The Living Trust Plus™ is a revolutionary asset protection trust, designed to help the middle class protect assets from the devastating expenses of long-term care. If you’ve attended one of my seminars you are already familiar with it. To brush up your knowledge on what we refer to as “Medicaid Asset Protection,” please visit […]
Free Seminar: Who Will Pay for Your Long-Term Care?
Nursing homes are a common solution when it comes to long-term care, and a good elder law attorney should help you plan for how to make this possibility happen. It’s common for people to think that the government will simply pay for their needs or that a nursing home isn’t any more expensive than renting an apartment. Both ideas are usually untrue. For example, here in Northern Virginia a nursing home can cost around $10,000-$12,000 per month!
Medicaid Asset Protection: What Works and What Does Not
By Evan Farr, Certified Elder Law Attorney This article was posted by ElderLaw Answers Much confusion abounds in the world of asset protection trusts, including the false belief by many elder law, estate planning, and asset protection attorneys that self-settled Offshore Asset Protection Trusts and/or Domestic Asset Protection Trusts are helpful in connection with Medicaid […]
Case Example: Importance of a Properly Drafted Irrevocable Income-Only Trust
Some attorneys and others interested in the field of Medicaid Asset Protection may have been a bit worried about a recent case arising out of Wisconsin — Hedlund v. Wisconsin Dept. of Health Services (Wis. Ct. App., No. 2010AP3070, Oct. 13, 2011) The basics of the case In this case, the court affirmed a ruling […]
The CLASS Act Receives Grade “F”
On October 14th, the Obama administration informed Congress that after 19 months of effort there is no “viable path forward for CLASS implementation at this time.” The CLASS Act (Community Living Assistance Services and Supports) was originally intended to give Americans an affordable public alternative to private-sector long-term care plans. You can read my take […]
Two Lessons from Ovarian Cancer Awareness Month
You may be aware that October is National Breast Cancer Awareness Month. However, fewer people realize that before October, is September: National Ovarian Cancer Awareness Month. More than 15,000 women will die from ovarian cancer this year, slightly less than half the number who will die from breast cancer (about 39,000). The prevalence of all […]
What the American Middle Class Needs to Know: How to Protect the Family Home From Medicaid Recovery
Because the home is the largest asset a couple can keep while still qualifying for Medicaid, it is also usually the main target of estate recovery. Meet Sidney and Rachel Sidney and Rachel had lived in their home since it was new. They built it just after Sidney got a promotion to regional sales manager […]
How to Avoid Losing Massive Amounts of Money to a Nursing Home
When older adults think of estate planning, many actually have asset protection in mind. What they want is the peace of mind of knowing that the nest egg they’ve been saving for that proverbial “rainy day” will actually be available for them when that rainy day comes. The rainy day, for most people, is when […]
Top 3 Advancements to Help Seniors Stay at Home: “No Thank You, Nursing Home”
With the right plan, seniors can qualify for Medicaid, take advantage of today’s latest elder care technologies, and protect the assets which otherwise could be drained by the catastrophic costs of long-term care.
3 Tips on Speaking to Parents About Long Term Care Options
Today’s women are decision makers. For some couples, the woman is THE decision maker, and there’s nothing wrong with that. For example, in nearly 8 out of 10 cases where married couples purchase a vehicle, it is the woman who makes the final decision. And because women outlive men by 5.4 years on average, women […]
New Hope for Diagnosing Alzheimer’s: Plus, Unlikely Team of Players Unite to Battle Disease
Don’t overlook the quality of life and dignity that can be preserved through Alzheimer’s Planning. Until there is a cure or vaccine for Alzheimer’s disease, the focus for many families is on ensuring the quality of life and dignity of those suffering with this disease. For more on Alzheimer’s Planning, please visit us at https://web.archive.org/web/20160110044450/http://alzheimersplanning.com/.
A Mixed Bag in Virginia: Federal Law Prohibits 2011 Social Security Increases, but Federal Agency Grants Millions to Disadvantaged Groups
As Halloween approaches this year, I can’t help but draw an analogy between the nights I spent meandering my neighborhood as a kid looking for handouts, and our current economic times. I recall my grade-school friends and I operating our minds at their collective capacities, as we planned the best streets to target and the best […]
Reverse Mortgage Rules Changing Again
I’ve written several times over the years on the topic of Reverse Mortgages. My first article explained the concept and requirements of a Reverse Mortgage and how seniors can use a reverse mortgage. My second article, entitled Using a Reverse Mortgage to Pay for Home Care, explained how the Reverse Mortgage can be used as a tool […]
Be Prepared
In my last blog post, I mentioned I’d be spending a week and a half working as a member of the archery staff at the BSA National Scout Jamboree, helping the Boy Scouts of America celebrate its 100th Anniversary. Well, I’m happy to report that I made it back to work last week, safe and sound despite having […]
Health Reform: Changes in Store for the Elderly
After a year of legislative wrangling and premature forecasts of death, historic legislation overhauling the nation’s health insurance system passed the Congress and has been signed into law by President Obama. Among some of the highlights, this legislation contains: The nation’s first publicly funded national long-term care insurance program, the Community Living Assistance Services and […]
Upcoming Seminars for Lawyers and Clients
I’m conducting two seminars this week on the topic of Income Only Trusts. The first one is a teleseminar for attorneys around the country who are members of the professional group ElderLawAnswers. Entitled Using Income Only Trusts for Medicaid (and General) Asset Protection, this teleseminar is Thursday, Feb. 11, at 2pm Eastern. If you’re a member of ElderLawAnswers, you […]
Using a Reverse Mortgage to Pay for Home Care
Many of my clients ask me how I feel about reverse mortgages, and even more so this past week because of a favorable story that appeared in last week’s Washington Post entitled “Reverse Mortgages are Not the Next Subprime.” This excellent article was written by the “Mortgage Professor,” a Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania (incdientally, my Alma Mater), and clears up much of the confusion and myths and fears surrounding the reverse mortgage. I encourage all of you to read it.
Major Change in Estate Tax and Capital Gains Tax for 2010
Because of a Congressional failure to act before the end of 2009, there’s good news and bad news to report on the Estate Planning and Elder Law front. The good news is there’s no Estate Tax if you die this year. The bad news is you may owe significant capital gains taxes if a loved […]
Important Elder Law and Estate Planning Numbers for 2010
Under current law, there will be no cost-of-living adjustment (COLA) in Social Security in 2010 — the first time that has happened since automatic cost-of-living adjustments began in 1975. Several bills before Congress would grant a special increase in Social Security payments for 2010. In addition, when no Social Security COLA is provided, Medicare Part […]
What Does the Bible Teach us About Estate Planning?
Sorry for the last minute notice, but I just found out that my church, Fairfax United Methodist Church (10300 Stratford Avenue, Fairfax, VA 22030), has space left for a course I’m teaching tomorrow evening entitled What Does the Bible Teach us About Estate Planning?This is a brand-new two part course seminar that I’ve just put together as part of my […]
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