Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Like many people, you may not have given much thought to the possibility that you will need to qualify for Medicaid later in life. More importantly, you may not realize that the retirement nest egg you have worked so hard to establish over the course of your lifetime could be at risk if you do ultimately need to qualify for Medicaid benefits
Who are your designated beneficiaries? Not sure? If so, you are not alone; it’s not uncommon to select designated beneficiaries without considering your overall estate plan. However, the failure to coordinate them could wreak havoc on your overall estate
Although purchasing a pre-paid funeral and burial plan may be a good estate planning decision, it may not provide the Medicaid “spend-down” benefits many applicants think it will. Understanding when a funeral plan is exempt, and when it is not, is crucial for a senior who is trying to “spend-down” for purposes of Medicaid eligibility.
Did you recently inherit money or other assets? If so, it is imperative that you make wise choices with your newfound wealth. To help you, we have created an inheritance “Dos and Don’ts” list.
Amy and David both need nursing home care as well as Medicaid’s help paying for that care; however, they have assets that exceed the program limit. The couple also wants to continue to provide financial assistance to their disabled adult son. However, they are concerned that the Medicaid asset transfer rules will prohibit them from doing so. The good news is they can continue to provide for their son and qualify for Medicaid immediately.
Do the Medicaid gifting rules and asset transfer penalties have you confused? If so, you are not alone! Unfortunately, failing to understand the rules and penalties could result in your ineligibility for benefits right when you need them the most. The answers to several common questions may help you gain a better understanding of Medicaid’s rules and penalties.
While the American health care system has undergone major changes in recent years, the potential to save money and taxes through a Health Savings Account (HSA) has not changed. Find out whether you’re eligible to get started with an HSA, and how an HSA can be an excellent tax saving vehicle that provides the benefits of both a traditional IRA and a Roth IRA all-in-one!
Did you just find out you are the Trustee of a Trust? If so, you are probably feeling honored, and maybe a bit intimidated if this is your first time acting as a Trustee. In this article, find out what a Trustee’s role is within the Trust as well as the duties and responsibilities of a Trustee.
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
If you are not sure about Medicaid spend-down requirements, now is the time to find out! Waiting until the last minute could result in losing your property. Check today to know what real property is exempt in order to start receiving your Medicaid benefits as soon as possible.