When Protecting Assets Beware of Capital Gains
When we get calls with questions about how to protect assets from being spent towards long term care #longtermcareplan or how to protect an estate by minimizing or eliminating an estate tax the focus is limited to the value of the asset. In the case of asset protection a typical
Can Family Pay for Private Room When Loved One is Receiving Medicaid? #Medicaid
It’s a question that I’ve been asked numerous times over the years. It’s also one that has caused a lot of confusion. I’ve spoken with some nursing homes who have told me their belief that it violates Medicaid rules. That is incorrect. Here’s the scenario. Mom receives Medicaid, which
A Most Unusual Support System
A recent story that made the news and spread quickly via the Internet reminds us of the importance of having a support system in place because you just never know when you might need it. In this case it came from a very unlikely source. A Domino’s Pizza shop
What Happens When You Don’t File for Medicaid When You Should (Part 2) #Medicaid
Last week I was telling you about the call I received from Shelly. Her mom was sued by the nursing home where her husband resided for the last 4 months of his life. She failed to file a Medicaid application which would have covered the cost of that care.
What Happens When You Don’t File for Medicaid When You Should #Medicaid
Shelly called to ask the following questions, “Does my mom have to tell the nursing home where her bank accounts are located?” In order to answer the question, I had to dig a bit deeper to find out what exactly was going on. This is what I learned. Shelly’s dad had
Retirement Account Changes for 2016 #retirementaccount
As the population continues to age and we see the next generation of seniors coming through our office there are differences in the profile of an aging senior today vs. what we saw 15 or 20 years ago. One change is in the amount of retirement assets that we
Nursing Home Resident with Personal Injury Claim #Medicaid
A personal injury attorney called me recently for assistance. Melissa had settled a claim for damages resulting from the negligence of a nursing facility in which her client, Mary had been living. Mary’s net settlement after paying her legal fees and the costs of the lawsuit is approximately $100,000.
529 Plans and Medicaid (Part 2) #Medicaid
Last week I was telling you about the problem 529 plans pose for Medicaid. Maria called me to handle her dad, George’s Medicaid application. George had set up 529 plans for Maria’s daughters. Are those accounts countable assets subject to Medicaid’s spend down rules? Last week I explained that
529 Plans and Medicaid #Medicaid
Maria asked me to handle the Medicaid application that needed to be filed on behalf of her father, George. We went over the assets he has left to spend down. That’s when Maria told me that George had set up 529 plans for his granddaughters. “Do we have to
What is Palliative Care? #palliativecare
Human life expectancy in the past 100 years has been substantially lengthened as a result of advances in medical science. However, as we know the quality of an extended life span isn’t always great. Many people live with serious illnesses such as COPD, heart disease, cancer, Parkinson’s Disease etc.