Individuals seeking to obtain Long-Term Care services outside of a nursing home must navigate a different set of Medicaid eligibility rules, depending on the type of services required.
Navigating the maze of community care requires an in-depth knowledge of the services available in the home, and in adult homes and assisted living facilities, and an ability to manage income and resources to maximize their value, while utilizing Medicaid services wherever available to supplement the care provided by the individual and their family.
Community-based Medicaid services are available through the MI Choice Waiver. Generally, however, Medicaid does not pay for adult home or assisted living care, which under existing rules must be paid for privately.
In order to access community-based care, an individual is allowed to keep the...
Irrevocable trusts, traditionally, are estate tax planning devices. Very few Americans need estate tax planning, however – less than 2%. Why, then, would you want an irrevocable trust?
This two part series, including part one, focuses on a new type of irrevocable trust known as the irrevocable pure grantor trust.
Irrevocable pure grantor trusts are mainly used to protect assets from creditors and predators, and can be an excellent pre-planning tool for elder law attorneys and their clients. Understanding what they are, and how they differ, from traditional irrevocable trusts is essential.
In this episode, David Zumpano, a nationally recognized expert on asset protection and elder law planning (also a CPA & attorney) discusses this irrevocable trust, who it is for, and why you may want one.
Learn how this type of trust is one of the best ways to truly keep your money “safe.”
This article about nursing home spend downs by Michigan estate planning and elder law attorney Nicole Wipp and the Family and Aging Law Center is not legal advice. It is for informational purposes only. For legal advice on your situation, consult with a qualified elder law attorney.
Family & Aging Law Center paralegal Sharon Kwolek and attorney Nicole Wipp show a nursing home medicaid application - 272 pages long - saving the client $250,000.00 ++. This could not have been accomplished by the clients themselves - they needed a qualified elder law attorney!
Q: I’ve been told that if either of my parents needs nursing home care, we have to spend all of their money. Is this true? Can we legally protect some of my parent’s money?
A: The answer is, without a proper, legal plan, you do have to engage in what is called a “Spend Down.” How much your parents are allowed to keep...
For the final topic in our series on Medicaid qualification rules, we'll be looking at important information in regard to spousal protections. As with part six of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s always a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere. To start at the begining of our series, click here.
The spouses of nursing home residents are provided certain protections under Medicaid law. Here is a brief overview:
What is an irrevocable pure grantor trust, and why would someone want one? In this episode, David Zumpano, a nationally recognized expert on asset protection, estate planning & elder law, discusses with our attorney Nicole Wipp, this little known (although widely used) trust – what it is, why we use it, and who it is for.
Below are possible options to keep in mind when considering Medicaid planning. As in part five of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s always a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere.
This is Part 2 of a two-part series on Revocable Living Trusts. To listen to Part 1, Click Here.
When it comes to revocable living trusts, people often don’t know the options that they may be able to include to protect loved ones. When given these options, however, many people definitely want them! Know the different types of options you can have to help those you love and help ensure your money goes to who you want, when you want, in the way you want.
Thank you for listening!
The information in this podcast is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.
As in part four of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere.
Many people believe that if you give your assets away, you must wait 60 months to qualify for Medicaid. This is not the case. The 60 month requirement only applies to the financial disclosure you must provide, not eligibility.
Think of it this way: When you go to apply for Medicaid, imagine you’re bringing a box with you. In that box is every financial transaction you’ve made for the previous 60 months. That is all you need to provide – if you made a transaction 61 months ago, it’s not...
In this episode, host Nicole Wipp discusses what a “RLT” is and the importance of “funding your trust” – a commonly missed step.
You will learn:
This is Part 1 of a two-part series on Revocable Living Trusts. To listen to Part 2, click here.
The information in this podcast is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.
As part 3 of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere.
How much income are you allowed under Medicaid law?
There are different answers for the “community spouse” and the individual who resides in a nursing home.
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