Exploring Ways to Protect Your Real Property
1. Why should I take steps to protect my home? If you suffer a long term illness and you have not taken steps to protect your home, your home may have to be sold to pay for your care. 2…
Important Facts About Medicaid Eligibility
What is the difference between Medicare and Medicaid? Medicare is a government program that provides health care benefits to senior citizens, disabled individuals and individuals with certain chronic illnesses. Medicaid is a need-based government program available to individuals with low…
What is a Pooled Income Trust?
If you are receiving, or are applying to receive, community Medicaid benefits, a Pooled Income Trust is an important planning tool to consider. For 2013, the Medicaid monthly income allowance is $820 per month. Any income above the $820 per…
Spousal Rights – FAQs
What is the Spousal Transfer Exception? When applying for Medicaid Nursing Home Care, there is no transfer penalty for any asset transfers between spouses. The Medicaid Applicant Spouse will not be denied Medicaid benefits as a result of any asset…
Avoiding Estate Planning Mistakes- Step 3
Monitor beneficiary designations. John implemented an estate plan to protect his son, Charlie who has special needs. In fact, Charlie receives government assistance under the Medicaid and SSI programs. John made sure that his Will provided for a Supplemental Needs…
Medicaid Home Care: A Solution for Seniors
It’s true what they say, "there’s no place like home." Most seniors understand the truth in that saying and want to live at home. Unfortunately some seniors who have difficulties with certain activities of daily living may need some help…
Medicaid: Mistake #6 – Not Getting Professional Help
Many people get their Medicaid counseling from a friend or neighbor at the coffee shop, or from someone with a financial interest in some particular strategy. Don’t do it! Whatever money you “save” by trying to handle these matters yourself…
Medicaid: Mistake #5 – Failing to Take Advantage of Protections for the Healthy Spouse
When a loved one goes into a nursing home it can be a difficult transition for the whole family. This can be especially true for the “healthy spouse” who stays at home while his or her spouse is in a…
Medicaid: Mistake #4 – Applying for Medicaid Too Early or Too Late
If you read this blog post and only remember one thing, I hope it is this: NEVER APPLY FOR MEDICIAD UNLESS YOU QUALIFY. It is very important that you create your plan, use legal strategies to protect your assets, and…
Medicaid: Mistake #3 – Ignoring Important Safe Harbors
Someone once said there are two sets of rules: one for the informed and another for the uninformed. In Medicaid planning, as in life, this is an unfortunate truth. Congress has provided many opportunities to protect assets, but you can’t…