A version of this article appeared in print on July 22, 2017, Section B, Page 1 of the New York edition with the headline: The Ethics of Trying to Qualify for Medicaid. The numbers quoted, and some facts have changed since 2017. I am publishing this edited article because I have had a number of people / clients ask if Medicaid planning is legal. The answer is YES. However, you have a choice to pay privately or go on Medicaid. But what happens if you need dentures, hearing aids, even cable tv for your room and you have no money!…
When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt. Outstanding debt may include mortgages, credit card bills, car loans, personal loans, or condominium fees — even car leases, where death is considered “early termination” of a contract. Usually your estate is responsible for paying any debts you leave behind. If the estate does not have enough money, the debts will go unpaid. In…
One of the biggest fears that many people have today is the fear of having their life savings wiped out if they end up in a nursing home. What a shame to see someone’s life savings of 30, 40, or 50 years wiped out in a matter of months. Whether you or a family member is in a crisis or not, it is important that you understand what you can do to protect your hard earned assets! Most of the public does not yet realize that the laws on asset protection and long-term care planning has changed, therefore, it is…
One of the biggest fears that many people have today is the fear of having their life savings wiped out if they end up in a nursing home. What a shame to see someone’s life savings of 30, 40, or 50 years wiped out in a matter of months. Whether you or a family member is in a crisis or not, it is important that you understand what you can do to protect your hard earned assets! Most of the public does not yet realize that the laws on asset protection and long-term care planning has changed, therefore, it is…
IMPORTANT UPCOMING WORKSHOP REVEALS One of the biggest fears that many people have today is the fear of having their life savings wiped out if they end up in a nursing home. What a shame to see someone’s life savings of 30, 40, or 50 years wiped out in a matter of months. Whether you or a family member is in a crisis or not, it is important that you understand what you can do to protect your hard earned assets! Most of the public does not yet realize that the laws on asset protection and long-term care planning has…
As we age we face unique financial and legal issues, including Asset Protection, Medicaid, and Estate Planning. The time to act is NOW! With proper planning, you will insure that things will be handled according to you wishes, and to protect your loved one’s financial security. Imagine the peace of mind you will have when you stop reacting to your situation and start putting into place a positive action plan which will allow you to protect yourself and your loved ones. Come to a FREE Workshop on asset protection and planning at Dutchs Daughter, Frederick, Maryland on April 23, 2013…
How to Get Medicaid Coverage For Your Nursing Home Care … Without Selling Your Home or Leaving Your Family Without a Dime. One of the biggest fears that many people have today is the fear of having their life savings wiped out if they end up in a nursing home. What a shame to see someone’s life savings wiped out in a few months. Whether you or a family member is in a crisis or not, it is important that you understand what you can do to protect your hard earned assets! Most of the public does not realize that…
Do not think that just because you have a financial power of attorney drafted by a lawyer, that your financial agent has the authority to protect your assets and make these transfers. Your financial power of attorney must have been given the specific authority to make these transfers. The specific authority given to your financial agent in a financial power of attorney must comply with the recent changes in the financial power of attorney statute, which confirmed existing court case law. In order to make transfers to your loved ones and protect your assets, your financial power of attorney must…
You have worked hard your entire life. You have saved up a nice little nest egg for yourself, so you can use it if you need it. You've even had your own estate plan set up, including a will, financial and health care powers of attorney and maybe even a trust. You think you have done everything necessary to protect your assets for yourself during your lifetime and for your loved ones after your gone. But have you? What you may not realize is that the instructions you have in your financial power of attorney are key to how those…
When a widowed or single individual seeks Medicaid benefits, Medicaid requires that they spend their available assets down to $2,500.00 before receiving such benefits. If a person enters a nursing home without a reasonable expectation to return to their primary residence, Medicaid will expect them to sell their residence to pay for nursing home care. Medicaid examines all gifts made within five years of a person applying for the program. As a result, if a senior tried to transfer a home outright to their loved ones before entering a nursing home they may be subject to a penalty period for…
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