Wealth preservation is key, because significant expenses late in your life could damage your legacy. Unfortunately, there is an unpleasant truth that you should face head-on when you are planning your estate. Long-Term Care The majority of senior citizens will need help with their activities of daily living eventually, and a significant percentage of them will require nursing home care. Medicare will pay for convalescent care after an injury or illness, but it does not cover long-term … [Read more...] about Can a Homeowner Qualify for Medicaid to Pay for Nursing Home Care?
Medicaid estate recovery
Is There a Person With Special Needs on Your Inheritance List?
There are different ways that you can facilitate asset transfers to the people on your inheritance list. The right way to proceed will depend on the circumstances. Plus, you don’t have to provide for everyone in the same manner. Targeted solutions can be implemented to address the life situation of each respective person. With this in mind, we are going to take a look at inheritance planning for people with disabilities in this post. Medicaid and Supplemental Security Income Obviously, … [Read more...] about Is There a Person With Special Needs on Your Inheritance List?
How Can You Include a Person With a Disability in Your Estate Plan?
There are many different tools that can be used when you are planning your estate. It is unwise to assume that you have to settle for limitations or suboptimal outcomes. In most cases, there is a particular device that can serve as the ideal solution. With this in mind, we will look at estate planning for people with disabilities in this post. Need-Based Government Benefits A lot of people with disabilities are unable to join the workforce, so they cannot get health insurance through their … [Read more...] about How Can You Include a Person With a Disability in Your Estate Plan?
How Do I Avoid Medicaid Estate Recovery in Connecticut?
A lot of people have questions about Medicaid estate recovery in Connecticut, and we are going to answer them in this post. When you fully understand the dynamic, you will recognize the need for nursing home asset protection. Long-Term Care In order to grasp the relevance of Medicaid for seniors, you have to digest some facts about living assistance. The United States Department of Health and Human Services tells us that 70 percent of seniors will need long-term care eventually. Over half … [Read more...] about How Do I Avoid Medicaid Estate Recovery in Connecticut?
Special Needs Planning Questions Answered
What is special needs planning? In the field of estate planning, steps can be taken to provide for people that are in unique situations. This applies to the facilitation of inheritances to people with disabilities. Why can’t you just name someone with a disability in a simple will? You can certainly do this, but there is a potential downside. Many people with disabilities rely on Medicaid as a source of health insurance, and they receive income through the Supplemental Security Income … [Read more...] about Special Needs Planning Questions Answered
Medicaid Estate Recovery and the Child Caregiver Exemption
Elder law attorneys counsel clients that are preparing for the eventualities of aging, and long-term care is one of the concerns. The majority of seniors will need help with their daily needs, and more than one third will spend time in nursing facilities. Last year, the median annual charge for a private room in a Hartford area nursing home was just under $180,000. The average length of stay is one year, but more than half of people that require paid care receive the assistance for more than … [Read more...] about Medicaid Estate Recovery and the Child Caregiver Exemption
Act Wisely to Provide for a Loved One With a Disability
Generally speaking, a person that receives an inheritance will mourn the deceased, but they will be able to put the windfall to good use. From a financial perspective, there will be no downside. However, sometimes an inheritance can cause problems, and we will look at a relatively common scenario in this post. Government Benefit Eligibility Clearly, people with disabilities need health insurance more than most. Many of these folks cannot work, so they can’t get health insurance coverage … [Read more...] about Act Wisely to Provide for a Loved One With a Disability
Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Most seniors will need living assistance at some point, and a significant percentage of elders will require nursing home care. If you are going to qualify for Medicare when you are 65, you may not be concerned about long-term care costs when you reach an advanced age. Medicare must cover nursing home care, right? It is a form of medical assistance that is required by seniors, and Medicare was designed to meet the health care needs of older Americans. This is a logical assumption, but in … [Read more...] about Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Will Medicaid Count My Life Insurance?
As elder law attorneys, we have to pass along an inconvenient truth about long-term care costs. All of your life, you do not want to qualify for Medicaid because the program is only available to people with a significant level of financial need. With this in mind, when you hear the term “Medicaid planning,” you have to wonder why anyone would want to be in this position. This is a totally logical perspective, but the reason why Medicaid is relevant is because it will cover long-term … [Read more...] about Will Medicaid Count My Life Insurance?
Does Medicaid Seize Remaining Assets in a Special Needs Trust?
The majority of people in the United States get their health insurance through their employer provided plans. Unfortunately, a high percentage of people with disabilities are not in a position to hold jobs, so this is not an option for them. Everyone needs health insurance, but it is especially important for these folks, so the void is a big deal. Fortunately, a safety net exists in the form of the Medicaid program. It is a need-based benefit, so you can potentially qualify if you have less … [Read more...] about Does Medicaid Seize Remaining Assets in a Special Needs Trust?