Terri Schiavo spent over ten years in a persistent vegetative state following a heart attack. During that time, her husband and parents waged an emotionally and financially draining legal battle that made it all the way to the President’s desk. It all could have been avoided had Terri executed an advance directive prior to her collapse back in 1990.
Most estate plans can benefit from the addition of a Medicaid planning component that helps ensure eligibility for Medicaid to help cover the high cost of long-term care (LTC) in the future. One of the many tools in the Medicaid planning arsenal is compensation paid as part of a personal services contract.
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Every year, about 6,000 babies with Down syndrome are born in the United States. Over their lifetimes, many of these children will contend with serious medical conditions including heart defects, gastrointestinal problems, visual or hearing impairment, dementia, and early-onset Alzheimer’s disease. […]
Not long ago, women rarely took much interest in estate planning for several reasons. Today, however, the need for estate planning is even greater if you are a woman. Debunking some of the common myths surrounding the concept of women and estate planning is a good place to start.
Protecting the family fortune requires more than just a basic estate plan. Contemplating the need to qualify for Medicaid to help cover the high cost of long-term care should be an integral part of any comprehensive estate plan. One frequently used Medicaid planning tool that can protect your assets from the Medicaid spend-down requirement is an Irrevocable Income Only Trust.
You may have heard friends and family members discussing the need to avoid probate; however, you may not understand why avoiding probate is so important. Now is the time to learn more about probate avoidance so you have plenty of time to start including appropriate strategies in your estate plan.
If they had the funds, most people would not think twice about gifting assets to an adult child or loved one. But, that gift could jeopardize Medicaid eligibility. Moreover, you may need that eligibility to help pay for the high price of long-term care for you or a spouse.
You likely worked hard, saved wisely, and invested prudently to acquire the assets you now have. Now, all you need to do is to protect those assets. To accomplish that goal, you need to understand how and why your assets might be at risk as well as learn more about asset protection tools and strategies.
Like most seniors, you probably own at least one life insurance policy. Will that policy interfere with your eligibility for Medicaid benefits if you need them down the road? If you are unsure, now is the time to learn how Medicaid evaluates life insurance policies.
The longer you live, the better the odds are you will one day need long-term care (LTC). For the average person, the cost of that care can be prohibitive. Moreover, you cannot count on Medicare nor your basic health insurance to cover costs associated with LTC