We frequently hear from individuals who have gifted $12,000 each to their children and grandchildren, over the past few years. However, this gifting is a myth. In fact, the $12,000 figure is now $13,000. But this is an IRS rule regarding filing a gift tax return. This has nothing to do with Medicaid law. If you make a gift, within five (5) years of qualification of Medicaid, you will penalized. For example. If you gift to your family $68,000, within the five (5) year period, you will be penalized for TEN (10) months, before you receive Medicaid. Therefore, who will…
All Medicaid recipients are able to keep some of their assets and still qualify for benefits. The key is to understand what Medicaid considers a “countable” versus a “non-countable” asset in Maryland. For instance, a single person in Maryland can keep a few items, a specific type of pre-paid funeral plan, personal belongings, insurance up to $1,500 and up to $2,500. A married couple, one living in the community, and one residing in the nursing home can keep the same exempt assets plus an automobile, and their home, providing the home is under $500,000, and up to $109,560. However, it’s…
It is unclear whether Speaker of the House John Boehner (R-OH) and Senate Majority Leader Harry Reid (D-NV) will be able to come to an agreement regarding the federal budget for the rest of this fiscal year. The House has offered a short-term, one week continuing resolution with $12 billion in cuts from fiscal year 2010 funding levels for the coming week. The Senate has countered with a proposal for a one week continuing resolution at the current funding levels. The President is not encouraging these short-term solutions and is pressing for a long-term agreement. We are monitoring the budget…
In the State of Maryland, and Federal Law parents of a special needs child can set up a Supplemental (or a Special Needs) trust for their children which will not disqualify them from government benefits, such as Social Security and Medicaid. Unfortunately, prior to this protection, parents would simply disinherit their disabled children rather than see their hard earned savings be squandered to the state. Now, the child receives money from the trust for their extra needs i.e. what the state does not supply, such as vacations; special equipment; medical help that the state does not provide or supply, glasses,…
Growing numbers of aging parents are compensating their caregiving family members. However, it is important to disclose such caregiving agreements to the entire family, to avoid potential disgruntled and unhappy siblings, and the threat of a lawsuit. According to a report by the National Alliance for Caregiving and AARP, 43.5 million Americans looked after a friend or relative age 50 or older in 2009, 28% more than in 2004. "Obviously with the economy, we have seen many seniors retain their adult children rather than pay a home care agency or another person for their care,” states David Wingate of Senior…
As you grow older, your legal needs increase dramatically. You need to think about protecting your aging parents, your family, securing your assets for the future, and planning for your own future retirement and ongoing needs. With all these things to consider, you need a life care planning lawyer, not just an elder law attorney, who has the knowledge and experience to guide you through this confusing aging maze. With some basic tips, you can find an excellent life care planning lawyer that will give you peace of mind through sound advice. All life care or elder law attorneys are…
You may need Senior Life Care Planning for: Asset Protection Mediciad Planning Veterans Benefits Care Advocacy Limited or no family support. What services are available? Safely issues. Caregiver “burned out” or overwhelmed about care. Limited time and/or expertise. Family Arguments. Financial and/or legal issues. Dealing and/or Coping with dementia.
Most lawyers do not concentrate only elder care issues. Asking the right questions at a consultation can help you choose the right elder care attorney for your needs. What Elder Care Services Does The Firm Provide? Many law firms state they handle elder care cases. However, most firms do not have lawyers or staff who specifically work in the needs of the elderly. Therefore, ask about the firm's attorney and staff, what specifically do they do, Medicaid, Asset Protection, Life Care Planning, Care Advocacy, Veterans Benefits? The State of Maryland and the Federal Government has numerous laws affecting the elderly….
Purchase a whole life insurance, with a rider to the policy which pays for long-term care ( home care or care in an assisted living or nursing home). If you do not utilize the long term care benefit, your beneficiary will receive the policy’s face amount. Example. You apply for a $500,000 whole-life insurance policy, with a rider for long-term care that will pay you 2% of the face amount each month if you need long-term care services. Therefore, you will receive up to $10,000 monthly ($500,000 x 2%) to pay for home-care, assisted living, or nursing home services. Consequently, if…
In 1999, the U.S. Supreme Court ruling in Olmstead v. L.C. said that the unnecessary institutionalization of people with disabilities is a form of discrimination. State Medicaid programs are required to provide alternatives so that the elderly and disabled can choose to get their care at home, instead of in state institutions or nursing homes. But the Supreme Court said there were limits. A doctor, representing the state, has to determine that the person is capable of living at home. The person has to want to get that care at home. And a state when considering its responsibility to move…
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