The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to
If your loved one is entering a nursing home, you may worry whether you could be liable for his or her care. Under federal law, a facility that accepts Medicaid as payment for the cost of a resident’s care after the resident goes broke (almost all do) cannot require a family member or friend to
A Medicaid asset protection trust (MAPT) allows someone who requires long-term nursing home care to qualify for Medicaid benefits to pay for that care without first going broke. Medicaid is the only government program that pays for long-term care. Medicare and private health insurance don’t. Financial products such as long-term care insurance and life insurance
