Why is it so important for newlyweds to address critical estate planning matters? In the simplest of terms: life is full of surprises and it can save you a lot of money. When love is in the air, it is easy to overlook the devastating consequences of unexpected events such as illnesses, accidents, or tragedy. […]
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 […]
Veterans Aid & Attendance Benefits Increase
Good news! For the first time since 2008, the Department of Veterans Affairs has announced an increase in maximum Aid and Attendance benefits available to veterans of the armed forces. These new figures for 2012 reflect a 3.6% cost-of-living adjustment, effective December 1, 2011: $20,447 per year (~$1,704 per month) for a qualified veteran; $24,239 […]
Timeshare Traps and How to Avoid Them
Timeshare Traps and How to Avoid Them If you are fortunate enough to go on that well-deserved vacation this year, then there is a good chance you will find yourself listening to the all-too-familiar ‘timeshare marketing pitch.’ Most people are familiar with the concept of a timeshare, but there is more than meets the eye. […]
Budgeting for Seniors
Budgeting is part of any effective Life Care Plan and becomes even more important when seniors experience a big life change, such as moving into an assisted living facility, losing a spouse or having a drastic change in health. It begins with an assessment of your resources and your needs. The purpose of Life Care […]
Is Medicaid Too Complex for Americans?
Medicaid complexity is a real problem. For those not familiar with program specifics, Medicaid – not Medicare – is the program Americans rely on to receive their long-term care. Long-term care is extraordinarily expensive – in fact, it is the single most expensive creditor Americans are likely to face. Unfortunately, understanding the various Medicaid rules […]
“How do I obtain a death certificate?”
Normal 0 false false false EN-US JA X-NONE If you have lost a loved one and are now attempting to close out their estate, we are sorry for your loss and we understand how frustrating the process can be. The steps to take after the loss a loved one can be overwhelming, but requesting a […]
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 […]
Those who are aware of Medicaid, but misinformed and confused
If you are confused or mistaken about the rules of gifting in the context of Medicaid qualification, you likely won’t ever venture into the practice of Medicaid Asset Protection. If you do practice Medicaid Asset Protection, but your potential clients are confused or mistaken about the rules of gifting in the context of Medicaid qualification, […]
5 Basic Reasons to Consider a Revocable Living Trust
A revocable living trust can function as a Will, but it also offers other benefits that you should consider. If you pass away without a Will or Trust, the laws of your state will determine who receives your property, and in what amount. Moreover, your heirs will be required to wait a minimum of 1 […]
Estate Planning Attorneys Warn About Matching Beneficiaries to Those Named in Your Will or Trust
Normal 0 false false false EN-US JA X-NONE As an estate planning attorney in Virginia, I have unfortunately seen many circumstances where a person goes through the time and expense of having an estate plan done, only to fail to update their beneficiaries on their financial or retirement accounts before they pass away. An example […]
Quick and Easy Steps to Monitor Medications
Pills, pills, and more pills. Senior citizens take an average of 6 to 8 prescription medications, herbal supplements, and over-the-counter drugs per day. For some people, it can be an overwhelming responsibility to manage. To compound the problem, many elders avoid going back to their physicians to have their medication dosages monitored, evaluated, and changed […]
5 Ways to Ease the Burden When Caring for Kids and Aging Parents
Normal 0 false false false EN-US X-NONE X-NONE 5 Ways to Ease the Burden When Caring for Kids and Aging Parents Did you know we just completed National Sandwich Generation Month? You may have never heard of it before, but if you care for aging parents and young children, you are part of this rapidly […]
Seniors: Gnashing Your Teeth Over the Cost of Dental Health?
Many adults know they need a living trust – not a will – to allow loved ones to skip the dreaded probate process after they are gone. But a lesser-known reality is that proper Medicaid planning may be necessary to ensure the standard of living does not dramatically change before death. Proper planning can ensure […]
Aid and Attendance Pension Benefit: What is the “Eligibility Verification Report?”
An important document for the veterans entitled to the Aid and Attendance benefit is a form called the “Eligibility Verification Report” (EVR) which VA sends at the beginning of the year and must be filled out every year in order to continue receiving benefits. Even when someone receives help from a loved-one when it comes […]
Medicaid disparities: children with public insurance wait longer, denied more frequently
It is hard to imagine sick children could be seriously implicated and affected by public insurance disparities…federal law, after all, prohibits discirminatory treatment between patients who receive public vs. private insurance. But what about acceptance into such facilities, before they are patients? A new study examining facilities in Illinois claims “Sick children covered by Medicaid […]
What the American Middle Class Needs to Know: How to Protect the Family Home From Medicaid Recovery
MoodyDe 14.00 Normal 0 false false false EN-US X-NONE X-NONE 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 […]
Medicaid Fraud Audit Targets Schizophrenia Drug
First, lawmakers in Utah expressed concern over the state’s Medicaid expenditures. Then, Utah State health officials were asked to investigate and control alleged fraud. Now, critics are questioning whether measures went too far, and some are expressing a sentiment that these audits paint an inaccurate picture of fraud…the millions of dollars sought to be recouped […]
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 […]
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