In our previous post, we shared three reasons why people use trusts instead of wills, and we are going to look at three other scenarios here to conclude the series. Nursing Home Asset Protection A significant percentage of seniors require nursing home care at some point in time. Medicare does not pay for the custodial care that these facilities provide, and they are very expensive. In our service areas, you can expect to pay $80,000 or more for a year in a nursing home, and costs have been … [Read more...] about Why Do People Use Trusts (Part 2)
Will Your Parents Need Nursing Home Care?
Many families experience role reversals at some point in time. You may find that your parents need your assistance when they start to reach an advanced age, and the level of help that is needed may slowly increase. When the demands become significant, you may be incapable of meeting them on your own. This is something that many people experience, and under these circumstances, professional assistance will be needed. Assisted Living Costs The first thing to understand about assisted living … [Read more...] about Will Your Parents Need Nursing Home Care?
Five Things You Need to Know About Medicaid Planning
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
Don’t Assume You Will Never Need Long-Term Care
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
Alzheimer’s Can Yield Financial Consequences
As elder law attorneys, we keep a finger on the pulse of matters that impact senior citizens in ways that can be addressed through the proper planning. Everyone has heard of Alzheimer’s disease in a general sense, but you should understand the relevant facts when you are looking ahead toward your senior years. Life Expectancy You may have heard that the life expectancy for all Americans is about 78 years. This includes people that pass away at all ages, but it goes up when you are talking … [Read more...] about Alzheimer’s Can Yield Financial Consequences
Nursing Homes Can’t Take Stimulus Checks
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
Three Estate Planning Traps to Avoid
Most people do not have a full understanding of the reasons why you should plan your estate in a particular way. The ideal course of action will depend upon the circumstances so you should be careful about making assumptions. Individuals who go forward without the right information often make mistakes that yield negative consequences. In this post, we will look at three common estate planning traps to avoid. DIY Estate Planning There are websites that sell generic, boilerplate legal … [Read more...] about Three Estate Planning Traps to Avoid
Medicaid Rules for Home Ownership
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
A Look at Adjusted 2020 Medicaid Figures
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
Be Aware of the Medicaid Look-Back Period
Medicaid is a jointly administered federal/state government program that provides health insurance for people with very limited financial resources. It was not intended to serve this function, but it has become the de facto source of long-term care insurance in this country. Why would this be the case, when we already have a health insurance program in place that is intended for senior citizens in the form of Medicare? This is a good question. Many people would say that it makes no sense, … [Read more...] about Be Aware of the Medicaid Look-Back Period
