Applying for Medicaid is far more than just completing forms—it’s a legal and financial maze where mistakes can have lasting consequences. Attempting to navigate this process without professional help can put your family’s financial stability and peace of mind at risk. By working with an experienced elder law attorney at Estate and Elder Planning, LLC, you can: Meet Eligibility Requirements Without PenaltiesMedicaid eligibility rules are complex, and missteps can lead to unnecessary penalties or denials. Our expertise ensures your application meets all requirements, avoiding costly errors. Safeguard Assets for Your Loved OnesWithout proper planning, you risk losing…
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Avoid These Common Pitfalls When Applying Without Legal Help Navigating Medicaid applications can feel overwhelming, especially when you’re trying to secure benefits for long-term care. While it may seem cost-effective to tackle the process on your own, doing so often leads to costly mistakes. Here are some common pitfalls individuals face when applying for Medicaid without the guidance of an experienced elder law attorney: Misunderstanding Medicaid Eligibility Rules Medicaid eligibility rules are complex and vary by state. Income and asset limits, “spend-down” requirements, and rules about exempt versus countable assets can trip up even the savviest applicant. Missteps here can…
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When it comes to Medicaid asset protection, the phrase “timing is everything” holds significant weight. Early planning is not just beneficial—it’s essential for clients to preserve their assets and secure peace of mind. Medicaid’s five-year look-back period means that asset transfers or planning strategies must be implemented well in advance of applying for benefits. Why Early Planning Matters Avoiding the Spend-Down Trap Without proactive planning, families may be forced to spend down their savings or liquidate valuable assets to meet Medicaid’s strict eligibility requirements. Early intervention ensures that clients retain control over how their resources are allocated. Maximizing Strategic Options…
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Navigating Medicaid’s complex eligibility rules can be overwhelming for families seeking long-term care options for a loved one. One of our critical roles is to help clients preserve their assets while qualifying for Medicaid benefits. Asset protection planning is a vital tool in achieving this balance, ensuring that clients’ hard-earned resources are not unnecessarily depleted by the high costs of nursing home care. Below, we outline essential strategies and considerations for Medicaid asset protection. Understanding Medicaid Eligibility Rules Medicaid is a means-tested program with strict income and asset limits. To qualify, applicants typically must have limited countable assets, often…
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On October 22, 2024, the IRS issued Revenue Procedure 2024-40, providing the annual inflation adjustments for tax provisions to be used by individual taxpayers for the 2025 calendar year. The adjustments include the following: The estate, gift, and generation-skipping transfer tax exemptions for 2025 are $13,990,000, an increase from $13,610,000 for transfers in 2024. The annual exclusion for gifts is $19,000 for calendar year 2025, an increase from $18,000 for 2024. For 2025, the first $190,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not…
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DIVORCE IS FINA UPDATE LIFE INSURANCE BENEFICIARY DESIGNATIONS A life insurance policy is a contract that designates who is to be paid upon the insured’s (your) death. Upon your death, a check will be sent to the person listed as the beneficiary, even if it is your ex-spouse. UPDATE RETIREMENT ACCOUNT BENEFICIARY Although state law may automatically revoke the beneficiary designation if an ex-spouse is listed, federal law (ERISA) states that the last-named beneficiary is the one who receives the funds. Depending on the type of retirement account you have, your ex-spouse may be entitled to the funds if they…
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Life is full of changes, and with those changes come new responsibilities and considerations, especially when it comes to your estate plan. Whether you are experiencing the joys of marriage, the excitement of welcoming a new child, the challenges of divorce, or the grief of losing a loved one, it is crucial to ensure your estate plan reflects your evolving life circumstances and wishes. Let’s explore some key life events that necessitate an immediate update to your estate plan. Marriage. Getting married is a significant milestone, often filled with joy and new beginnings. While updating emergency contacts and adding…
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The death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death. Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or die, the death of a loved one can have a significant impact on…
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Most people believe that receiving a large inheritance from a loved one would be life-changing. At least one study, however, found that about one-third of Americans who had received an inheritance eventually experienced a decrease or no change in their wealth after receiving the inheritance, meaning that they most likely spent everything they received.[1] For baby boomers who received an inheritance of $100,000 or more, nearly one in five spent it all.[2] If you are preparing to receive an inheritance, there are several steps you can take to ensure that your funds will last longer than a few…
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Congratulations on the purchase of your new home! Whether this is your first home or you are upgrading or downsizing from your current home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you are properly prepared for the future. Below are a few things to consider now that you finally have the keys to your new home. Update Your Address Now that you are in your new home, it is very important that you update…
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