...About Maintaining Control When It Comes To Estate Planning & Asset Protection

Listen as attorney, Nicole Wipp, discusses these three critical considerations when it comes to protecting yourself and your family.

1. The Law
2. The Issues
3. Your Options

You may also like: Last Will and Testament - The Facts

Questions? Need Help? Contact Us Today (248) 278-1511

The information in this video 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.

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...

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.

One of the primary goals expressed by our clients is to remain in their own homes or at least in the most independent setting possible.

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. Learn more about elderly care here.

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...

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.

Let's Continue...

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.”

...

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 beginning of our series, click here. 

Let's Continue....

Spousal Protections

The spouses of nursing home residents are provided certain protections under Medicaid law. Here is a brief overview:

• Snapshot of Couple’s Assets – With married applicants, Medicaid takes a “snapshot” of the couple’s assets when the ill spouse enters a hospital or long term care facility for at least a 30-day stay.
• Community Spouse Resource...

What Are the Rules for Medicaid Qualification (Part 6)? - Some Simple Planning Options

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.

Let's Continue...

• If you are married, your home is exempt and cannot be taken if one spouse applies for Medicaid. If you are single or widowed, up to $636,000 of equity in your home is exempt (many states have raised the limit even higher). Some states permit a “Homestead Exemption” which protects a married or single applicant’s home regardless of value. Transferring your home to your children will result in immediate ineligibility for...

Revocable Living Trusts (Part 2) with Nicole Wipp

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

Options

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!

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.

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.

Let's Continue...

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 $2.288/.75 - $3,435.00 a month (in 2022), 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...

Q: Every time I go to the doctor, they ask me if I have a health care power of attorney. I understand why that’s important, but now I’m hearing that I also need a financial power of attorney (financial POA). My family member is joint on everything, so why do I need one?

A: The short answer is, you need a financial POA in the event that you become unable to manage your own finances. Even though you may think you have everything “taken care of” through joint ownership, it isn’t that simple. For example, you cannot own most tax-deferred assets, such as IRAs, jointly. A beneficiary designation doesn’t give power to your beneficiary during your life. A financial POA, when done properly, also enables a person you trust to apply for important health care benefits (if you need them) and it enables them to preserve your money in times of crisis.  Without proper planning, your loved ones will need to go to court in a process called...