The biggest elder law issue at the present time is the matter of long-term care and the costs that go along with it. Medicare does not pay for living assistance, and the vast majority of seniors will need some form of long-term care. In fact, more than one third of seniors will eventually reside in nursing homes. Medicaid is another government health insurance program that does pay for living assistance. Most people in nursing homes are enrolled in the Medicaid program, and a high percentage … [Read more...] about Five Things You Need to Know About Medicaid Planning
Retirement planning can seem like it is completely focused on the active years that you will be able to enjoy shortly after you put your working years behind you. This is certainly an important consideration, and your golden years can be quite satisfying if you are properly prepared for them. At the same time, it is wise to budget for the years that will follow when you are not as capable as you once were. The United States Department of Health and Human Services tells us that seven out of … [Read more...] about Don’t Assume You Will Never Need Long-Term Care
When you hear that there are revocable trusts and trusts that cannot be revoked, you may wonder why you would voluntarily surrender control of your assets to an irrevocable trust. If you can accomplish the same goals with the ability to revoke the trust, isn’t that the better way to go? In a perfect world, this would be the case, but there are legal realities that enter the picture here. Let’s look at the differences between these types of trust beyond the general right of … [Read more...] about When Should You Use an Irrevocable Trust?
Before we share some important practical information, we should explain some facts about long-term care and Medicaid for people that are not apprised of the dynamic. Most senior citizens will eventually need help with their activities of daily living. According to the United States Department of Health and Human Services, 35 percent of elders eventually reside in nursing homes. While the vast majority of senior citizens qualify for Medicare, this is not the solution. The Medicare program … [Read more...] about Nursing Homes Can’t Take Stimulus Checks
As elder law attorneys, we focus on legal and financial issues that are of interest to senior citizens. There are a number of them on the table at the present time, and the matter of long-term care is at the top of the list. If you are assuming that you will always be able to get by, even if you need some help from family members, you should understand the facts. Longevity statistics can help you understand the risks, even though they are not very pleasant to contemplate. Once you reach … [Read more...] about Charlotte Long-Term Care Costs Are on the Rise
Before we share some specific information about Medicaid and your home, we have to set the stage with some necessary background information. You earn retirement credits when you make payroll or self-employment tax contributions. Most people easily accumulate the maximum four credits each year. After you have at least 40 credits, you will qualify for Medicare coverage when you reach the age of 65. This will safety net will serve as a foundation, but you have to understand the limitations of … [Read more...] about Medicaid Rules for Home Ownership
As elder law attorneys, we place a significant focus on the process of Medicaid planning. The reason why this jointly administered federal/state government health insurance program is relevant may come as a surprise to you. If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65 under currently existing laws. Even if you have not met this requirement, if you are married and your spouse has done so, you would become eligible based on their … [Read more...] about A Look at Adjusted 2020 Medicaid Figures
If you fully understand the value of estate planning, you are probably gratified by the thought that you will be able to leave behind some resources for your loved ones to draw from after you are gone. Many people feel this way, but you should be aware of a certain unpleasant reality so you can take the right steps to preserve your legacy. Latter Life Expenses When you reach the age of 65, you will qualify for Medicare under existing laws. This government health insurance program for senior … [Read more...] about Effective Planning Can Safeguard Your Legacy
Before we get into the caregiver child exemption, we have to provide the necessary background information so you know why it may be relevant to you and your family. Medicare will serve as a health insurance foundation when you become eligible at the age of 65 if you have paid into the program sufficiently. However, there are out-of-pocket expenses, including 20% of all covered visits to doctors and outpatient care. You should educate yourself and budget for these costs in advance when you are … [Read more...] about Be Aware of the Caregiver Child Exemption
The most important reason why you should discuss your personal situation with a licensed estate planning attorney is because there are many different options. There is no one-size-fits-all inheritance plan that is right for everyone so you should learn about your options so you can make the right choices. With this in mind, we will look at the value of irrevocable trusts in this post. Incidents of Ownership One major distinction between the different types of trust is the ability to revoke … [Read more...] about Why Would You Use Irrevocable Trusts?