Our lovely gov't

[kite]

TweetIs bending over the elderly and needy once again! I don't know how it is in your state but here in Ga., Medicaid has started a recovery program effective May 1. Basically what happens is if you are on Medicaid, once you die your assets are seized and liquidated. If you have a spouse, they may continue to live @ your residence but once they die the home is sold. I know this is a political issue but I decided to post here instead of the politics/religion forum so more would view it. It's business as usual for the assmunches in D.C. while the most vulnerable get bent over. I certainly hope that none of you guys ever have to be dependant on the gov't.

[angryoldman]

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Is bending over the elderly and needy once again! I don't know how it is in your state but here in Ga., Medicaid has started a recovery program effective May 1. Basically what happens is if you are on Medicaid, once you die your assets are seized and liquidated. If you have a spouse, they may continue to live @ your residence but once they die the home is sold. I know this is a political issue but I decided to post here instead of the politics/religion forum so more would view it. It's business as usual for the assmunches in D.C. while the most vulnerable get bent over. I certainly hope that none of you guys ever have to be dependant on the gov't.

There's probably a loop hole in the law somewhere. What if the people decide to do a reverse mortgage on their home? The government can take their home if they want, but only after the people took all the equity out!

[kite]

TweetI'm not sure about that, but I do know that they cannot transfer any property to say their children, etc.. it must be sold at fair market value. Any transfers must be done years in advance.

[angryoldman]

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I'm not sure about that, but I do know that they cannot transfer any property to say their children, etc.. it must be sold at fair market value. Any transfers must be done years in advance.

So if you have a couple who's in their 60's, it would pay for them to do a reverse mortgage now, and let the goverment fight it out when you die.

[jazzjackrabbit]

TweetThat's sucks!
Here when people die children often have to sell the house because of the tax you have to pay on it.

[DJDIGGLER]

TweetNot a big surprise. Our government is one of the most corrupt in the world. Everything is about money. They don't give a shit about the citizens of this country. Anyway they can, they'll screw over the general public, aslong as it doesn't alter their own personal finances!

[angryoldman]

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That's sucks!
Here when people die children often have to sell the house because of the tax you have to pay on it.

Every state has an inheritance tax. But if you plan ahead, you can lessen the inheritance tax. For instance:
Mr and Mrs Smith are 55 years old. They have a son, Jimmy Smith. If they put Jimmy Smith on the deed now, and get either Mr or Mrs smith off the home, Jimmy Is now 50% owner of the home. Let's say they keep Mr Smith and Jimmy on the home. Well, in 5 years, Mr Smith Dies. So now it's just Jimmy on the home. He only has to pay 50% inheritance tax. Even though Mrs. Smith lives there, Jimmy is sole owner of the home. So when Mrs Smith passes away, they now avoided inheritance tax.

[DJDIGGLER]

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Every state has an inheritance tax. But if you plan ahead, you can lessen the inheritance tax. For instance:
Mr and Mrs Smith are 55 years old. They have a son, Jimmy Smith. If they put Jimmy Smith on the deed now, and get either Mr or Mrs smith off the home, Jimmy Is now 50% owner of the home. Let's say they keep Mr Smith and Jimmy on the home. Well, in 5 years, Mr Smith Dies. So now it's just Jimmy on the home. He only has to pay 50% inheritance tax. Even though Mrs. Smith lives there, Jimmy is sole owner of the home. So when Mrs Smith passes away, they now avoided inheritance tax.

Out of curiosity what if the parents sold him the home for $1 before they died. Would that then avoid the inheritance tax?

[angryoldman]

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Out of curiosity what if the parents sold him the home for $1 before they died. Would that then avoid the inheritance tax?

Absolutely it would. But not many people know when they're going to die (not trying to be funny. But it's true!) If there is still a mortgage left on the property, then the son becomes owner of that as well once the parents pass away. Generally, most kids would still sell the home once the parents pass away, therefore taking care of the mortgage part. But if the child wanted to live in the house, they have to refi and get the mortgage in their own name. Or, they can continue to pay the parents mortgage. But most mortgage companies would want them to refi.

[kite]

TweetAnother thing that really gripes my ass about this is all of the cash we send to other countries when our senior citizens can't afford their meds and get nailed like this. We neglect our own to aid those that want to kill us. Am I the only one very confused by this?

[angryoldman]

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Another thing that really gripes my ass about this is all of the cash we send to other countries when our senior citizens can't afford their meds and get nailed like this. We neglect our own to aid those that want to kill us. Am I the only one very confused by this?

