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
nursing home asset protection
When you do not know where to begin, estate planning can seem like an intimidating subject. This is understandable because you are stepping into the great unknown as a layperson with a limited understanding of the process. In this post, we will provide some tips that will help you understand how to take the right steps to protect your loved ones. Don’t fall into a cycle of procrastination. You may put estate planning on the back burner because you simply do not know where to begin, and you … [Read more...] about Estate Planning Tips to Help You Protect Your Family
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
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?
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
Retirement planning is a crucial process that everyone should undertake to ensure their financial security in their golden years. It involves setting and achieving financial goals for the future, such as saving enough money to cover living expenses, health care costs, and other retirement-related expenses. In this post, we will discuss the importance of retirement planning and some strategies that can help you achieve your retirement goals. The Importance of Retirement Planning One of the main … [Read more...] about Retirement Planning Should Extend to Legacy Preservation
As elder law attorneys, we find that the most pressing matters that we deal with are impacted by Alzheimer’s disease. Though it is a disconcerting prospect, you should be aware of this looming threat when you are making preparations for the future. Deadly and Surprisingly Common Everyone has heard of Alzheimer’s, but a lot of people are very surprised when they find out how widespread it has become. Over 30 percent of elders that are 85 years of age and older have Alzheimer’s, and your life … [Read more...] about Alzheimer’s Impact From an Elder Law Perspective
Everyone understands the value of retirement planning, but a lot of people do not see the complete picture. The active retirement years can be full of travel, leisure activities, quality time with your family, and efforts to cross things off your bucket list. This is a great reward for your hard work, but you should pragmatically address the twilight years that will inevitably follow. The majority of seniors will need help with their activities of daily living, and most elders will incur … [Read more...] about Aging in Place With the Home and Community-Based Services Waiver
A lot of people that are unprepared from an estate planning perspective know that it is important. Many of them state that they are frozen with inaction because they simply do not know where to begin. This is understandable, and in this post, we will provide some basic facts to consider when you are thinking about the estate planning process. Nursing Home Asset Protection We are going to start with an area that can be easily overlooked. Your estate plan is going to have limited value if you … [Read more...] about Estate Planning Guide: Important Factors to Consider
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?