When you are looking ahead toward your retirement years, you probably have some vision in mind with regard to what you will have left to leave behind to your loved ones. If you take the right steps, you can have sufficient resources to support your golden years as you simultaneously preserve a suitable legacy. Potential long-term care costs are something that you should take very seriously when you are evaluating your future financial position. Most people who are fortunate enough to attain … [Read more...] about A Medicaid Trust Can Protect Your Legacy
Elder Law
What Is Nursing Home Asset Protection?
When you think about the term "asset protection," lawsuits will probably come to mind. While it is true that people who are concerned about legal actions can take steps to protect assets, there is another type of asset protection that can enter the picture when you attain senior citizen status. Let's look at the facts. Living Assistance Seven out of every 10 senior citizens will need living assistance eventually according to the United States Department of Health and Human Services. … [Read more...] about What Is Nursing Home Asset Protection?
Living Trusts and Medicaid Eligibility
There are some misconceptions that people harbor with regard to trusts. The idea is that you would be giving up control of assets for one reason or another. This is true to a large extent, but there is more to the equation. Revocable Living Trusts There are various different types of trusts. Some of them are revocable, and there are also irrevocable trusts, and this is a very significant distinction. If you have been under the impression that you should use a will to express your final … [Read more...] about Living Trusts and Medicaid Eligibility
Medicaid Look-Back: An Exception to the Rule
Most people are aware of the fact that the Medicaid program is a government health insurance program that is for financially needy people who cannot get health insurance any other way. The majority of working Americans are never going to qualify for Medicaid, so it could be completely off your radar as you are traversing your career path. When it comes retirement planning, in the back of your mind, you recognize the fact that you will become eligible for Medicare coverage as a source of … [Read more...] about Medicaid Look-Back: An Exception to the Rule
What Is the Veterans Aid and Attendance Special Pension?
The Veterans Aid and Attendance Special Pension is a benefit that many veterans are eligible for, but unfortunately, a lot of people are not aware of this benefit. This pension is something that sits apart from the military retirement pension that veterans earn after at least 20 years of service. Many elders require help with their activities of daily living at some point in time. In fact, the figure is 70 percent according to a government agency. Medicare does not pay for long-term care, and … [Read more...] about What Is the Veterans Aid and Attendance Special Pension?
What Is End of Life Planning?
Taking care of things that will occur after you are gone is clearly at the core of the process of estate planning. However, to be comprehensively prepared, you should take end of life planning into consideration as well. There are many possible contingencies, and you should address them when you are fully capable of making preparations. If you do nothing, difficult circumstances could be that much worse. Alzheimer's Disease Though this is not a pleasant subject to contemplate, a very … [Read more...] about What Is End of Life Planning?
Medicaid and Long-Term Care: A Brief Primer
Long-term care can seem like something that is only relevant to others, but in reality, everyone should take the matter seriously. We all get older, and you should prepare for the eventualities of aging so that you are not confronted with any unpleasant surprises as a senior citizen. Most people will qualify for Medicare coverage at the age of 65, but Medicare does not pay for long-term care. Since nursing home care can cost $100,000 or more per year, this is a very significant hole in the … [Read more...] about Medicaid and Long-Term Care: A Brief Primer
Elder Financial Abuse Reaches Epidemic Proportions
As committed elder law attorneys, we have been focusing on the elder financial abuse problem for numerous years. This is a problem that has traditionally existed in the shadows, so at one time, there wasn't much research to draw from. Back in 2011, we wrote about a compelling study that was conducted by the MetLife Mature Market Institute at that time. People have been drawing from the data ever since. The MetLife study estimated annual losses due to instances of elder financial abuse at … [Read more...] about Elder Financial Abuse Reaches Epidemic Proportions
Aging Parents and Nursing Home Costs
If you are an adult who has parents that are getting older, you may be concerned about potential nursing home costs. This is something that you should certainly take seriously, because nursing homes are extremely expensive, and Medicare does not pay for long-term care. When you look at the current state of long-term care costs, the numbers are pretty attention-getting. We practice law in the Indianapolis area. Fortunately, in our area nursing home costs are lower than they are in some of the … [Read more...] about Aging Parents and Nursing Home Costs
Is Estate Planning Strictly for Senior Citizens?
The average life expectancy in the United States is between 78 and 79 years at the present time. Clearly, most people expect to live for at least this long, but this does not mean that estate planning is strictly for senior citizens. People take precautions of all kinds. You may have insurance on your car and your home, even if they are paid for, because you want to make sure that you are covered if anything happens. Younger adults who are probably not going to get seriously ill carry health … [Read more...] about Is Estate Planning Strictly for Senior Citizens?
