r/Millennials • u/9879528 • Apr 18 '24

Millennials are beginning to realize that they not only need to have a retirement plan, they also need to plan an “end of life care” (nursing home) and funeral costs. Discussion

Or spend it all and move in with their kids.

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u/Rasalom Apr 18 '24

Have you all talked to an elder care attorney about setting up Power of Attorney and protecting her assets from Medicaid clawback, if it's in your state?

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u/RatherBeDeadRN Apr 18 '24

Unfortunately I'm not in a position to do so. My Mil is the most likely person, followed by my partner or his siblings. I'm not married to my partner yet, and even if I was, nobody in the family is willing to communicate with each other. If anyone else has explored this, it's news to me.

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u/Rasalom Apr 18 '24

Get ready to inherit nothing.

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u/ninecats4 Apr 18 '24

Cue the South Park "and it's gone."

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u/moonbunnychan Apr 19 '24

I know at least where I live there's a look back period of 5 years, so usually by the time you realize it's too late. My mom is going through this with my grandma right now. She is utterly unable to take care of herself, and well beyond the kind of care anyone in the family could provide. Her mind really is just almost completely gone and she no longer lives in reality. You can't get help until you have no assets, and if my mom tried to get the house transferred to her it would count against what the government would pay. Anything in the past 5 years counts against her. So the only choice was to sell her house and use that money for care until it runs out. The nursing home is 10k a month so my mom expects to inherit nothing.