[WSBAPT] father trying to preserve inheritance for children

[Marvin Benson]

I'm sure you asked the questions about your client's assets.  Sometimes
elderly people can thinks of themselves as poor when they are not.  Once a
client in her late 80's came to be worried about how she would pay nursing
home bills for her husband's care.  Upon inquiry I learned, a)  they had
long term care insurance that would pay over half the cost of the nursing
home, b)  their annual income was on the order of $150,000 per year, and
c)  they had about half a million in  assets in addition to their paid for
home.. Anyway, she was able to manage the payments.

Marvin Benson

On Mon, Aug 20, 2018 at 11:21 AM, Heather deVrieze <
heatherd at westseattlelaw.com> wrote:

> I’m afraid there are limited options available to single individuals in
> their 80s to preserve assets if long term care becomes a reality. Even if
> he hadn’t sold, and the “farm” could have been considered his home and
> therefor an exempt asset, there would have been a lien if he received
> Medicaid benefits.
>
>
>
> It is quite straightforward for his estate to collect on the real estate
> contract if client dies, a Personal Representative can assign the seller’s
> interest in the contract to the heirs.
>
>
>
> It is also possible that if long term care is needed, the children could
> buy dad’s interest the contract, shop it around, and have the kids pay fair
> market value, which may be significantly less then the total of the
> remaining payments.
>
>
>
> Heather
>
>
>
> Heather S. de Vrieze
> *Attorney-at-Law*
>
> *[image: cid:image001.jpg at 01D013C2.30F35160]*
>
> 3909 California Avenue SW
>
> Seattle, WA 98116-3705
>
> (206)938-5500
>
> heatherd at westseattlelaw.com
>
> www.westseattlelaw.com
>
>
>
> For your advanced planning, please note – Heather will have an extended
> time out of the office at the end of the summer. Leaving August 28th and
> returning September 17th. Please plan accordingly.
>
> *Click here to connect with de Vrieze | Carney on Facebook: *  *[image:
> FB Logo]* <https://www.facebook.com/DeVriezeCarney>
>
>
>
> CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally
> privileged and/or confidential information.  If you have received this
> e-mail in error, please notify the sender immediately and delete all copies
> of this e-mail message and any attachment.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.
> wsbarppt.com> *On Behalf Of *Jenna Brozik
> *Sent:* Monday, August 20, 2018 10:43 AM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] father trying to preserve inheritance for children
>
>
>
> Hello list mates,
>
>
>
> I drafted a will for my client in 2015.  He has a farm and left the farm
> to his two children in equal shares in the will.
>
>
>
> Since then he has sold his farm and has a owner held contract for 20
> years.  He gets payment for the farm once a year until the farm is paid off.
>
>
>
> My client is worried that he won't be around to collect all the payments.
> He is in his eighties.  He is also afraid that when he goes into a nursing
> home, the nursing home will consider it income and it will ruin his chances
> of Medicaid.
>
>
>
> Does anyone have any suggestions so that he can preserve the farm so that
> his children inherit it?
>
>
>
> Thanks in advance,
>
>
> Jenna Brozik
>
> Attorney at Law
>
> Prinz & Brozik PLLC
>
> 445 S Grand Ave
>
> Pullman, WA 99163
>
> (509)338-0908 / (509) 338-3527 (fax)
>
> jennaprinzlaw at gmail.com
>
>
>
> _______________________________________________
> WSBAPT mailing list
> WSBAPT at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbapt
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20180820/9556691f/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 7107 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20180820/9556691f/image003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 5137 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20180820/9556691f/image004.png>