When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must meet medical eligibility criteria. This required level of care is referred to as “nursing facility clinically eligible” (NFCE). Whether you are applying for nursing home coverage or through a Medicaid waiver program for coverage at home, you
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
If you’re like most people, you have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning, your best intentions may not be enough. Here are six of the most common estate planning mistakes people make: Failing to plan.
The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent, the sharpest upsurge
Most seniors prefer to stay at home as long as possible rather than move into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency. Hiring directly When you hire a caregiver
A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one. From whom to appoint to what powers to grant, care and consideration should be put into each choice. A power of attorney is one of the most important estate planning documents
Someone who qualifies for Medicaid to cover the cost of nursing home care mut pay his or her income over to the nursing home. The government picks up the rest of the cost. When most of a couple's income is in the name of the spouse who is receiving Medicaid, the spouse remaining in the
It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a calamity, it is important that your estate planning and other important documents are beyond reach
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance will ordinarily result in that person losing his or her Medicaid benefits due to receipt of “excess resources.” In Pennsylvania, non-exempt countable assets of a Medicaid applicant or recipient in excess of $8,000 ($2,400 for
By Stanley M. Vasiliadis, Esq., CELA 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
