- 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. - 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. - Common Law Marriage: Be Careful!
Did you know that you can be "married" without actually getting a marriage certificate? This article discusses how a couple can become "common law" married and what the factors are that make that determination. - Discussing Wills and Powers of Attorney With Your Parents
Discussing wills and durable powers of attorney with your parents can be somewhat scary for most people. This article discusses several approaches that have proved successful for the author's clients. - 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. - 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. - 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. - How to Choose an Estate Attorney
Selecting an estate planning attorney is an important task, but how do you go about it? The best ones usually don't advertise in the Yellow Pages and finding one online is not much easier. This article-written by an estate attorney with many years' experience-gives a number of insider tips on how to go about it. - 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! - I Don't Have a Will - Do I Really Need One?
A common question estate planning and elder law attorneys often get asked is "Do I really need a will?" (The next question is always, "How much does it cost?" but we'll discuss that another day!) Most people would assume that an estate planning attorney would always answer "Yes, of course," but such is not the case. Many people simply have no need for a will. But let's take a look at why you may indeed want to have a will. - 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? - 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? - 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 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. - 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? - Medicaid and the Living Trust
Living Trusts are widely advertised in seminars on estate planning. But can they be used if you may have to apply for Medicaid? This article discusses some of the pitfalls. - 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 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: 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. - 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 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? - 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! - 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. - 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. - 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. - 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. - Setting Up a Special Needs Trust for a Disabled Relative
Many of us have a family member or close relative with a disability. We'd like to leave a portion of our estate to help this family member but are unsure how best to do this. Should we just make an outright gift? What about a trust? This article takes a look at some of the options. - 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? - The Inheritor's Trust
The Inheritor's Trust is a way for a child with a substantial estate to save estate taxes and obtain some protection against creditors, lawsuits, etc. This article discusses this new concept. - 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! - What is "Elder Law," Anyway?
What is meant when an attorney says he or she practices "elder law"? This relatively recent specialization area may not be familiar to you, but with the graying of America, it will take on increasing importance over the years. - When is a Person Too Incapacitated to Sign a Will, Trust, or Power of Attorney?
When is a person too incapacitated to sign a legal document such as a will, trust, or power of attorney? This article discusses some of the factors and legal rules that go into determining whether the person may legally sign these documents. - 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? - 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. - 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. - Wills for a Second Marriage
What options are available to someone in a second marriage? How can you be sure your assets will eventually go to your children? This article discusses the options. - Your Durable Power of Attorney May Need to Be Replaced!
Cheap or free durable power of attorney forms omit important provisions. Learn the "must have" provisions to protect yourself and family members!
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