A comprehensive estate plan should accomplish a number of estate planning goals and take into account various estate planning objectives. For example, planning for the possibility you will one day need to pay for long-term care (LTC), referred to as “Medicaid planning,” is a common estate planning goal. The overall objective of Medicaid planning is to reduce your “countable resources” so you will be eligible for Medicaid should you need it. While it may not be something you previously … [Read more...]
How Can I Continue to Help My Nursing Home Spouse and Pass Down an Inheritance to My Children?
Deciding you can no longer adequately care for a spouse in your home is heart-wrenching. However, once you have made the decision to move your spouse to a nursing home, you will need to make a number of practical, financial, and legal adjustments as a result of the move. One of those adjustments may be to get your spouse qualified for Medicaid to help cover the high cost of nursing home care. If you have managed to hold onto a sizeable nest egg, however, you may be wondering how you can … [Read more...]
Preserving the Family Home from Medicaid Recovery
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 … [Read more...]
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...]
