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.
To learn more about Elderly Care, 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.
As in part two 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.
In addition, the state can place a lien on an unmarried Medicaid recipient’s home, unless certain dependent relatives live on the premises or the state permits a “Homestead Exemption”.
Sale of the property, while the person receiving Medicaid is still living, could result in the loss of Medicaid coverage (due to excessive assets) and an obligation to use the sale proceeds to satisfy the lien that Medicaid places against the home.
There are exceptions to this rule. Satisfaction of the lien is not required if the applicant returns home prior to their death or one or more of the following...
As in Part One 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.
What happens to a Medicaid recipient’s estate when he or she passes away? Like so much else, that depends on whether they have properly planned to protect it.
When a Medicaid recipient dies, the state may attempt to recover the benefits paid to that individual from his or her estate – that is a requirement under federal Medicaid law. However, the state cannot proceed with this recovery process if any of the following applies:
What Are the Rules for Medicaid Qualification (Part 1)?
Medicaid is a federal program that provides health coverage for people with limited assets and incomes. It covers the cost of nursing home care for those who meet the program’s economic requirements for eligibility, and in several states, it will also pay for care in your home!
Though it’s a federal program, Medicaid is administered by the states. Federal law empowers each state to enforce Medicaid eligibility rules according to its own interpretation. This means that application of these rules can vary significantly from state to state and, in some states, from county to county. Qualification for care in your home is also different for qualifying for care in a nursing home.
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...
Most people, when thinking about estate planning, are focusing on what happens when they die.
There are many legal tools that can be used to enhance the quality of your life and to reduce the burden to your family when disability – which is inevitable for most of us – happens. It is also important to understand that the right kind of estate planning may be a necessary component in ensuring that your spouse or children “left behind” are not left in poverty or overwhelmed.
The first step in estate planning is education. One of the biggest challenges I face as an attorney is making people understand that things they “think they know” aren’t necessarily true. When it comes to estate planning – What you don’t know can hurt you.
Provided within the Family & Aging Law Center Blog, we're looking at some aspects of how estate planning works. Hopefully,...
One of the things that we hear (a lot) from clients is how panicked they are when a loved one that has been in rehab is being suddenly discharged - but the family doesn't think they're really ready to go home - or, even worse, the family is told that their loved one is being discharged but needs 24/7 care or supervision.
Very few families are ready for this. The logistics of getting care for a person in a home environment may seem easy (just hire someone!), but most families, when faced with the cost, realize that this is not a long-term solution. That's when the questions start:
It is...
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