Is It Effective Medicaid Planning to Add Someone’s Name to Your Bank Account
Mrs. Jones came in to see me. Her husband was diagnosed with Alzheimerâs three years ago and the disease has progressed to the point where he needs long term nursing home care. At the time of the diagnosis she talked to some family friends and they told her to go
To Gift or Not to Gift
Joe calls me because he wants to understand how Medicaid works. I start to explain how you have to spend down your assets before you can qualify for benefits. That the spend down has to be for value, meaning that you are spending your money and receiving something of equal
I Have a Living Trust So I’m Covered – Right?
In discussing long term care planning with new clients, very often they will tell me that they have everything covered because years earlier they set up a living trust. Living trusts are estate planning devices designed to eliminate the need to probate an individualâs estate at his/her death. In the
The Right Way — And The Wrong Way — To Hire a Home Aide
As long term care needs increase and families want to keep their loved ones at home, hiring home health aides often becomes necessary. Paying an aide, however, if not done correctly, can cause Medicaid ineligibility years later, after funds run out. Consider the following very common scenario. Jane hires a home
The Bank Won’t Honor my Power of Attorney
As I often tell clients, one of the most important documents that everyone should have is a power of attorney. A power of attorney allows you to designate someone to conduct financial and other transactions on your behalf. The ease with which anyone can execute such a document is a
Dad Owns a Home and Needs Nursing Home Care – What do I do?
A common scenario that I am seeing with increasing frequency is the following fact pattern. Dad owns a home but not much else. He needs nursing home care but canât get a mortgage to tap into the equity to pay for the care. The home is listed for sale but
Assisted Living Medicaid – Another Example of the Risks of Going it Alone
A few months ago I wrote about the difficulties qualifying for assisted living Medicaid. (See 3/23/09 blog post). Last year I wrote about the risks of trying to handle a Medicaid application yourself. (See 10/5/09 blog post). A recent case we handled in our office illustrates both issues. John had been
Is Remaining at Home Always the Best Option? Maybe Not
As I have written previously, in speaking with families, overwhelmingly the desire is for elderly family members to remain in their own home as they age and face declining physical and mental health. But, is that always the best thing? Perhaps, not for everyone. I was reading a recent post on
Spent Down? Not So Fast
Some months ago I wrote about the couple who, not understanding the peculiarities of the Medicaid rules, did not spend down in a timely manner and, as a result, lost six months of Medicaid eligibility. Even though the money was eventually spent those lost months could not be recovered and
No Estate Tax in 2010 – Will It Really Happen?
Ever since Congress passed the current estate tax legislation in 2001 it was the belief of many, including myself, that legislators would have to go back and pass changes to the law before 2010. You see, in 2010 there is no federal estate tax. But, the elimination of the tax