Mother of dead home invading teen suing Jeffrey Lovell from Chicopee

[Agnotology]

Never gonna amount to anything. Woman is grieving, and I feel for her loss, but play stupid games, win stupid prizes.

 

[Coda]

I just read up on Homestead Law in Mass.
If you own a home in Mass and don't have this, your real estate agent should be fired.
Other states may differ.
In Mass though, you have covered for $500,000.

I don't know if Mr. Lovell has a homestead.
I can only hope his lawyer from the criminal case told him to get one.

If he does not have one, can he file now?
Is there a look back period?

If parents trust their kids, they should transfer ownership to their homes to the kids. (Assuming you kids are not irresponsible or have certain vulnerabilities)
I know there is a look back period, but if a parent does not do so before they end up in a nursing home - the kids wont inherit anything.

Medicare will take it all.

Don't think you'll never end up in a nursing home. Unless you can afford round the clock care, you will. Assuming you are lucky enough to get that old in the first place and you don't drop dead.

It may only be for the last few months of your life. But, the nursing home will take all you have left including your house at the rates they charge.


Going back to Mr. Lovell...

As far as I can tell, he is not rich.
If he loses the civil case here, how would the home invaders mother and her lawyer collect?

Could they garnish his wages?

OJ was a millionaire and he hasn't paid a dime to the Goldmans.

How can mother of the year collect from Mr. Lovell?

I just read up on Homestead Law in Mass.
If you own a home in Mass and don't have this, your real estate agent should be fired.
Other states may differ.
In Mass though, you have covered for $500,000.

I don't know if Mr. Lovell has a homestead.
I can only hope his lawyer from the criminal case told him to get one.

If he does not have one, can he file now?
Is there a look back period?

If parents trust their kids, they should transfer ownership to their homes to the kids. (Assuming you kids are not irresponsible or have certain vulnerabilities)
I know there is a look back period, but if a parent does not do so before they end up in a nursing home - the kids wont inherit anything.

Medicare will take it all.

Don't think you'll never end up in a nursing home. Unless you can afford round the clock care, you will. Assuming you are lucky enough to get that old in the first place and you don't drop dead.

It may only be for the last few months of your life. But, the nursing home will take all you have left including your house at the rates they charge.


Going back to Mr. Lovell...

As far as I can tell, he is not rich.
If he loses the civil case here, how would the home invaders mother and her lawyer collect?

Could they garnish his wages?

OJ was a millionaire and he hasn't paid a dime to the Goldmans.

How can mother of the year collect from Mr. Lovell?

Reptile is 100% correct about the nursing home scam, yes that is what it is a scam. Nursing homes feel entitled to all of your $$$ when you get to that point in your life. They will clean out any assets you have, then they go for the house.

Before my mother entered assisted living and eventually a nursing home they both wanted full disclosure of her financial situation, including the value of her house so they knew actually how much they could clean her out of. Most people don’t think this can actually happen, but it will.

The only protection is if you have trustworthy kids you can transfer your assets too. But they look back 7 years. Most people are not comfortable doing that, they figure they will pass before they get to a point of needing 24hr care. And then when they see all they worked for all of their lives being sucked up by a nursing that provides shity care at best they wish they had divested their assets, but it is too late.

 

[appraiser]

If you are of an age that you are worried about nursing home care, you should have already had a long term care insurance policy in place, and your home and other high value assets should have been put into an irrevocable trust to avoid probate and the look back period for nursing home care.

Other assets should be in a revocable trust, that will still count against you but if you die without having been in a long term care facility will allow those assets to bypass probate.

If you transfer a house to a child, it is subject to a spouse getting it or forcing a sale in a divorce, creditors can attach it, etc etc etc.

There are also tax implications dealing with stepped up basis at resale

 

[Coda]

you should have already had a long term care insurance policy in place

When you look at the cost of a long term care insurance policy, and then look at what it actually covers and the limits, for most it isn't really worth it.

 

[308rifleman]

If you are of an age that you are worried about nursing home care, you should have already had a long term care insurance policy in place, and your home and other high value assets should have been put into an irrevocable trust to avoid probate and the look back period for nursing home care.

Other assets should be in a revocable trust, that will still count against you but if you die without having been in a long term care facility will allow those assets to bypass probate.

If you transfer a house to a child, it is subject to a spouse getting it or forcing a sale in a divorce, creditors can attach it, etc etc etc.

There are also tax implications dealing with stepped up basis at resale

There is also a five-year "look back" period. That home should be placed in an irrevocable trust many, many years before nursing home care becomes necessary. The further back, the better.

 

[GM-GUY]

If you are of an age that you are worried about nursing home care, you should have already had a long term care insurance policy in place, and your home and other high value assets should have been put into an irrevocable trust to avoid probate and the look back period for nursing home care.

Other assets should be in a revocable trust, that will still count against you but if you die without having been in a long term care facility will allow those assets to bypass probate.

If you transfer a house to a child, it is subject to a spouse getting it or forcing a sale in a divorce, creditors can attach it, etc etc etc.

There are also tax implications dealing with stepped up basis at resale

Don’t forget Medicaid/Medicare has a team to collect, when my grandmother passed, they put a lien on the house instantly with a $12K debt attached. That had to be paid at closing