What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...] about Why Crowdfunding May Cost You Medicaid Eligibility
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...] about ABLE Accounts
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article discusses the elements of incapacity planning and the need for flexibility to do Medicaid planning. It discusses how a trust with Medicaid triggers can allow that. Incapacity Planning … [Read more...] about Incapacity Planning
As you are doing the math and projecting a budget for the latter stages of your life you would do well to be aware of the high and rising costs associated with long-term care. First off, if you are under the impression that it is unlikely that you will ever need such care you may want to reconsider your stance. In fact most people who are fortunate enough to reach the age of 65 will eventually need living assistance, so this is something that is relevant to everyone. According to … [Read more...] about Be Aware Of Long-Term Care Costs
Because of the fact that Medicare does not pay for long-term care many senior citizens wind up relying on Medicaid to pay for nursing home expenses. Medicaid planning can involve "spending down" so that you can stay within the upper financial asset limit of $2000. It should be noted that some of your personal property does not count toward this $2000 limit, including your primary place of residence. Divesting yourself of personal ownership of your assets is what spending down is all about. … [Read more...] about Medicaid Eligibility: Does My Trust Count?
To qualify for the Medicaid program as a senior citizen you must have countable assets that do not exceed a certain very modest limit. In most states this limit is $2000. However, the word "countable" is quite operative here because some of your most valuable possessions don't count. And, if you are married your spouse can keep a significant portion of the countable assets if you were to seek Medicaid eligibility. Though you may retain ownership of your home and still gain eligibility for … [Read more...] about Medicaid Limits Adjusted Upward This Year
According to the Kaiser Family Foundation you have a 40% chance of eventually residing in a nursing home if you are fortunate enough to reach the age of 65. Aside from nursing homes elders sometimes live in assisted living communities, so there is indeed a very real chance that each one of us will need living assistance eventually. When you are budgeting for the future it is very important to understand the fact that Medicare will not pay for a long-term stay in a nursing home or assisted … [Read more...] about Will Medicare Pay Nursing Home Expenses?
Planning for expenses that you can accurately predict is hard enough, but when you are trying to figure out how much you can expect to pay for long-term care in perhaps 20 years or more you are really faced with a challenge. The Cleveland elder law community has been quite concerned about the rising cost of long-term care for a while now and experts say that we can expect upward trending to continue into the future. Over the last couple of years the average annual cost of a stay in a … [Read more...] about Long-Term Care Costs: Upward Trending a Concern