I have a question
I could really be wrong; I haven't found the detail clarified. What in the "Biden's student debt relief" will happen if the 5% of your income payment option is less than needed to lower your principle or worse your accrued interest? People could live to be 80 and die owing more than they borrowed when they were 18. Will children inherit the debt? (btw, my father was crippled in a workplace accident. It took several months to process his SSDI so we had to go on NY state welfare, which put a $10,000 lien on the family house, which I had to pay when I inherited it, so don't say that it won't happen here, it already is)
In China before Mao people were selling their sisters to (American) brothels to pay their fathers' debts. (and having lots of children themselves for their heirs to sell) Are we going there? Will "Thanks Joe!" make us forget "Thanks Obama!" or am I completely wrong?
Comments
I haven't read the actual act,
so hesitate to make any comment, other than to say it is putting a band aid on a gut shot.
"We'll know our disinformation program is complete when everything the American public believes is false." ---- William Casey, CIA Director, 1981
Getting Rid of Assets
As someone who worked with the elderly, I had clients whose well off relatives made sure to make the client destitute before applying for certain benefits. I believe that you have to give away your property at least 2 years before doing so. In Florida, currently they do not attach your property, but they have discussed doing so for years.
5 years in Texas
"We'll know our disinformation program is complete when everything the American public believes is false." ---- William Casey, CIA Director, 1981
@on the cusp It's 5 years here now
It's 5 years here now too. I think that when Obamacare came in, a lot of Medicaid laws were changed. I remember talking about a married couple who were clients, they had signed over their home to relatives but were still living in it. Some of my co-workers did not like that. They thought that we should only give services to people who were really poor. I can see both sides of the situation.
We have a type of deed that
can save your homestead and not be reversed by the government as fraudulent. It is commonly known as a Lady Bird Deed. So, Mom deeds her home to her son as a gift, but she reserves the right to live on the premises, to revoke the deed any time or for any reason, and Mom retains the right to sell the property to whomever she pleases. So, on it's face, did the son receive anything of value? Only prospectively. It also helps Mom retain her homestead and old age exemptions which keep her ad valorem taxes at a minimum.
Any other type deed must be done 5 years ahead of incurring Medicaid costs, or it will be set aside as fraud on the agency.
"We'll know our disinformation program is complete when everything the American public believes is false." ---- William Casey, CIA Director, 1981
One of the other reasons people protect their assets
the number one reason for bankruptcies in the US is medical debt.
Fear of losing your property to pay for a medical bill is a serious
concern. We put our assets in a revocable trust about 7 years ago,
but it does not insulate us from a hospital lawsuit.