Many of us fear that as we age, we will need medical assistance. We strive throughout life to maintain insurance to pay for medical expenses while trying to save. Many of us also want to leave something for our children, so that they have an easier time in life than we did starting out. Perhaps the most meaningful asset to leave is the family home, for emotional as well as economic reasons. Unlike Medicare, Medicaid is a government program for which you must qualify by having few assets … [Read more...]
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Lowering Your Chances at Qualifying for Medicaid? Know the Law before Transferring an Asset
Estate Planning is often a necessary task. It is most commonly known as a way to direct your assets to those you wish to provide for after your death. But, did you know that part of the estate planning process could also help with providing for your care or the care of a loved one upon disability? A well thought out estate plan can prove especially useful where a beneficiary may need government assistance, such as SSI or Medicaid. A hasty transfer of assets can mean the … [Read more...]
Is Your Real Property Safe from the Medicaid “Spend-Down” Requirements?
Almost half of all seniors eventually turn to Medicaid for help covering the high cost of long-term care. If you are one who may need to qualify for Medicaid at some point, will you be able to keep your real estate? Understandably, it’s a question that worries every senior who may need to qualify for Medicaid benefits in the future. The answer may surprise you! While you may already know that your primary residence is likely exempt from the Medicaid “spend-down” requirements, you may not know … [Read more...]
Calculating Your Financial Wealth
You are worth much more than your financial wealth. Your lifetime of wealth includes the sum of your experiences, knowledge, values, and moral guidance, as well as your accumulated financial wealth. But financial wealth is important in many ways. When you apply for a mortgage or car loan, the bank wants to know about your financial situation, not your life experiences. Similarly, your family will need your financial wealth to pay bills in your absence. You are taxed on your financial wealth, not … [Read more...]
Dynasty Trusts
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust. Read on to learn more. … [Read more...]
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