Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more. Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those … [Read more...] about QDRO: Not Just for Divorce Anymore
The Veteran’s Administration is beginning asset limits for qualification for the Aid & Attendance benefit. The limit goes into effect on October 18, 2018. If transfers are made prior to October 18, 2018, they will escape penalties on the transfer and the client would qualify. Read on for more information on this unique opportunity. New Asset Transfer Look-Back for VA Aid & Attendance … [Read more...] about New Asset Transfer Look-Back for VA Aid & Attendance Coming Soon: The Window of Opportunity is Closing Quickly!
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article discusses the elements of incapacity planning and the need for flexibility to do Medicaid planning. It discusses how a trust with Medicaid triggers can allow that. Incapacity Planning … [Read more...] about Incapacity Planning
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...] about Estate Planning is Too Important to Procrastinate
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here are possible paths for covering those potential costs. How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...] about How Are You Planning for Long-Term Care (LTC) Expenses?
That’s right; the giant government-run program that provides health care coverage to millions of impoverished and disabled Americans does so in a manner that is comparable to that of private insurance. The Government Accountability Office (“GAO”) recently finished an in-depth study about the kind of coverage that Medicaid provides, and the results were kind of surprising. Even though it found that … [Read more...] about GAO: Medicaid Provides Comparable Coverage to Private Insurance
Recently, the state of Mississippi decided that it would become the first state to reject participation in the Medicaid expansion as outlined under the patient protection and affordable care act. Other states are considering doing the same, but a recent report issued by a nonpartisan group of financial professionals shows that choosing not to expand Medicaid could have a detrimental effect on … [Read more...] about States Opting-Out of Medicaid May Cause Rise in Private Insurance Rates