Medicaid long-term care benefits are statutorily authorized only for nursing home care. But the law permits the federal government to grant “waivers” to states allowing them to expand Medicaid to include home and community-based services. Pennsylvania has such a program. The downside is that receiving care in a nursing home is an entitlement, while getting
What Is A Fiduciary? When you need someone else to care for money or property on your behalf, that person (or organization) is called a fiduciary. A fiduciary is a person or entity entrusted with the power to act for someone else, and this power comes with the legal obligation to act for the benefit of
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes. An LLC is somewhere between a partnership and a corporation. Like a corporation, LLC owners are protected from
While a Last Will & Testament is one of the most important estate planning documents you can have, there are things that it won’t cover. A Will is just one part of a comprehensive estate plan. What is a Last Will & Testament? A Last Will and Testament is a legally-binding statement directing who will receive
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate. The current federal estate tax exemption is $12.92 million for individuals and $25.84
Nursing homes in the Lehigh Valley cost $140,000 – $180,000 a year. Medicare and health insurance don’t pay for this. Fortunately, Medicaid does. But impoverishment is the price of admission into the Medicaid program. While most spend themselves broke, a savvy few manage to qualify for Medicaid without forfeiting their estate. One way to for
It is easy to burn out when you are responsible for providing full-time care to an aging or disabled loved one. In some cases, caregiver burnout can result in resentment toward the individual they care for, despite their love for them. The fact is, we all need a break sometimes. That is why respite care
One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of financial literacy — and comprehensive estate planning. According to Pew Research, the number of adults in
Many adult children wonder what their aging parents may need and how they can help provide it for them. You may constantly worry about your parents or other older loved ones, especially if you live far away from them. You can, however, take some simple steps to ensure your parents are safe as they age.
“Long-term care” refers to those services and supports that help persons perform everyday tasks and personal care needs. According to the U.S. Department of Health and Human Services 70% of people who reach age 65 will need some form of long-term care during their lives. Everyday Tasks Everyday tasks, also referred to as “instrumental
