Have you ever stopped to think of how your assets will be distributed after your demise or during your old age? Many people have rising concerns that their assets might be used to take care of their old age needs leaving their children with nothing to inherit.
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Transfer of assets is the conveyance of anything valuable from one place, situation, or person to another. Persons are generally entitled to transferring assets to anyone they desire according to the laws, despite of the reasons. These may be wills, gifts, or trusts. The statistics shows that people who transfer properties and money to secure government funded nursing care keeps on increasing. Most of them also evade paying creditors or Internal Revenue Services. Nevertheless, the federal and state law forbids transfers defrauding creditors. Therefore, the change of ownership reduces or eliminates the person’s control of the assets immediately.
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For some people, the idea of signing over their home to their children later in life sounds appealing. They figure that the home would stay in the family, and the parents can reap some benefits such as a lower asset amount when applying for Medicaid. But the truth is that the act of transferring your home to your children is potentially one of the worst decisions you could ever make.
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When you are looking for ways to protect your Bonita Springs estate while paying for long-term health care, you are usually looking for ways to protect or utilize assets that would normally be taken by Medicaid when your spouse goes into assisted living. The best way to protect your estate is to understand the Medicaid application rules and be familiar with the term community spouse.
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When Fort Myers residents apply for Medicaid, there are a lot of rules they have to become familiar with. Many of these rules are critically important as they involve the protection or use of the applicant’s assets to pay for assisted living and long-term medical costs. While there is an imposing list of assets that are subject to Medicaid’s authority, there are also assets that remain exempt. It is important for Fort Myers residents to know which assets are exempt from Medicaid and any special rules attached to those assets.
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For decades, the idea of owning mineral rights has been a popular investment for people from all walks of life. Mineral rights provide a steady income and they can even help you build wealth if you become a savvy investor. But mineral rights can also become a problem when you are applying for Medicaid or if you find yourself in a situation where you are being sued and your assets are exposed. It is important to make your mineral rights a part of your estate planning and make sure that you are properly protected at all times.
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The average cost for standard assisted living care in the state of Florida is $37,800.00 per year. Younger people will read that statement and think nothing of it, but they fail to realize that the need for an assisted living facility is not based on age. If you become incapacitated or disabled for any reason at a young age, then you are suddenly looking at having to come up with $37,800.00 per year for your constant and necessary care.
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Life is full of details. Those details often make a huge difference. When your spouse transitions into a nursing home, you might feel that your assets are in some kind of danger. What happens to your assets when your spouse is in a nursing home being paid for in some way by Medicaid? What happens when you stand to lose all your assets to the nursing home? (more…)
When you or someone you love need to be transitioned to an assisted living facility, one of the first things that needs to be done is apply to Medicaid. Medicaid can provide financial assistance in paying the monthly fees. Medicaid looks back at the last five years of your financial transactions and your current financial situation. This is done to determine how much of your assets can be liquidated and used to pay for your long-term care needs. Before you apply for Medicaid, there are ways to protect those assets under the laws of the state of Florida.
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Every state has its own set of probate laws that govern how an estate is established, maintained, and administered. The probate court sets up the rules for estate planning. Then, all of the paperwork involving the estate of someone who has recently passed on has to be reviewed. It must be approved by the probate court before the estate can be closed.
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