As you age, you may need skilled nursing care or personal assistance to help you live safely and maintain your wellbeing. That said, the rules governing whether you qualify for Medicaid may seem complicated and hard to understand. To determine your Medicaid eligibility, your total assets will be evaluated. While others will be countable, some of them will be deemed exempt as they will not be used to determine your eligibility.
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Many people assume the fact that one day they are going to be old and require nursing and home care services. As a result, they fail to plan, for these services and the expenses that come along with them.
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Most people face a hard time closing out a loved one’s life after their demise. The trauma and sorrow accompanying the loss of a loved one may be too overwhelming for you to attend to the necessary tasks to do when a loved one passes away. Giving proper tribute, making funeral arrangements, carrying out last wishes, dealing with his/her estates, closing his/her bank accounts, are just but a few of the tasks that may require your attention. However, to cope with the pain and all these responsibilities, try not to handle everything alone, you can cut yourself some slack by dividing responsibilities with your family members, or trusted friends. It is also possible to hire the services of an outside party such as an attorney to help through any legal process if finances allow.
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A common misconception about estate planning is that it only concerns events that take place after death, such as the distribution of assets to the correct beneficiaries, and following the wishes of the deceased in terms of what happens to their estate.
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A gift or a transfer is any activity that involves selling, gifting, and exchange of assets for a less amount than what is in the market. Also, a transfer could be a charitable asset transfer, such as a charity. However, this could be disputed if the total balance of the assets can be settled for the benefit of the claimant.
Initially, there are ways of protecting assets instead of giving money away. This is where an asset protection trust comes into play.
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You would expect that with technological advancements, long term care would become more affordable, but that is not the case. If anything, this year, long term care grew even more expensive with the most convenient option in a private nursing home room, moving closer to $100,000 annually.
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Access to quality health care is one of the fundamental human needs. In a society where there are differences in economic classes, low-income earners have limited access to medical services, since healthcare providers expend care services at a cost. To include individuals in the low-class in quality health care plans, the government created the Medicaid Program in 1965.
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A lien refers to a claim or charge on a piece of real estate or property.
A Medicaid lien is a claim made by the (DSS) Department of Social Services on your property to cater to your Medicaid assistance expenses. It refers to medical payments made on behalf of the individual receiving care.
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Death is inevitable, and it happens to everyone. When a pet owner dies, decisions regarding the ownership of the pets must be made. In most situations, pets remain in the same house together with the surviving relatives. Prior preparation is necessary for these instances, as you consider where this pet will be provided with essential needs. What if you pass away without designating how your pet will survive? Discussed below are options you ought to consider regarding your pet before you pass away.
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When it comes to estate planning, what comes to the minds of many people is what will happen to their properties upon their death. However, that worry lacks a significant consideration, which leads to making the same mistake for many people. That consideration requires the need to plan for long-term care.
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