We are going to look at Medicaid planning and the 2024 spousal allowances in this post, and there have been increases over the 2023 levels. But first, we will set the stage with some key facts about seniors, long-term care, and Medicare. Medicare and Long-Term Care Most senior citizens will require living assistance eventually. The … [Read More]
Elder Law Study: Connecticut Nursing Home Costs Will Eclipse $250,000 Annually
Elder law attorneys assist clients who are concerned about the eventualities of aging, and there is one challenge that stands above all others from a financial perspective. Seven out of every 10 people who are turning 65 on this day will eventually need long-term care. Some will be able to receive the assistance they need … [Read More]
VA Veterans Pension: A Guide for Seniors and Disabled Wartime Veterans
The VA Veterans Pension is a beacon of support, offering monthly financial aid to eligible wartime veterans. It’s designed for those meeting specific age or disability criteria and whose financial situation aligns with the established limits. This pension is a crucial aspect of the nation’s commitment to honor and support its veterans in their senior … [Read More]
A Look at the Medicaid Spousal Allowances for 2024
With every new year, we inevitably hear about adjusted parameters for government programs and tax guidelines that are relevant from an elder law/estate planning perspective. With this in mind, the updated Medicaid spousal allowances for 2024 have been released, and we share the updates in this post. Why Is Medicaid Relevant? Before we get into … [Read More]
An Overview of Medicaid Spousal Impoverishment Rules
Before we address the Medicaid spousal impoverishment rules, we have to provide some background information. The majority of senior citizens will need help with their activities of daily living, and over one-third of elders will ultimately reside in nursing homes. This is an eye-opening fact of life that many people never consider. Most seniors get … [Read More]
Take Precautions to Protect Your Legacy
A lot of people look at estate planning as the act of leaving instructions with regard to how your assets will be distributed after you are gone. They think that this is the long and short of it, but there is another facet to take into consideration. This is a blunt way of putting it, … [Read More]
Medicaid Estate Recovery Mandate Is Under Siege
You may assume that Medicare will make all of your healthcare needs affordable after you reach the age of 65. This is medical insurance for senior citizens, and these are the folks that populate nursing facilities. When you put two and two together, you would expect Medicare to cover long-term care. In fact, Medicare will … [Read More]
Understanding and Combating Elder Financial Abuse
As you or your loved ones enter the golden years, it’s crucial to be aware of the alarming rise in elder financial abuse. This form of exploitation poses a significant threat to seniors’ financial well-being. In this blog post, we will delve into the depths of elder financial abuse, exploring its prevalence, common tactics employed … [Read More]
Medicaid Planning: What About the Healthy Spouse?
You may feel pretty confident about healthcare expenses that you incur as a senior citizen if you know that you are going to qualify for Medicare. This program will provide a solid underpinning, but there are deductibles, coinsurance, and premiums. The out-of-pocket expenses are usually not overwhelming if you have planned ahead for retirement effectively, … [Read More]
Does Medicare Cover Nursing Home Care?
Most people believe Medicare will cover all of your medical expenses when you are a senior citizen. They know that there are some out-of-pocket expenses, but the lion’s share of everything will be paid for by Medicare when you become eligible. This is true for the most part, but there is a major caveat when … [Read More]
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