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Program of All-Inclusive Care for the Elderly (PACE)

With PACE, teams of health care professionals focus on the unique needs and circumstances of participants, and their families, to make sure participants receive the coordinated care they need.

 

The Program of All-Inclusive Care for the Elderly (PACE) is a program that helps seniors meet their health care needs at home & in their community as an alternative to a nursing home or other care facility.

SERVICES

With PACE, an individualized plan of care is developed and maintained by a team of health care and service professionals to meet specific needs. These services include all Medicare and Medicaid-covered services and may include, but are not limited to:

  • Primary and Specialist Care (including Women's Health)
  • Medications
  • Medical Transportation
  • Therapy (Occupational, Physical, Speech)
  • Recreational Day Center Activities
  • Home Care
  • Hospital & Emergency Services
  • Dental
  • Vision
  • Hearing
  • Foot Care
  • Nursing Home
  • End of Life Supportive Care

In Michigan, the areas serviced by PACE...

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Irrevocable Pure Grantor Trusts (Part 2)

Irrevocable Pure Grantor Trusts With David Zumpano (Part 2)

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.

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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.”

...

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Irrevocable Pure Grantor Trusts

Irrevocable Pure Grantor Trusts With David Zumpano (Part 1)

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.

In Part One You Will Learn:

  • about the goal of helping a loved one to protect their autonomy
  • why people end up in nursing homes (how failing to plan makes this more likely)
  • why retirement isn’t necessarily what you think it is
  • why we want to engage in an asset protection strategy for financial security in our later years
  • what is an irrevocable pure grantor trust, and how it differs from tax trusts and revocable living trusts
  • the history of trusts and what they were traditionally used for (tax trusts – the “traditional” irrevocable trust – no access, no control, no...
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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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Revocable Living Trusts (Part 1) With Nicole Wipp

Revocable Living Trusts (Part 1) With Nicole Wipp

How Do Revocable Living Trusts Work?

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:

  • What the primary purposes of revocable living trusts are
  • What a revocable living trust does NOT do for you
  • Common misunderstandings as to how this trust works
  • What trust funding is and why it is critically important

This is Part 1 of a two-part series on Revocable Living Trusts. To listen to Part 2, click here.

 

Be a SMART PLANNER!

Contact Us Today at (248) 278-1511. We Can Help.

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.

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What Are the Rules for Medicaid Qualification (Part 4)? - Allowable Income

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.

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Allowable Income

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.

  • Nursing home residents can only keep $60 a month as a personal needs allowance – the rest of their income must go to help cover the cost of their care.
  • If the resident is married, the community spouse can keep between $1,966.25 - $2,980.50 a month (in 2015), including income from the nursing home spouse.
  • Many states permit the community spouse to retain all of their individual income without limit. In other states, the community spouse...
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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 2)? - Estate Recovery

What Are the Rules for Medicaid Qualification (Part 2)?

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.

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ESTATE RECOVERY

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:

  • if the recipient’s spouse is still living
  • if the recipient has a child under age 21
  • if the recipient has a...
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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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Estate Planning is NOT Just About Death Planning

Most people, when thinking about estate planning, are focusing on what happens when they die.

This is one of the biggest mistakes you can make.

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,...

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