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.
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
For parents who have a child with special needs, planning for their loved one’s life after they themselves are gone can be overwhelming. Breaking the process down into manageable parts and working with specialized professionals and companies can help.