My fiance and I just moved back home to Minnesota. We are staying with my parents but moving out in 2 weeks to our own place. We both got jobs right when we moved up here. I have 2 kids and he is the father of one of them. I get child support for the other. We are on child care assistance and we currently pay $301 every 2 weeks for both kids to be in daycare. We are not on any other govt assistance. When we move we will be changing counties so they will transfer everything over but the new county will count our income again. I just got promoted literally 2 weeks ago and with the promotion we will not make the cutoff for child care assistance. To pay full price it will be about $1600 a month for the kids to be in daycare. Although I got promoted and make more money it is definately not an extra $1000 a month. I want to get off assistance but I am in heavy debt due to a divorce a couple years ago and have worked really hard to juggle the bills to keep my credit perfect. I have 3 car payments, a house payment for a house I’m not living in- that I’m trying to sell and several loans. But I have been making it work so far. My question is when we move out can I say that my fiance is staying with my parents so I won’t have to report his income as household income? I know it is not allowed but is there a way they could find out? The only other way to make this work is to stop paying my bills that I have worked so hard to pay this long and trash my credit. I just need some more time to pay them off. He could keep his address at work listed as my parents address and they could give us his important mail. Another thing is if I say he is not living with me the state will come after him for child support but our thought was who cares about that since all our money just goes to pay the bills anyway. And I would be set up for child support anyway if I decide to split up with him lol….. anyway I know it is taxpayers money yadda yadda but I just want to say I am a hard working person in a tough spot and it just doesn’t make any sense to me to be on child care assistance and then just be cut off and have such a huge jump in price. Heck my fiance might as well quit his job and stay home with the kids if we are paying that much. Oh and also I want to add that he was a truck driver making good money but was just diagnosed 2 months ago with diabetes and now he is on insulin and is not allowed to drive… so he is working at a grocery store for $12.50 an hour… supposedly he will be a manager in 3 months. Or so they say.
To Lisa: I would absolutely sell TWO of the cars but I am way upside down on them. I don’t think anyone would be dumb enough to buy them unfortunately. Hopefully someone will steal one and total it lol.
To the people offering loans to me: No thank you. I am trying to GET OUT of debt…. not get further in debt.
I REPEAT: I CANNOT SELL MY CARS BECAUSE I OWE TOO MUCH ON THEM.
Also, when I lived in Kentucky my son went to daycare for 95 a week. But in Minnesota the cheapest I can find is 180 a week for him and 195 for my daughter. It all depends what part of the country you live in. And to the person telling me I’m lucky to be able to pay my bills obviousely doesn’t understand my question. I WILL NOT BE ABLE TO PAY MY BILLS paying 1600 a month or more in child care.
Posts Tagged ‘Care’
child care assistance?
How do i plan for health care bill after retirement?
I recently read an article on MSN that health care after retirement is costing close to ~250k despite medicare and is growing at at brisk pace of 6-7.5% a year.
How do i plan for this in my retirement plan ? This kind of expenses will erode my retirement savings by a lot.
Should I purchase an immediate annuity at my age 77, or perhaps long term care insurance? Income $2000 month?
Or, should I buy an immediate annuity? Home value $200,000, mortgage free. CDs $150,000. Paid-up burial policy and $5,000 life insurance policy. No debts except usual household expenses and home maintenance. Disabled son lives with me.
Has anyone ever dealt with an Immediate needs annuity or CFPP (Care fees payment plan).?
I’m trying to find out wether they are any good. If they are, who does them?
I know you pay a lump sum and in return get payments for care for the rest of life (lump sum being approx 4 to 5 x the annual payment).
Where can I get more independant advice?
Thanks
I’m licensed to sell life insurance, medicare supplements, annuities and long term care…?
Do I qualify for a medical billing job? I heard it might be so…
The Future of Long Term Care in America
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The Future of Long Term Care in America
How to Guarantee a Lifetime of Long Term Care Benefits for Half the Cost
Here’s how to make sure your long term care is taken care of for the rest of your life, guarantee that you will never run out of money and not disinherit your kids.
