- Medicaid Home Exemption May Become Limited Under New Law
President Bush has included a provision in his 2008 Budget Proposal that would eliminate the ability of states to exempt more than $500,000 of a home's equity. What can you do if you home is now---or soon may become---worth more than this, when you may need to apply for Medicaid nursing home coverage? - Should I Borrow Against My House to Pay the Nursing Home?
It is not too unusual for a child to try to cover the cost of a parent's nursing home stay by taking out a home equity loan against the parent's house. Wise move or not? - Can't I Just Deed the House to My Child and Apply for Medicaid?
It is certainly possible for a parent to sign a deed transferring complete title of the parent's home to a child. However, the parent should be very sure he or she understands the ramifications of signing such a deed. This article will help you avoid the pitfalls of making such a gift to a child. - I Can't Afford an Elder Care LawyerCan I?
How do you go about selecting an elder care/elder law attorney? How do they typically charge for their services? An attorney gives you the inside scoop! - How to Choose a Good Nursing Home
How do you go about finding a good nursing home, one which will properly care for the emotional as well as physical and medical needs of your family member? This article discusses some of the current resources available to help make this decision easier for you and your family. - Doesn't Medicaid Exempt $12,000 per Year Gifts?
Many people are aware that there is some exemption for gifts, but they often assume that the gift tax exemption applies to Medicaid transfers. Is that true? This article sorts this all out. - My Spouse Has to Go into a Nursing HomeHow Much Can I Keep?
Most people know that in order to qualify for Medicaid coverage of a long-term stay in a nursing home, the nursing home resident cannot own more than $2,000 in cash or other "countable" assets. But if you're married, and one spouse is going into a nursing home and the other is remaining "in the community" (i.e., continuing to reside at home), how much can the so-called "Community Spouse" retain? This article discusses the rules. - Medicaid Annuities: How Do They Work? (Part 1)
A so-called "Medicaid annuity" can be a great technique to preserve assets when you or a family member are applying for long-term care Medicaid coverage. What are the rules and when would this be a good idea? - Medicaid Annuities: How Do They Work? (Part 2)
There is a certain type of annuity that can be useful if you are single and are facing a long-term stay in a nursing home. This article discusses what you need to know before considering this option. - Medicaid and the Best Way to Title the Home
"Should I put the kids' names on the deed?" "Should I take my wife's name off the deed?" "Should I just sell the house now?" What, indeed, is the best way to protect your house, if you or your spouse should ever need to go into a nursing home? - Life Estates in Medicaid Planning
Often an elder law attorney will suggest that clients transfer their home to their children, retaining a "life estate." What does that mean, and what are the consequences of such an arrangement? Can it help protect the house if the parents ever go into a nursing home? - Medicaid and Failure to Elect Against the Will of a Spouse
Even if you qualify for Medicaid to pay your nursing home bills, the state can still come after your spouse's estate should your spouse pre-decease you. This article discusses a recent NJ case interpreting this area of the law and what you may do to avoid this harsh result. - My Neighbor Told Me About His Medicaid Planning - Can't I Do the Same Thing?
Can you safely rely on the planning your neighbor or co-worker engaged in, when faced with paying for the long-term care of a family member? This article discusses the pitfalls of doing so! - Reverse Mortgages and Medicaid
Many seniors are pitched the benefits of a "reverse mortgage" as a way to "unlock" the equity in their homes and pay for a better lifestyle. Does this make any sense? In what circumstances? What if one spouse needs to move into a nursing home? This articles discusses the important details. - Life Insurance and Medicaid Eligibility
How is your ownership of a life insurance policy treated when you apply for Medicaid to cover your nursing home bills? Can you really make money "disappear" with a certain type of life insurance policy that's now being promoted? - Medicaid Estate Recovery
Qualifying for Medicaid coverage of a family member's nursing home care is only the first step. Too many people are unaware that upon the family member's death, every penny of benefits must be repaid to the state! This article discusses the rules and exceptions. - Medicaid Estate Recovery: What to Do?
Merely qualifying for Medicaid for nursing home care is not enough if upon your death your family will have to pay back the state every dime of benefits they paid out on your behalf during your lifetime. There must be some planning techniques you can implement, right? Some "secrets" to avoid that harsh rule? This article discusses some options. - Medicaid Estate Recovery: Exceptions
It's not enough to qualify for Medicaid unless you also plan for the possibility of "estate recovery." That's when the state presents a bill to the estate of the person who had been receiving Medicaid, for all Medicaid payments it made on behalf of the Medicaid recipient, following that person's death. There are some exceptions, however, that prevent such recovery, which are discussed in this article. - Beware of Illegal Medicaid Plans!
While it is important to do planning if you wish to protect your assets from nursing home costs, there are unscrupulous promoters willing to take your cash for bogus plans. This article discusses some of the pitfalls. - Nursing Home Survey Issued---2006
Nursing home costs continue to go up and up. The latest report from the MetLife Mature Market annual survey gives all the details. - Who Pays for Nursing Home Care---A Tale of Three Friends
John, Doug and Ben were all neighbors in a typical blue-collar working-class neighborhood. One had a heart attack, but his financial situation did not change. However, the other two eventually needed nursing home care. With no planning, one of them went broke paying for nursing home care, the other was able to preserve his assets and pass them on to his children. - Who Pays for My Home After I'm On Medicaid?
Although your former home may be exempt when you apply for Medicaid coverage of your nursing home expenses, who will pay for its upkeep during the time you are in the nursing home? This article explores the options available to you. - How the Spouse at Home Can Get More Income from the Nursing Home Spouse on Medicaid
When one spouse qualifies for Medicaid payment of nursing home expenses, it is often possible to increase the income of the "at-home" spouse, IF you know the rules! This article lets you in on what to do. - Leaving Home: Will Medicaid Still Exempt My Home?
Under the current Medicaid laws, even after you enter a nursing home your personal residence will not be counted as part of your assets, in determining if you are eligible for Medicaid coverage of your nursing home costs. But what happens if you have to move out, to an assisted living facility? How can you still retain that exemption? - When Should You Plan for Medicaid Coverage?
We all know that 1 out of 3 of us will spend some time in a nursing home at some time in our life, and that the average stay is just over 2 1/2 years. So when is a good time to start planning? And what should you do once you do start the planning process? - New Medicaid Annuity Rule Enacted
A certain type of annuity can save thousands of dollars when a family member enters a nursing home. Often you can even qualify for 100% Medicaid coverage of the nursing home expenses. Due to a recent amendment to federal law, the requirements have changed. - Wedding Bells: If You're Over 75, Be Careful!
Getting married late in life can cause an unexpected financial burden if one spouse winds up in the nursing home. Learn what the pitfalls are and how to avoid them!
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