Log in

View Full Version : Do I have to use my 401k to pay for long term care


stevegnc07
Mar 14, 2013, 10:35 PM
My father in law is 74 and retired for 13 years,he receives about 3,000 a month in his pension,and has zero debt.My wife and I moved him in with us after medical and lack od care for himself in NY,and he has been recovering from a severe infection,etc both in a hospital,now a Rehab.(he comes home next week).He refused most P.T,and O.T and we "know" he won't do much and so do the staff at the Rehab once he is home.They feel he will end up in a long term place such as their place.He has 2 Private Insurance plans,Medicare Part B I think the pension,but Im wondering if they can take his IRA (49,000) and his 401k ($@ 148,000) at some point?My wife sold his home last yr,she has full Power of Attorney.Should we get his $$$ out and MOVE it. thank you.

Steve

Fr_Chuck
Mar 14, 2013, 11:35 PM
First why should they not get paid, and hiding the money is illegal, and a home sale, most long term care looks back at all sales for up to 6 years previous. So any funds will have to be accounted for.