Clarence and Elsie were the envy of all who knew them. Friendly, kind, and content, this happily married couple were sometimes asked for the secret to their long and happy life together. “We never argued about money,” replied Clarence. “We worked hard, spent prudently, saved, and invested wisely with professional help.” Observed Elsie, “We put our kids through school, paid for their weddings, and managed to set aside a nice little nest egg. Now, in retirement, we live comfortably without struggling to pay our bills. We travel and we spend quality time with our grandchildren. What’s to argue about?”
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. “Long-term care” refers to those services and supports that might become necessary to perform everyday tasks and personal care needs. Determining the Level of Care Everyday tasks, sometimes
Among the many challenges for families is making sure there will always be enough money to provide lifetime care for their special needs children. The costs are daunting: therapies, housing, medical care, and education, to name just a few. One way to plan for this challenge is to set up a special needs trust. Families of
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting Medicaid's low asset limit. The problem with transferring assets is that you have given them away. You no longer control them, and even a trusted child or other relative may lose them. A safer
Many people confuse “Medicaid” with “Medicare”. Medicaid, also referred to as Medical Assistance, is a state-operated program in compliance with federal guidelines. It was created in 1965 at the same time as Medicare in Pennsylvania. The Medicaid program is operated by the Pennsylvania Department of Human Services through a series of field offices called County Assistance Offices. Medicaid and Medicare are separate programs. These programs were enacted by the federal government.
No, provided you qualify for Medicaid benefits when your funds are gone. That won’t happen if you give away your home or money without proper guidance from an elder law attorney. Medicaid benefits will also be denied and your spouse and children put at risk if an application is not properly documented.
Many people who apply for Medicaid benefits to pay for nursing home care ask this question. For many, the home constitutes much or most of their life savings. Often, it’s the only asset that a person has to pass on to his or her children. Under Medicaid regulations, the home is an excluded resource unless
Older Americans with a life insurance policy that they no longer need have the option to sell the policy to investors. These transactions, called "life settlements," can bring in needed cash, but are they a good idea? If your children are grown and your mortgage paid off, you may decide that there is no longer
No one wants to face the fact that our loved ones will not be with us forever. Facing our own mortality is frightening as well. Although none of us wants to contemplate a time when we or a loved one might become disabled or die, it is important to be prepared. There are many steps
Movies, television, and books like to present wills in dramatic ways--handwritten notes, videos, deathbed utterances--but what actually makes a will valid? The law varies depending on what state you live in, but there are some basic rules. The legal requirements for a will are fairly simple. In order for your will to be valid, you