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…
Seniors dealing with rapidly rising personal medical and nursing home expenses are often dismayed to discover that even modest asset levels may make them ineligible for Medicaid i.e $2,500. Faced with the possibility of spending all their money on health care and leaving nothing for their heirs, they might be tempted to transfer everything they own to their heirs at once, qualify for Medicaid, and move into a nursing home states Forbes. Medicaid’s “look-back” and “transfer penalty” rules are intended to keep Medicaid spending under control by preventing or minimizing asset transfers having the sole purpose of allowing one to…
Under the current Medicaid rules, if you are married and one spouse is in the nursing home, there are ways to protect your marital assets for the well spouse. By reallocating your assets to non-countable assets, none of those assets would have to be spent down on nursing home care before Medicaid starts paying for the care. If you are single and in the nursing home, there are also ways to protect your assets for your loved ones. Although you cannot protect all of your assets as you can with a spouse, you could save about half of your assets…
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…
Meals delivered to older adults help them avoid costly and unnecessary nursing home care, according to a new study. But it costs money which Friend of Meals on Wheels is trying to raise. Researchers from Brown University found states that invest in these programs under the Older Americans Act are successful in helping seniors remain in their homes. "Despite efforts to re-balance long-term care, there are still many nursing home residents who have the functional capacity to live in a less restrictive environment," wrote study authors Kali Thomas and Vincent Mor, both gerontology researchers. "States that have invested in their…
Everyone with elderly parents visualizes the day their parents become ill and need extended care – from a lengthy hospital stay to 24/7 nursing home care. Parental support laws, of "filial support" may leave the children of these patients with a hefty bill – in the event they should pass away. Many children of elderly parents fear being stuck with an astronomical bill should their parents need long-term health care of 24/7 nursing. The law currently on the books in 29 states and Puerto Rico allow long-term care providers to pursue payment from a parent's adult children. A professor of…
Seven million adults in the United States care for their elderly parents from afar, according to the National Institute on Aging. But it is no easy task to coordinate doctor’s visits long-distance or evaluate nursing homes or analyze the safety of your parents’ home if — like 90 percent of older adults, according a recent AARP poll — they choose to age in place. However, if you cannot stay at home, due to ill health or cannot perform activities of daily living, your options may be choosing a nursing home. At the Law Office we are in contact with many…
In an ideal world, you will retire and enjoy many years fulfilling your dreams and spending time with those you love the most. Your retirement years can be some of the happiest and most enjoyable years of your life. But while we all hope for the best outcome possible, it may be prudent for you to plan for the possibility that life may deal you a difficult hand. Your retirement plan should address the very real possibility that a chronic illness could strike – whether it’s you, your spouse or another loved one that’s affected. For many retirees, there is…
“He didn’t have a will, he didn’t have a trust, he didn’t have anything set up,” said Yvonne Prettner Solon, who followed her husband to serve the western part of Duluth in the state Senate and now is Minnesota’s lieutenant governor, states the Deluth News Tribune. Prettner Solon vowed to not leave her children in the same situation. Within three months, she had set up a trust and purchased long-term-care insurance, she said in an interview on Thursday. Now in her official capacity, she’s urging Minnesota’s baby boomers to take similar steps. Prettner Solon is spearheading the state’s “Own Your…
The sandwich generation could soon be further squeezed. Already caught between spiraling college tuition and care for aging family members, baby boomers could also become liable for their parents’ bills. This on top of worries concerning their own retirement. In approximately 30 states, “filial support” statutes make adult children legally responsible — on paper — for their parents’ expenses. In recent times, most jurisdictions have chosen not to enforce such laws, but that could change. A Pennsylvania court recently found an elderly woman’s son liable for her $93,000 nursing-home bill. But states are observing the Pennsylvania scenario with interest. While…
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