What a Family Caregiver Needs to Know
If you’re a caregiver, part of your job may be to keep track of your loved one’s legal affairs. You probably know — or are learning — that it’s a big responsibility.
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Are you concerned about rising healthcare costs and the impact they could have on your financial wellbeing? Medicaid planning can be the solution you’re looking for.
Our team of experts can guide you through the complex process of Medicaid planning, helping you to protect your assets while still qualifying for the assistance that you need. We can help you to understand the rules and regulations surrounding Medicaid eligibility, as well as the many different planning strategies that are available.
From irrevocable trusts and asset transfers to annuities and spend-down planning, we offer a full range of services designed to help you get the most out of your Medicaid benefits. We’ll work with you to develop a customized plan that takes into account your unique situation and goals.
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If you’re a caregiver, part of your job may be to keep track of your loved one’s legal affairs. You probably know — or are learning — that it’s a big responsibility.
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
Long-term care insurance helps pay for healthcare costs that aren’t covered by Medicare or conventional health policies.
For disabled persons receiving financially based government benefits, supplemental needs trusts (‘SNTs’) can safeguard benefits and serve as an effective estate planning tool.
Legacy of Caring for Families
Did you know someone who is 65 today has a 70 percent chance of needing long-care treatment in the future? Even seniors who have saved up for their waning years can find it a challenge to pay for nursing home costs, especially when relying only on Medicare coverage.
Reaching the point where you need to consider residential options for your mother can be overwhelming. Not only is it emotionally fraught, there are also financial and legal considerations.
For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.