A Medicaid Asset Protection Trust (MAPT) is one option in the area of Medicaid Planning a person may consider to protect their assets from Medicaid and nursing homes or long-term care. What Is a MAPT? A MAPT is an irrevocable trust created during your lifetime. (Note that you cannot revoke irrevocable trusts after you have […]
Pros and Cons of a Medicaid Asset Protection Trust Read More »
The aging U.S. population means that more people will likely need nursing home care in the coming decades. Meanwhile, the cost of nursing home care is increasing — and expected to keep increasing. With the exorbitant cost of nursing home care, many families worry about depleting their loved ones’ life savings to pay for the
Protecting Your Parents’ Assets from Nursing Home Costs Read More »
Since the 1960s, Medicaid has provided health care coverage for low-income people across the United States. For millions of seniors, Medicaid offers financial assistance, helping them to cover the cost of long-term care services. Today, this joint federal-state program also benefits other qualifying populations with limited income, including children and people with disabilities. Qualifying for
Medicaid Spend Down: Pay for More Than Just Medicaid Bills Read More »
When an incapacitated person cannot make personal or financial decisions, state courts may appoint a guardian to assist the individual with determining where to live, what kind of care to receive, or how to manage finances. In some cases, guardians may wish to move a person under guardianship — someone whom a court has found
How Can You Transfer a Guardianship Between States? Read More »
Many seniors may need the services of a nursing home or at-home care at some point in their lives. You might assume that government assistance or health insurance will step in and cover the cost if you can’t afford these services. Unfortunately, neither health insurance nor Medicare covers long-term care. Because obtaining long-term care insurance
Navigating Medicaid Eligibility Rules Read More »
Medicaid applicants must prove they have limited income and assets to be eligible for long-term care benefits. Before beginning the application process, it is helpful to understand what’s required for eligibility so you can go into your Medicaid application with a good plan. Medicaid is a state-run program, so the rules can vary from state
What Documents Are Required for a Medicaid Application? Read More »
Older people are vulnerable to financial abuse, whether by a family member, financial professional, or stranger. Understanding the threat of financial exploitation seniors face can help them avoid people who want to steal their money, identity, government benefits, or possessions. What Is Financial Abuse? Financial abuse of an elder can happen when another person or
Detecting and Dealing with Elder Financial Abuse Read More »
You have completed and executed your plan for your special needs child, spouse or loved one. Everyone you’ve selected to serve—your guardian, your trustee, your health care proxy, your executor, and possibly a trust protector as well—has signed the paperwork. All set? For now, yes. But it’s a good idea to review these selections on
When Should You Consider Changing Your Special Needs Plan’s Key Players? Read More »
Every adult is assumed to be capable of making their own decisions unless a court determines otherwise. If an adult becomes incapable of making responsible decisions, the court will appoint a substitute decision maker, usually called a guardian. What Is Guardianship of an Adult? Guardianship is a legal relationship between a competent adult (the guardian)
The Ins and Outs of Guardianship Read More »
Just as we create estate plans for our eventual demise, we also need to plan ahead for the possibility that we could become sick and unable to make our own medical decisions. Medical science has led to much-improved technology that can keep patients alive longer. As a result of many well-publicized “right to die” cases,
End-of-Life Care Decision-Making Read More »
