The difference between an Elder Law Attorney and an Estate Planning Attorney can be quite substantial. An Estate Planning Attorney traditionally focuses on dealing with what happens to a client after the client passes away. They would often deal with avoiding probate, minimizing estate taxes and distributing assets to the client’s loved ones. As the […]
A Living Trust is often “sold” as a device to avoid Probate. It seems that every week there is an ad in the local newspapers encouraging seniors to attend a lunch or dinner seminar where they will learn to avoid Probate. While this may be of benefit to some, there are, in my opinion, better […]
Tips to Manage Caregiver Stress It starts with your Father needing help monitoring his daily medications. Not too much later he needs regular at-home care. If you are a primary family caregiver, you understand the tough sacrifices and joys of helping your elderly loved one with daily routines such as bathing, dressing and eating, or […]
Question: What are some of the things I should know BEFORE I agree to be the Administrator of someone’s Trust? Answer: If you are considering taking on the responsibility of administering someone’s trust, there are a few things you should know about your obligations. Trust administration is an important job, and it can be frustrating or […]
Question: How does ElderCareMatters.com help families across America who are wrestling with elder care / senior care issues? Answer: ElderCareMatters.com is America’s National Directory of Elder Care / Senior Care Resources for Families. This national Elder Care / Senior Care Directory includes thousands of up-to-date, useful Elder Care / Senior Care Q&As, and articles as […]
Question: What are the financial requirements for being approved for Medicaid’s Long Term Care Benefits? Answer #1: Although Medicaid, also known Title 19, is a Federal benefit program, it is administered by the States, and as such it is very state-specific. This answer is only applicable to residents of Connecticut. In Connecticut there are two […]
Medicaid Planning For Married Couples Sometimes married couples find themselves in a position where one spouse is in need of skilled care and the other spouse is still well and plans to continue to reside in the family home. Under these circumstances, it is common for the couple to make a series of transfers to […]
Question: What is the Medicaid “Look Back Period”? Answer: The Medicaid “Look Back Period” is a period of time before the date you are seeking benefits to begin during which the Medicaid agency will review financial records to determine if transfers of money or property were made that may disqualify you from receiving Medicaid benefits. Medicaid […]
What are the qualifications for getting a Reverse Mortgage, what happens to my home after my death, and will my 3 children have any rights to my home after I die? Answer: The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program. To be eligible for a reverse mortgage you must be 62 or […]
A living trust is simply a trust that is created during your lifetime as opposed to a testamentary trust that is created after your death. And trusts, living or testamentary, can be as different as the various models of automobiles available to your parents today. Whether your elderly parents should set up a living trust […]
Some people question whether Medicaid planning might be unpatriotic. After all, Medicaid is a “welfare” benefit funded by our tax dollars. Is it “wrong” to put yourself in the position to have the taxpayers pay for your long-term care? Let us begin by considering what it means to be a taxpayer. Everyone knows that it […]
Question: Can you tell me if the money that I receive from a Personal Care Contract is subject to self-employment tax? I know that it is subject to ‘income tax’. Yes, the money you receive under the Personal Care Contract otherwise known as a Personal Service Contract will be subject to self-employment tax treatment. The […]
Little attention has been paid to the estate planning issues confronting blended families. A blended family or step family is often comprised of children who are natural to only one parent, as well as children that are natural to both parents. Blended families face many issues that the traditional “nuclear” family does not face. These […]
1. Myth: “I have to give away everything I own to get Medicaid.” The Truth: Basically, a person is permitted to own some property, and still be eligible for Medicaid. The trick comes in knowing what is “countable” and what is “non-countable” under the Medicaid rules. For a married couple or single person in Michigan […]
The future of long term care in America is heading for a real crisis. The intent of this article is not to scare the average citizen but to give him or her early warning as to the impending changes in Medicaid as we know it. One problem with predicting the future, even with all the […]
Question: If my parents die without a Will how will their assets be divided between the children? Answer: This is a state specific issue and not all of the states treat this the same. I will speak only to Connecticut law on this subject, which is called intestate succession. It is highly unusual for both […]
Question: When would it make financial sense for my elderly parents to consider a reverse mortgage? Answer: Reverse mortgages can be valuable tools for someone who is house rich but cash poor. Generally, though, given the costs involved and the new restrictions on use, they are best used when other financial resources are extremely limited […]
Question: May I charge for the elder care services that I provide to my parents, and will these services be tax deductible for my parents? Answer: In general, the answer is yes and maybe. If you are providing elder care services that word normally be paid for, you can charge a fee as well. However, […]
Below are 10 Q&As about a Power of Attorney that will help you further understand this legal document: What is a Power of Attorney? It is a legal document in which you can appoint an agent to make financial transactions on your behalf if you are not present to make these transactions. What is the difference between […]
Question: I am a 65 year old widow who wants to give all my assets to my son to avoid Medicaid Spend Down. Can I / should I do this? Answer: Taking any action, especially something as dramatic as giving all your money away, as part of a long term Medicaid plan should only be […]
Signing a Nursing Home Admission Agreement as a Responsible Party When a person is admitted to a nursing home, it is often a family member who manages the details of the move. If you are managing a loved one’s transition into a nursing home, you will likely be asked to sign a nursing home admission agreement […]
Question: What is the most common reason for children challenging their parents Estate Plan? Answer: In my experience, the disinheritance of a child is the number one reason for a challenge to an estate plan. The child is typically hurt because he or she feels “left out,” angry because his or her siblings were treated better […]
Question: If my parents die without a Will, how will their assets be divided between the children? Answer: Each state has a statute called an Intestacy Statute or a Statute of Descent and Distribution that is referred to when an individual dies without a will. The statute in Louisiana may go by a different name […]
How should someone apply for Medicaid Benefits. The first thing that is important to know is if your loved one’s doctor is recommending long term skilled care. Once that has happened, if you haven’t checked whether or not the facility accepts Medicaid. Some do and some don’t. If yours doesn’t then you will have to […]