Medicare Cheat Sheet: Why Not Medicaid?
If you've considered moving your money around so you can qualify for Medicaid, please watch this video first to find out why that's not the best idea.
Thank you. Well, thanks. Welcome back into the Medicare shoot. Siri's. Greg, this is my favorite one. This part part five right here. Just because I hear so many fallacies out there from supposed smart people, even on the radio, people are saying, uh, well, we can get you on Medicaid. All we have to do is move some assets around out of your control of somewhere else. And now you become a ward of the state and you get free long term care. But you know what? I've seen those government facilities. I don't know. You get what you pay for it, right? Oh, man. That's what I was thinking. That I'm going to share a couple of horror stories. Why? You don't wanna move your money to some family members somewhere else to hide it from the government. Number one government could go back five years. Now it's called Qala Back. Reach back, and I could see where you were. You shifted money and then get that money back. Plus, if depending on who you're dealing with their if they're in a bad mood, they could accuse you of lying and trying, trying to hide money from the government. Now you have fraud charges and stuff. We have to be very careful video about hiding money from the government. Here is one thing I've learned. The government knows everything already. It doesn't matter. They know about the offshore accounts. You know, they have a smart as you think you are on fooling the government. They have six or seven people in the back room. They're smarter than you that think just like you. It's like when I do a life insurance policy. I tell folks that said off your social security number, we know what your meditator. Yeah, it is funny. And they never so much. Yeah, you know. All right, So let's look at Medicaid. Explain to folks what Medicaid is here. And then we tell them we could tell him why it doesn't make sense to try to get there. Medicaid and Medicare there were referred to as a dual eligible, and folks like to get into that dual eligibility because in some case, you're not paying for your part. B, uh, you have basically much better coverage. If you had to go into a facility, you would really, indeed be in a facility. It's not any place I've been in those I've been in those places. I still remember the smell when my aunt was there. You know, the smell of the nursery of the Yeah, the government nursing home. What a horrible smell. Yeah, I still remember that. And I was maybe seven or eight years old. That's the last time we were there when she passed away right after that. But my great aunt was there, and I just remember that smell the two times we've been to visit her there. And it's not something I would wanna smell ever. I guess I get used to it if you're around there, but I'm picture of this coach. Let's say you have Let's say you had $500,000 in some broker came and said, Look, we're gonna move everything over to somebody, and that way you qualify for Medicaid when you we need to get there. First of all, who earned that 500 grand? Yeah, well, you did. That's why you Why you're shifting it. So now I give it away, and now I'm gonna go to some facility and my kids air whoever gets the 500,000. If you want to do? All right, Here's why you don't do that. Number one. You move it to your Let's say your your son, right? Your son just got married, but you move all your money to your son to hide it from the government. You might even retail the house and your son's name. Now you've created a tax situation for your son. And by the way, when you pass away, your stocks and your real estate move onto your next to kin on a step up in cost spaces. What that means is whatever the value is today of that real estate or stock, that's what it looks like. The government pretends to your son or you bought it at so So let's say you bought the stock at 50 cents a share. Now it's worth $100 a share. Who will? The government treats it as your son bought it at $100 a share, so he doesn't know any inheritance fees on that. If you wait to you pass away, if you move the money over well, he's still here. He's gonna be treated as a taxable situation for all that money, and then you think about what happens here that if that's not bad enough, What if the Sun decides to get a divorce or the girl he married does decides she don't like him anymore. Half the money you just left her son goes with her. What if your son is riding down Highway 40 and he's not really playing with the radio station and he rear end somebody? You think that money might disappear in a lawsuit? So we need to not do something like that because it's crazy. Plus, maybe your son decides he doesn't like you anymore. After you give the money to him, you don't have to give it back. Or if he passes away, it passes away too. Well, then again, you wanna make sure that his beneficiaries are up to date. He should. Hopefully you're his beneficiary, but it might be someone you don't know. So it's just There's so many things here and I've seen. And here's what I've seen on unfortunately in my 28 years, is that a lot of advisers out there and attorneys? They worked with attorneys and advisors together, they try to entice you to move that money Number one they make commissions when they get you to move the money because they sell you things. Number two. They're trying to sell you something else, too. So you have to be very careful on what the motivations of persons or people who give that advice are. And unfortunately, it's not the best thing. Sometimes, no, there's really I don't see many cases where making yourself poor, spending yourself down, giving all the money way I have seen many, not many cases. It all that makes where that makes sense. It all to me. I can't. It doesn't make sense because there's so many bad things can happen. I'm not a negative person, but I see negative things all the time, and that is something that absolutely is a recipe for disaster. I don't see any. I don't see any real advantages of doing that except for you get free medical care for the government. But you're a ward of the state. The government could put you anywhere they want. They have to put you in a facility close by, you know? So be very careful that, uh, any final thoughts here on the box that we've got a really good workbook folks. Its's what, 50 pages long or so it's It's a big, great. It's got a lot of information ITM or depth, and we're talking about here on the video Siri's. But it's got a starting point for you. But the main thing I would recommend is give us a call on we'll put down in writing for you all the different choices you have. And we will make recommendations based on the drugs that you're taking now and your health and everything like that to make sure you are in the right product right now for the right time, your life. Because if you get in the right product now number one to get in on time and you're not gonna have any underwriting If you get into the right plan now, you could get in it without any whatever they worry whatsoever. You know, all the, you know, all the companies, you know, the plans, right. And I only represent the best company. Yeah, well, give us a call right now. We owe