your area? They may be of great assistance in your situation.
Medicaid will not pay for assisted living, they never have. Your only option is to go to a nursing home and have them pay for that. Check again about having to get a divorce and them only using her income. In most states there are provisions for income for a spouse, not that they are all that great, but you won't have to sell your house, you can keep a car and a reasonable income. Have you contacted an elder care attorney or onbudmuson in your area? They may be of great assistance in your situation.
I was working with an Eldercare attorney when she went into the AL facility, so obviously all of my financial resources have been diverted to that task. The important thing to keep in mind is that Nursing Homes, especially the higher rated ones, have a backlog of admissions that runs, currently in this area anyways, 6-10 years out. There's very little chance that she'll still be alive that many years into the future. And I imagaine that funding to build new Nursing Home complexes is probably not going to be available for quite some time.
I was working with an Eldercare attorney when she went into the AL facility, so obviously all of my financial resources have been diverted to that task. The important thing to keep in mind is that Nursing Homes, especially the higher rated ones, have a backlog of admissions that runs, currently in this area anyways, 6-10 years out. There's very little chance that she'll still be alive that many years into the future. And I imagaine that funding to build new Nursing Home complexes is probably not going to be available for quite some time.
In MN there has been a moratorium on building nursing homes for 10+ years because of the drain on the Medicaid system. There is no funding for nursing homes here so people need to plan for the possibility of going into assisted living. Yes, it is expensive but still less then it would be paying for it yourself.
I think you need to revisit the eldercare attorney and look at your options again. Obviously your circumstances have changed and you might have more options then know know. Good luck.
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