Later Retirement

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Frequently Asked Questions

A: I generally don't like that idea. My biggest concern is that if your child has a legal problem (sued, bankruptcy) then your home make be in jeopardy. Or worse, what if your child dies before you? Proceed with caution on this one.
A: You may give $14,000 in 2017 to each grandchild. If you are married, your spouse can do the same. So, $28,000 per grandchild. My only warning is that those gifts are subject to a 5 year lookback period, if either of you applies for Medicaid. Although you may be in good health now, things can change. The lookback rule effectively creates a disqualification period for Medicaid. The disqualification begins at the time of Medicaid application and lasts for a period equal to the amount of the gift divided by the cost of care in PA in months.
A: It's a lot. There isn't one number because the cost is driven by the level of care required and the individual facility. But for a private room, according to the Pennsylvania HealthCare Association the median cost in PA is $ 99,280 per year.
Submit a question to  Matthew Hanshaw, CFP®, NSSA®

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