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What Are the Important Components That Should Be a Part of Every Long-Term Care Plan?
The most important component of a long-term care plan—believe it or not—is a power of attorney. The creation of all long-term care plans, in fact, should start first with the power of attorney as that is what gives you the authority to create all of the other...
How and When Should We Apply for Medicaid?
Well, the How? is easy: you hire me. The When? is the point at which you need long-term care, as you can’t apply for Medicaid before that point. In Arkansas, we do have Medicaid for home-based care, plus some limited Medicaid for assisted living, and then, of course,...
Should I Hire An Attorney To Help Me Apply For VA Aid And Attendance Benefits?
More often than not, the answer is yes. However, claimants can go to the VA or VSO and get assistance for free. What I tell people is you get what you pay for. The VA representatives, although well-meaning, don’t understand the intricacies of receiving benefits. Aid...
What Is Medicaid Recovery? How Do I Avoid It?
Medicaid recovery is when a person has been receiving medical assistance from the state Medicaid program for long-term care. This could be in-home care or assisted living care, but primarily for nursing home care. Generally speaking, you can only have $2000 in assets,...
What Is VA Pension With Aid And Attendance?
VA Pension with Aid and Attendance is a pension for wartime veterans and their surviving spouses. The wartime periods for the seniors I’m working with primarily include World War II, the Korean War, and the Vietnam War. The Gulf War, which is still going on, also...
How To Protect Family Assets From The Cost Of Long-term Care
Whether you are rich, poor, or somewhere in between, the cost of long-term care can devastate a family’s resources. Whether it be in-home, assisted living, or nursing home care, many families are told they must pay out-of-pocket for care until they have liquidated all...
Protecting Gifts with an Irrevocable Trust
Seniors who want to pass on assets during their lifetimes may be tempted to gift assets to their children or family members, outright, free of trust. However, establishing an irrevocable trust through which gifts are made for the benefit of their children can better...
Watch Out for These Potential Problems with Life-Estate Deeds
Life-Estate Deeds can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your...
What To Do With Your Stimulus Check if You Are a Medicaid recipient in a Nursing Home
As the second round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their stimulus checks over to their nursing home. In December 2020, Congress approved $600 stimulus checks, and another $1,400 for individuals...