Category Archives: Elder Law
Strategic Medicaid Planning with an Elder Law Attorney
The United States Medicaid program provides health insurance to low-income individuals and families. However, because of the steep costs associated with long-term care, strategic Medicaid planning is a growing trend for individuals with higher net worth as an alternative to spending down assets to qualify for benefits. Individuals can plan to meet eligibility requirements… Read More »
Medicaid-Compliant Annuity (MCA) for Married Couples
An annuity is a financial product that pays a fixed amount of money every year, generally for the rest of the annuity owner’s life. Most annuities are deferred, meaning the payout doesn’t occur until a later date. However, you can receive immediate payouts if you purchase a Medicaid-Compliant Annuity (MCA). When you buy a… Read More »
Claiming the Guardianship of an Elderly Parent
Often an aging parent will lose their ability to think clearly to make informed and meaningful decisions regarding their life. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability conditions. In the absence of your parent preparing for their… Read More »
Qualifying for Medicaid: A Five Year Look-Back Without Penalties
Nearly everyone will need long-term care at some point in their lives, so planning is vital. While we cannot predict the timing or level of care, we can take steps to prepare for an unexpected medical and financial crisis to help reduce the stress on ourselves and our family members. The cost of care… Read More »
Medicaid Planning Protects Your Home from Rising Health Care Costs and Capital Gains
Your most valuable property may be your home, which is true for many people. You want your children to inherit that value when you pass. However, you are also concerned about planning for the future, declining health, and the potential need for expensive long-term care. You have heard that Medicaid can pay for that,… Read More »
Claiming guardianship of an elderly parent
More often than not, guardianship congers images of a minor child in the care of a designated adult family member or friend. However, you can employ the process to obtain legal rights over elderly or aging adults, usually parents, who are losing their physical and mental health capacities. While the process is similar, there… Read More »
Paying for Long-Term Care
According to findings, the US Department of Health and Human Services (HHS) cites that almost seventy percent of retirees in America will need some long-term care (LTC), with median annual costs for these services ranging from $53,768 to $105,850 in 2020, according to research from Genworth. HHS also reports that those who receive Medicaid-financed… Read More »
Medicaid Gifts and Penalties
Medicaid is a federal/state program helping low-income seniors with limited income and assets afford healthcare and long-term care. Many seniors believe their only option to qualify for the program is to “spend down” their assets. While this is true in some cases, proactive Medicaid planning can protect a substantial portion of your assets if… Read More »
Medicaid Eligibility for Nursing Home Level of Care
Think again if you thought Medicaid planning only included meeting strict income and asset limits for long-term care coverage. You will also need to demonstrate you need the level of care typically provided in a nursing home setting. These health eligibility rules are valid if you apply for nursing home coverage or a Medicaid… Read More »
Becoming a Legal Guardian of Person and Property of Your Aging Parent in Maryland and the District of Columbia
Guardianship of an aging parent means acceptance of significant legal responsibility to act and advocate for their care. The duties include a parent’s daily care, medical care, and possibly financial decisions made on their behalf. Many guardians are family members who were previously caregivers, now cast into a formal legal role. At the same… Read More »