A tall order, you say. Yes, but in certain situations all three of these can have a happy ending. Here’s a more than typical scenario…
Ruth is 88. She has been diagnosed with moderate Alzheimer’s. Other than that, she is in pretty good health for an 88 year old. Her doctor tells her she’ll live to 100.
Ruth has two children. Ben is an attorney and lives way across the country. Ruth has been living with Karen, her daughter, and Karen’s husband and three grandchildren.
Ben has already set up the paperwork and has power of attorney over his mom’s affairs. He has been handling her finances for the last couple of years from afar and that has worked out fine.
Ruth has become more forgetful recently and that has become more of a concern for Karen. On top of that, Karen just got a promotion that will entail her traveling out of town one or two days a week. She doesn’t feel it is right to shift the rising care needs of her mom to her husband while she is gone.
Bottom line: Everyone feels it would be better to move Ruth into a health care facility where she can be effectively cared for. Even Ruth agrees as the last thing she wants to do is be a burden on her family.
So Ben puts a pencil to Ruth’s financial situation. Here’s what he comes up with…
Ruth has about $450,000 of assets. Most of it came from the sale of her home which she lived in for 45 years. She has $800 a month coming in from Social Security and $1,200 a month from the telephone company pension where she was an operator for 35 years.
Karen has found the ideal care facility for her mom. It is close to their home and it provides all the care Ruth would ever need for the rest of her life. The problem is that it cost $5,000 a month. So she is short to the tune of $3,000 a month.
But the problem goes deeper than that.
Even though Ruth has assets totally $450,000, it’s possible that she could eventually exhaust these funds. After all, other than Alzheimer’s, she has no major problems. What if her doctor is right and she does live to 100?
Karen and Ben love their mother and hope she lives to be 120, but these are simply the economic realities. However, there is another problem. Ruth’s life-long goal has been to be the one that educates her three grandchildren. It’s pretty easy for her to see that dipping into her estate at the rate of $36,000 a year is not only flirting with her ability to educate the grandchildren, but it is affecting her other goal of leaving her estate to Karen and Ben.
Ben schedules an appointment with his personal financial advisor and explains the dilemma. The first thing they look at is an immediate annuity. Ruth’s age would give her a good rate of return. The best quote to provide the $3,000 a month short fall for as long as Ruth lives comes back at $215,000.
The good news is that Ruth could live to be as old as Methuselah and the insurance company would send her a check for three grand a month. And $36,000 a year on a $215,000 “investment” is a 16.7% return on the money. Second, this preserves the balance of Ruth’s estate for her wishes. $450,000 less $215,000 is $235,000. That should educate the grandchildren and leave a little left over for Ben and Karen.
The bad news is that is quite a chunk out of the total estate. And if Ruth falls and breaks a hip and dies next year, the insurance company keeps the $215,000. Ben’s financial advisor tells him there are ways to set up different types of refund arrangements with the insurance company so the whole $215,000 doesn’t go down the drain, but these options cost more.
Is there a more efficient way? Maybe, read on…
Insurance companies issue what are called “medically underwritten” annuities. Generally there is no physical exam required, but the insurance company does take a look at the person’s medical history. The theory here is that people with health impairments have a life expectancy lower than the average for the entire population of people the same age. So providing the same monthly benefit can be provided with less money.
That’s exactly what happened when Ben’s financial advisor put in an inquiry on Ruth’s situation. $3,000 a month for life would take only $130,000.
So the shortage of $3,000 a month was taken care of. Ruth won’t ever run out of money. Now there is $320,000 to educate the grand kids and leave the rest to Karen and Ben. Nobody gets disinherited and Karen and Ben heave a sigh of relief knowing they will never have to use their own money to provide for Ruth is she lives as long as they hope.