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The Biggest Threat to Your Estate Plan:  It’s What You DON'T Know

Let’s Face It: You Don’t Know What You Don’t Know

 

When it comes to estate planning, the real problem is simple:  you think you know.  The internet, friends, neighbors – even the government shapes what we think we know when it comes to estate planning and asset protection. 

 

The reality is, though, that what I’m about to tell you is something that most attorneys don’t know – not even traditional estate planning attorneys.  Yes, it’s true. 

 

Long-Term Care is One of the Biggest Unresolved Issues in Estate Planning -That being said, long term care planning isn’t just about long term care insurance!

The need for long-term care is also one of the biggest threats to your lifetime financial security.  The statistics show us that a full one –third of all persons over 65 will have a need for long-term care, and a full one in ten will need long-term care for five or more...

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What Are the Rules for Medicaid Qualification (Part 5)? - 60 Months

What Are the Rules for Medicaid Qualification (Part 5)?

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.

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Do I Have to Wait 60 Months?

The Asset Transfer "Box”

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...

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What Are the Rules for Medicaid Qualification (Part 3)? - Property Liens

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.

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PROPERTY LIENS

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...

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What Are the Rules for Medicaid Qualification (Part 1)? - Assets

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...

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