A caregiver cotract is angreement between an aging parent and child, a relative or anyone else that sets forth the length of time and rate of pay for caregiving services, and the tasks to be performed. However, most children don’t want to be paid for services provided to their parents. But, the children are providing a valuable service, and may be suffering a financial loss by taking time away from a job to do so, or other activities. Also, by spending down assets to pay for caregiving, aging parents can utilize this asset protection tool to qualify for Medicaid if…
Estate planning is never easy, if only because it means thinking about protecting your loved ones when you’re no longer around. It’s bad enough making plans to protect self-sufficient heirs who take care of themselves and an inheritance. However, it can be a real challenge when planning for heirs with special needs for a variety of personal and legal reasons. Unfortunately, as The Wall Street Journal Online recently pointed out, with the economy and politics as they are, there are new concerns to bear in mind as you plan. Both the State and federal budgets are strapped for cash and…
Are you or an elderly loved one receiving benefits from Medicare or Medicaid? If yes, then likely you already appreciate the funding problems facing Congress and its appointed “super committee” regarding the future of these programs. However, for many of today’s elderly, certain changes to these programs may be real and immediate. As a result, careful attention to the associated political developments is important. One area of specific focus is “dual-eligibles.” Seniors receiving aid from both Medicare and Medicaid are so-called “dual-eligibles” and, as such, their benefits are under scrutiny from the super committee. In fact, changes may be in…
As some of you may know, the guidelines surrounding eligibility for Medicare or Medicaid can be fairly rigid. They exist to ensure people aren’t gaming the program, but sometimes even who aren’t gaming the program (and have legitimate need) can unintentionally run afoul of the rules. For another example of what not to do, the case of Jackson v. Director of Office of Medicaid (Mass. App. Ct., No. 10P706, July 19, 2011). When Raymond Duclos was entering a nursing home, his wife was making transfers to their children: $176,000 to their daughter, Susan; $11,787.83 to their son, Raymond, Jr.; and…
A diagnosis of Alzheimer’s disease can be devastating for everyone involved, including the patient and all of their family members. Should you be facing this diagnosis, there are probably a million thoughts racing through your mind, from keeping your loved one safe to caring for them as the disease progresses. One thing you might not think about is the need for estate planning. As a recent article by Reuter’s explains, if you or someone you love has a family history of dementia, is showing symptoms of Alzheimer’s or is concerned about later-life planning, it’s time to get to work. You’ll…
A California appeals court holds that a woman who purchased an endowment life insurance contract that repaid her premium and dividends during her lifetime and did not pay a death benefit is not entitled to Medicaid because the contract is not a life insurance policy. Lind v. Maxwell-Jolly (Cal. Ct. App., No. C061912, July 28, 2012) (unpublished). Not all life insurance is the same, and that’s not just an old sales trick to up-sell a client. In the eyes of Medicare and Medicaid, not all life insurance actually is “life insurance” – and that can be a reason to deny…
Here’s another important reminder on how much of a stickler Medicare and Medicaid can be when it comes to denying benefits: the Matter of Komanoff Ctr. for Geriatric & Rehabilitative Medicine v Daines (N.Y. Sup. Ct., App. Div., 2nd Dept., No. 2010-05776, June 28, 2011) (here summarized on ElderLawAnswers.com.) It’s the case of Bernadette Jordan and how she entered a nursing home and filed for Medicaid only to find that the State ruled her ineligible for a period of 14.31 months. Apparently, Mrs. Jordan had transferred funds from a revocable trust to her daughter, to repay expenses that her daughter…
The greatest fears of seniors are one, running out of money, and two, ending up in a nursing home. Consequently, they lose their personal independence. Also, the loss of their hard earned savings. The average cost of nursing home care in Maryland is approximately $100,000 to $150,000 per year, dependent on your location, within the state. Unfortunately, most seniors pay for nursing home care utilizing their savings until it’s depleted. Subsequently, they qualify for Medicaid. Therefore, Medicaid will pay the cost of the nursing home, less all the senior’s income. With asset planning, whether in advance or in response to…
We help people navigate thru the Medicaid maze, provide legal and financial solutions, and help you alleviate your frustrations and time involvement. For the FREE GUIDE, to protect yourself, your family, and insure your Quality of Life click on “The Planning Ahead Alzheimer’s Guide” “Caring For Someone With Alzheimer’s Disease” 1. Do you reside in Maryland? Yes No 2. Do you worry about long term care or nursing home costs? Yes No 3. Are you confused about Medicaid or VA benefits? Yes No 4. Is being discharged from the hospital and returning…
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