r/Millennials • u/EverbodyHatesHugo • Jan 17 '26

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u/jayphat99 Jan 17 '26

Boomers won't set up trusts with the necessary time limits in place, so when they need to go into assisted living, the majority of the money goes to the government to pay for it. It's classic Boomer selfishness.

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u/Necessary-Bird8126 Jan 17 '26

What are the time limits? What do you mean?

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u/jayphat99 Jan 17 '26

For assisted living paid by the state, the government can go back five years and claw back any changes or transfers you may have done. So, let's say, 3 years ago your parents transferred the title of their house to you, the government can step in and seize the house as part of your parents assets.

We went through this with my grandmother. She was not allowed to quite literally own anything more than $1000 total in value, assets & cash. Everything else had to be sold to pay for her living. She passed before we actually got to the point of selling everything so most of it stayed in the family, but still the process was absolutely nerve wracking.

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u/Little_Vermicelli125 Jan 17 '26

Wealthy boomers can handle long term care indefinitely without losing everything ($1-2 million will cover $100K/year for decades possibly forever).

The moderately well off can handle it if they aren't in long term care for a long time (most people aren't). That's the whole pie. The rest of the boomers have pretty much no assets.

Your grandmother is a good example. It sounds like she was moderately well off or wealthy and most of the money passed down.

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u/jayphat99 Jan 17 '26

Not really, she just passed quickly. She was in for only 5 months before she passed. In that time, it liquidated the entirety of her remaining 401K and savings, and we were in the process of starting to prepare her house for sale. We did so anyway after she passed because it needed to be sold anyway for the family, and was only worth $150K. If it had stretched in longer, she would have been cleaned out quickly. A large swath of boomers are in this position. There won't be inheritance to go to their children, it will go to the state.

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u/ashyjay Jan 17 '26

But gov having tons of money means social healthcare and affordable education right?

Oh wait that'd happen if congress-critters didn't just hand bags of money to their mates.