LTC Insurance?

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You will be even more shocked to see how much nursing homes cost.
An interesting fact is that you have to spend down your funds to $2,000
before Medicaid kicks in.

I have researched Trusts. Revocable Trusts are the same as cash to Medicaid. Irrevocable Trusts can be quite tricky.

If funds are "Pay on Death" or "Take on Death" they do not have to go thru probate.

If I recall correctly, you do not have any children. For those who do, however, Arizona has what is called a Beneficiary Deed. There is a small charge and form can be found online. Consequently, a home goes directly to the person named. No probate.

 

I've been contemplating LTC insurance also. It could help you stay in your home or pay for a nursing home if needed. It is expensive though. If you buy younger its cheaper but in the long run it may make sense to wait. What surprised me is that most have a time limit of 2 years. More than that costs more. The stats say most people do not stay in a nursing home for more than 2 years. Does anyone know which places in Sun City for assisted living or LTC that have a good reputation? Stand alone assisted living places are a concern because they are not regulated like nursing homes so anything goes.

 

Yes, Royal Oaks is very nice.
The place next to it, El Dorado, is also nice.
So is Heritage Palmeras.

I plan to visit the retirement community
that is near Bashas on 99th/Beardsley.

 

Royal Oaks is an expensive buy-in from what I hear, but they don't post the prices. I don't trust the regulator scores. They can help but I've worked in many different care facilities throughout my life and scores don't always tell the story. I did a trust a few years ago, which is a good feeling to know the government won't be able to take their portion of my hard earned dough through probate.

 

I'm presuming you did an irrevocable trust.
A revocable trust is the same as cash for Medicaid.
Would you mind sharing how much a trust cost.
So far I am seeing in the thousands of dollars.

 

At this point in my life I needed a revocable; I have a house to sell soon and irrevocable can complicate those issues. I paid $400 for mine. I used and online paralegal. She gave it to me in a word doc too so I can change anything anytime (I would just need to have all the signatures re-notarized on each page). This was a good thing for me already. I had as a second in line my 43 year old nephew, my closest family member. Then last year he died a sudden death heart attack. He wasn't sick and had mild symptoms only the night before he went to sleep. So I was able to substitute another second in line easily. My first in line is my best friend but we ride around in a car together often so if we had an accident and I didn't have a second that would be just like not having a trust. You can always copy the thing word for word if you need to change items but it.s much easier if they give you a word doc. I think I will have to pay again when I move to Arizona though because the wording in state specific. I'll use another paralegal I'm sure. I can't see the need to spend thousands, they use the same language in the document.

 

Paralegal don't give advise though, if you need it. They will tell you how the documents work but they don't advise exactly. So if you need that you might have to pay an attorney. If yours is not too complicated you can just use a paralegal service.

 

I stopped in there once when I needed something notarized.
I think there was going to be a charge.
Since I have accounts at a local, they notarize free.

 

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I learned more about Royal Oaks Retirement Community.
You buy in for Life. As the years go by and you require more
assistance, you move to another level - ad infinitum.
If there is a couple, the person needing more assistance is moved
and the other person stays in the original place - no special charge.
It is somewhat like Long Term Insurance.

 

Any idea on what the buy in costs?

 

google Royal Oaks Sun City AZ.

 

I've read though the site several times, long before we talked about it here. They don't list prices anywhere that I could find. Could you?

 

I think they have a couple of levels of buy-in. There's independent units that are higher than the apts. Seems to me the starting price in the neighborhood of $250,000. There is a sliding scale refund during the first 7 years should you both die, after that, the buy-in becomes part of the non-profit corporations assets.

The monthly fees are around $2200-$3000, obviously higher if there are 2 of you compared to a single. I've known several people who have moved there and loved it. The food is exceptional and their level of care quite good. It is interesting because you could move from outside cottage to inside apartment to dependent care to their locked Alzheimer unit as differing levels of care is needed.

They have added on in the last several years, as money has been no object for them. With each new project, they become more impressive. It's not for those on a tight budget but if you are financially set, it doesn't get much better than they provide.

Just a note: These fees are based on friends who have moved there over the years and by no means are exact figures, just ballpark.

 

Thank you. I saved info.
What about El Dorado prices?

 

El Dorado is different because you buy the unit and own it. They have small 1 bedroom to very large 2 bedroom facing Viewpoint Lake. Prices have fallen on them to a much more reasonable level but prices can vary from below $100,00 to well over $200,000. The monthly fees are less than Royal Oaks, and are based on single or double occupancy. I think they start around $1200 + for a single and around $1500 or more for a double. The units are yours to sell at death or moving out. The problem is after a loved one dies you continue to pay the monthly fess (less food costs) until it is sold.

I'm better informed on this one because mom bought and lived there for three years.

 

Another important difference in these type of residences is that if you actually own the unit(i.e. El Dorado), you pay the annual assessment and qualify for a RCSC Member Card with voting privileges. Many other assisted living/long term care residence facilities (i.e. Royal Oaks, Sun Valley Lodge)entitle you to buy an annual RCSC privilege card to use the RCSC facilities but with no voting privileges. Worth checking out but not a deal breaker if you can afford the cost.

 

Spot on A. I have friends living at Royal Oaks. They own 3 Sun City properties and pay their rec fees on all of them plus through the Royal Oaks. When the went to vote they were told they weren't entitled to. Another one of those times we tried to address it at board level and were told "fixing it" wasn't the right thing to do.

So senseless.

 

Not sure of the difference between these and the Beneficiary Deed you talk about peg, but I found some information on transfer-on-death deeds. Not all states allow them but Arizona does. Also another method to avoid probate and Medicaid eligibility called the Lady-Bird Deed. I don't have children but I still don't want the government taking my hard earned assets. I have friends and relative that could use it more.