Well, you are not the only one to feel like this. However, please NO ONE take this the wrong way, but I'm more concerned with myself and my future, as well as the future of of my children. Todays elders made their own bed. Back in the 1950's, 60's and 70's, homes cost $20,000. Cars were under $3000. Average salary was $15,000. See where I'm going with this? Today, Average salary is $50,000. Homes are well abouve $250,000. Cars are on average $20,000. Social Security? Well, let's just say if you don't have a 401K set up, you might be homeless when you go to retire. My bet is there will be no social security. We are funding todays seniors with our social security. Why do you think seniors are against placing Social security in a lockbox? Becuase they would be BROKE. And all I hear is Senior citizens complain about medicare and social security, this that, everything. But if you go to the casinos, who do see there the most? Senior citizens. I am sympathetic to a point. But seniors make life sound so horrible.

[DJDIGGLER]

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Well, you are not the only one to feel like this. However, please NO ONE take this the wrong way, but I'm more concerned with myself and my future, as well as the future of of my children. Todays elders made their own bed. Back in the 1950's, 60's and 70's, homes cost $20,000. Cars were under $3000. Average salary was $15,000. See where I'm going with this? Today, Average salary is $50,000. Homes are well abouve $250,000. Cars are on average $20,000. Social Security? Well, let's just say if you don't have a 401K set up, you might be homeless when you go to retire. My bet is there will be no social security. We are funding todays seniors with our social security. Why do you think seniors are against placing Social security in a lockbox? Becuase they would be BROKE. And all I hear is Senior citizens complain about medicare and social security, this that, everything. But if you go to the casinos, who do see there the most? Senior citizens. I am sympathetic to a point. But seniors make life sound so horrible.

I definetely agree with you on that aom! I just feel bad for the ones that can't fend for themselves. Like I saw on 60 minutes yesterday, all the other car companies make more profits because they don't have to pay for their employees & retirees health insurance, because other companies build cars in countries where the government takes care of their medical. Therefore they don't have that extra expense. They said that $1500 of the profit on every car sold by GM goes to pay for their employees medical. That's insane! Point is maybe it's about time our government steps up and follows suit with the rest of the countries. Sure the coverage might not be the best but it's better than no coverage. Then those that have the extra money can buy better coverage if they don't like the free coverage provided to them. It's time this country straightens up its act. There's not much it's doing right!

[angryoldman]

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I definetely agree with you on that aom! I just feel bad for the ones that can't fend for themselves. Like I saw on 60 minutes yesterday, all the other car companies make more profits because they don't have to pay for their employees & retirees health insurance, because other companies build cars in countries where the government takes care of their medical. Therefore they don't have that extra expense. They said that $1500 of the profit on every car sold by GM goes to pay for their employees medical. That's insane! Point is maybe it's about time our government steps up and follows suit with the rest of the countries. Sure the coverage might not be the best but it's better than no coverage. Then those that have the extra money can buy better coverage if they don't like the free coverage provided to them. It's time this country straightens up its act. There's not much it's doing right!

Let me just tell you this: You see how many people complain about smokers? How everyone, everywhere is trying to outlaw smoking in public places, in bars, restaurants, etc..... I say, to all the smokers of the U.S., THANK YOU! Thank you from the bottom of my heart. Because of you smokers, you put $50 billion a year in the goverments pocket. And because of that, I am thankful. If everyone in the U.S. was to quit smoking tomorrow, do you think the goverment would willingly give up $50 billion a year? PHUQUE NO. The gov't would find different places to get that money from. Generally, we would be taxed on everything. Sales tax would go up, Liquor tax, gas tax, you name it. Then, people would find something else to complain about. So next time you see a smoker, walk up to them and thank them for the $50billion they supply the government with to keep them happy. As far as government subsidized healthcare, it will never happen here. We have a totally different economic system than the rest of the world.

[mtnmedic]

TweetGeez, I awoke all bummed about my GF leaving me and being alone for the summer. Now im all wired up and ready to kick some ass today ! Gotta love reading the threads in the morning. thanks y'all !

[angryoldman]

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Geez, I awoke all bummed about my GF leaving me and being alone for the summer. Now im all wired up and ready to kick some ass today ! Gotta love reading the threads in the morning. thanks y'all !

PHUQING A RIGHT!!! I feel like throwing one of my co-workers through a window right now.