Blogs

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 their assets to qualify for government assistance. Many are told if they have given away assets…Read More

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 protect those gifts from loss or dissipation during the Seniors lifetime in the event of needed…Read More

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 situation. In a life estate, two or more people each have an ownership interest in a property, but…Read More

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 making less than $75,000 a year is coming soon. Stimulus checks should definitely not be placed…Read More

It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can be confusion about the difference between a living will and a "do-not-resuscitate" order (DNR). While both these documents are advance medical directives, they serve different…Read More

The Department of Veterans Affairs (VA) has finalized new rules that establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for VA needs-based benefits. This is a change from current regulations, which do not contain a prohibition on transferring assets prior to applying for benefits such as Aid and Attendance. The VA proposed the new…Read More

The Centers for Medicare & Medicaid Services (CMS) has released the 2020 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. In 2020, the spouse of a Medicaid recipient living in a nursing home (called the "community spouse") may keep as much as $128,640 without jeopardizing the Medicaid eligibility…Read More