It is an unfortunate fact of life. When you or a loved one reaches the stage of life, where you may need long-term care or a nursing home, Medicaid can help to cover the cost, as most of us will run out of the money needed to pay for these facilities. However, when the person dies, Medicaid will go after any assets they have in order to pay back what was paid out for the person, in a process called the Medicaid Estate Recovery plan.
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Despite the best laid plans, things happen in life, and it doesn’t always go the way we plan. That is often the case when a married couple splits up, and separates. Despite the best intentions, it is sometimes unavoidable, and while the emotional and financial fallout can take a lot of energy, it may be worth looking at how these life changes may impact your estate planning.
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Owning your property with another person is called a joint tenancy. While there are certain benefits to owning a property this way, there are also certain drawbacks. In most cases, a joint tenancy boils down to the property’s right of survivorship. If one owner were to pass away, the other owner would take full control of the property. The co-owners of the property all have a right to use and enjoy the property.
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Trusts can play an important role in estate planning for several reasons. If you are looking into estate planning, or are starting the process, it is important to understand what a trust can do for you, and the different types of trusts available. As with anything to do with estate planning, an experienced estate planning attorney at the Mattar Firm who deals in these matters will be able to assist you, and make sure you’re making the decisions best for you.
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Nearly one in 10 veterans rely on Medicaid for the primary and specialty healthcare they need. 1.75 million veterans use Medicaid in some form to cover their medical issues. Medicaid is a safety net for veterans, providing insurance to those who do not have it and supplementing those who do have insurance or have Medicare. While veterans may be eligible for Medicaid, there are certain things to take into consideration, things that civilians do not have to worry about.
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We all value our ability to make choices and determine our outcomes when it comes to financial and health matters. However, there may come a time for each of us when we are unable to make these decisions.
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No one wants to think about a time in our lives when they will need long-term care. In many cases, most people do not think about long-term care planning until a loved one needs it or they need it. By then, they may have missed an opportunity for better options, more resources, and more information to make decisions off of. Thinking about the unthinkable, and making a plan, gives you a lot more options and lets you have more of a say in you and your spouse’s lives when the time comes for long-term care.
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A special needs trust can provide peace of mind for families caring for a loved one with a disability. For some people with a disability, a special needs trust is just one way their lives may be enhanced. A special needs trust works by maximizing the resources available to them. While it preserves eligibility for programs like Medicaid and Supplementary Security Income (SSI), it may also help pay for quality of life things that will make life better for the disabled person. Below we will take a look at who qualifies for a special needs trust and how the process works.
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As we age, the possibility that we may end up in assisted living or a nursing home rises. It’s part of growing older, unfortunately. But what’s the difference between the two? And which one is right for you? Read on as we take a look at the differences between assisted living and nursing homes.
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For a loved one who is aging or in poor health, a healthcare proxy can be an important thing. That being said, it’s also somewhat confusing, and not everyone knows what it means or what a healthcare proxy does. We will try to explain all of that and more as we delve into what a healthcare proxy is, why they are named, and how you can handle it.
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