At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much confusion for applicants. While it is always best to consult with an experienced Medicaid … [Read more...]
Frequently Asked Questions About Gifting and Medicaid Eligibility
Over half of all seniors who need long-term care end up turning to Medicaid for help covering the cost of that care. Many of them know little, or nothing, about the Medicaid eligibility rules because they never needed Medicaid prior to their retirement years. The result is that there are a number of misconceptions surrounding the Medicaid rules, particularly when it comes to making financial gifts just prior to applying, or after being approved, for Medicaid benefits. Given the important role … [Read more...]
Everyone Needs a Periodic Checkup
Even the healthiest person needs a periodic medical checkup. Similarly, even the best estate plan needs periodic review. Even if you are in peak health today, a few years later some things may have changed that require a revisiting of your treatment plan. Maybe your blood pressure needs medication. Maybe you have high cholesterol, which is capable of being controlled with adjustments to diet or medication. Like your health, your estate plan needs a periodic checkup. Here are some factors … [Read more...]
What You Need to Know about Asset Protection
If you have worked hard to acquire a decent asset portfolio, shouldn’t you work equally as hard to protect those assets from potential threats? Of course, the answer to that question is “yes.” The problem is that most people do not realize the numerous and varied ways in which their assets might be at risk. Now is the time to learn more about those threats and about the asset protection strategies that can help ensure you don’t lose the assets you worked so hard to acquire. Potential Threats … [Read more...]
Preparing for Health Needs
Each of us faces illness from time to time. We can and should do what we can to prevent illness. However, we also can prepare for when illness does occur. Preparation for illness has two components: 1) financial preparation for the costs, and 2) legal preparation for decision making authority. The preparation for the costs of illness includes savings through traditional means, such as savings accounts, and obtaining health insurance to help defray the costs. There is also a … [Read more...]
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