Estate planning can seem like a complicated matter, and there are intricacies and some complicated devices. This being stated, there are some basic tips that you can digest to gain a fundamental understanding of the process, and we will provide three of them here. Don’t assume a will is the appropriate asset transfer device. A lot of people think that a will is the only estate planning document you should ever consider using unless you are extremely wealthy. In reality, there are multiple … [Read more...] about Three Key Estate Planning Tips
nursing home asset protection
The Medicaid program is largely ignored by people with health insurance that will qualify for Medicare when they are 65 years of age. This being stated, it should definitely be on your radar if you want to preserve your legacy for the benefit of your loved ones. It is important because of one inconvenient truth: Medicare does not pay for nursing home care. According to the state, the average cost for a month in a nursing home in Connecticut is $13,512. According to the U.S. Department of … [Read more...] about What Is the Connecticut Medicaid Asset Limit in 2021?
It is natural to assume that your health insurance needs will be satisfied for life after you qualify for Medicare coverage. Unfortunately, there is a significant expense that most senior citizens will face that is not covered by the program. Medicare will not pay for a stay in a nursing home, and it doesn’t cover custodial care that is provided by an in-home caregiver. You can expect to pay over $150,000 for a year in a nursing home in the Hartford area, and in-home care comes with a price … [Read more...] about Medicaid Planning 101
When you look back on your life, you invariably recognize the fact that you would act differently in some ways if you could consult with your future self. Indeed, it is said that experience is something that you get right after you need it. How can you be prepared for a situation that you have never experienced before? In some cases, you can analyze statistics and gain an understanding of potential outcomes based on the experiences of others. This definitely enters the picture when it … [Read more...] about Elder Care: Evolved Thinking Can Preserve Your Legacy
When you start to reach an advanced age, you may find it difficult to take care of all your day-to-day needs. An assisted living facility may enter your mind when you think about the subject, but you probably do not want to leave the comfort and familiarity of your own home. This is fully understandable, and in this post, we will look at an approach that can be taken to address the situation. Medicare and Long-Term Care Costs Medicare is the source of health insurance for almost all senior … [Read more...] about CHCPE Can Provide In-Home Care Solution
In this post, we will provide four questions for you to think about. When you come up with the answers, you will have a better idea of what your estate plan will look like when you take action. Are estate taxes going to be a concern? Most of the tax laws are favorable when it comes to asset transfers after someone passes away. If you receive insurance policy proceeds or an inheritance through the terms of a will, you would not be required to report the income when you file your … [Read more...] about Answer These Questions to Develop Your Estate Plan
Elder law attorneys focus on the eventualities that seniors may face, and many of the challenges stem from Alzheimer’s disease. Everyone has heard of it, but a lot of people are not aware of its widespread nature and the overall impact it has on society. Alzheimer’s Association Statistics The Alzheimer’s Association website is probably the best place to visit if you want to educate yourself about this horrible disease. According to their site, over 6 million Americans have contracted the … [Read more...] about How Common is Alzheimer’s Disease?
We are going to look at Medicaid and home ownership in this post. But before we focus on this subject, we will explain why Medicaid should be on your radar if you will qualify for Medicare. Long-Term Care Costs The United States Department of Health and Human Services tells us that 70 percent of seniors will require some type of living assistance eventually. Over 30 percent of the oldest old have Alzheimer’s disease, and elders with this condition often require nursing home care. When you … [Read more...] about Can You Qualify for Medicaid as a Homeowner?
The majority of American adults are going through life without estate plans, even though most people that reply to surveys say that planning is important. Since there is so much procrastination, there is a temptation to create your own estate plan to get it out of the way. This makes sense on the surface, and a lot of people roll up their sleeves to undertake DIY projects. However, you have to know where to draw the line, and you really shouldn’t take on some tasks that are better left to the … [Read more...] about Five Reasons You Need a Lawyer to Plan Your Estate
Before we take a look at the pros and cons of long-term care insurance, we should explain why it is relevant. Indeed, it is easy to be confused when you know you will qualify for Medicare as a senior citizen. Long-term care has to be covered, right? Whether it makes sense or not, the Medicare program simply does not cover the custodial care that nursing homes provide, and it does not pay for in-home care. Don’t Be Overconfident It is hard to imagine a time when you will need this level … [Read more...] about Should You Carry Long-Term Care Insurance?