Creating an estate plan isn't just about drafting a will or setting up trusts; it's a comprehensive strategy to ensure your assets and possessions are distributed according to your wishes. But what happens when your cherished belongings aren't as valued by your family as they are by you? If you're a collector or a second-home owner, you might face this dilemma. In such cases, downsizing and liquidation can be important aspects of your estate planning strategy. The Collector's … [Read more...] about Liquidation Could Be Part of Your Estate Plan
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 health insurance through Medicare, and it provides a strong underpinning. There are out-of-pocket costs, including monthly premiums, … [Read more...] about An Overview of Medicaid Spousal Impoverishment Rules
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, but your estate plan won’t matter very much if there is little to nothing to pass along. With this in mind, you should consider certain threats to your legacy, and it starts with long-term care costs. Medicare … [Read more...] about Take Precautions to Protect Your Legacy
In this post, we will explain the Medicaid caregiver child exemption. But first, it is important to understand why this might be pertinent to you and your family's circumstances. Medicare Gap At the age of 65, if you have contributed sufficiently to the Medicare program, it will become your primary health insurance. Despite its benefits, Medicare doesn't fully cover all medical expenses, including 20% of all covered doctor's visits and outpatient care. Planning for these costs should be a … [Read more...] about Be Aware of the Medicaid Caregiver Child Exemption
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 not address custodial care costs at all, so you are on your own. Connecticut Nursing Home Costs These are some hefty bills if you are in a long-term care facility for any … [Read more...] about Medicaid Estate Recovery Mandate Is Under Siege
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, and there are supplemental Medicaid plans that fill in the gaps. However, there is a major void in the coverage that everyone should take … [Read more...] about Medicaid Planning: What About the Healthy Spouse?
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 it comes to nursing home care, and we will share the details here. Custodial Care Nursing homes assist people that need a significant level of help with their activities of daily living. … [Read more...] about Does Medicare Cover Nursing Home Care?
People that have served in the United States military make sacrifices, but they are rewarded in a number of different ways. There is a retirement pension that service members can receive after 20 years of service, and there is a separate Veterans Pension for seniors and disabled veterans. The rates have been increased for 2023, and we will provide those numbers and some additional background information in this post. Eligibility Requirements This benefit is available to veterans that were … [Read more...] about Veterans Pension Can Provide Relief for Seniors
It can seem like the Medicaid program will have no relevance if you know you will qualify for Medicare when you are an elder. This makes sense on the surface, but there is a major gap in the Medicare coverage that you should understand when you are anticipating your future expenses. Long-Term Care This program will not pay for the custodial care you would receive in a nursing home, and it does not cover in-home care that is provided by a caregiver. Paying out-of-pocket is not a very pleasant … [Read more...] about Medicaid for Seniors: 2023 Facts and Figures
Many people do not have to think about Medicaid because they get health insurance through their employers, and they know they will qualify for Medicare when they are seniors. This makes sense on the surface, but there is a reason why Medicaid is relevant to just about everyone. In this post, we are going to answer a question that elder law attorneys often hear about Medicaid eligibility, but we will explain some details before we focus on that specific topic. Paid Living Assistance It can … [Read more...] about Elder Law Answers: Can I Keep My Spouse’s Income?