David and Amy have been happily married for over 50 years and are now well into their retirement years. They have two grown children. Their daughter Sarah is an engineer, while their son Allen has special needs and lives in a group home. Amy is very concerned lately because it looks as though both she and her husband will be living in a nursing home in the near future. She is unsure how that will affect Allen and the financial help they have always given him. The good news is that Amy doesn’t … [Read more...]
How Will Life Insurance Policies Impact Medicaid Eligibility?
At some point during your retirement years, there is a good chance you will need the type of medical care that only a long-term care (LTC) facility can provide. The cost of that care may cause you to turn to the Medicaid program for assistance. If you fail to plan ahead by including Medicaid planning in your comprehensive estate plan, you may find it challenging to qualify given the extremely low asset limit imposed on applicants by Medicaid. Fortunately, Medicaid does exempt some assets from … [Read more...]
A Funeral Plan is Not Always the Best Medicaid “Spend-Down” Solution
Across the nation, about half of all seniors who require nursing home care depend on Medicaid to cover the cost of that care. Medicaid, however, has both income and asset tests that must be satisfied before a senior will be approved for benefits. If the applicant’s assets exceed the limit, the applicant will be told to “spend-down” the excess assets in order to reach the asset limit (typically $2,000 for an individual). One “helpful” piece of advice often given to seniors in this situation is to … [Read more...]
Can I Keep My Small Business and Still Qualify for Medicaid?
For many people, owning a small business remains part of the “American Dream.” If you are one of those people and you have managed to make your small business a success, you are to be congratulated. Getting a business off the ground is challenging enough. Actually turning a profit is nothing short of impressive. What happens to your business though if you (or your spouse) need to qualify for Medicaid to help cover the high cost of long-term care (LTC)? Understandably, the idea of losing your … [Read more...]
Combat Pay, Taxes, and Retirement – What Veterans Need to Know
If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country. Military Compensation As a member of the military, your compensation is more complicated than the average civilian. The reason for this is that your pay is composed of … [Read more...]
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