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Tag Archives: Medicaid

The truth about how to protect assets in a second marriage.

How to Protect Assets in a Second Marriage (The Right Way)

By Andre O. McDonald |

When people marry for the second time (or more), losing assets to pay for their new spouse’s serious illness is probably the last thing on their minds when they say “I do.” But that could happen. Current costs for long-term care facilities can run between $70,000 – $150,000 annually. Studies show that 70% of… Read More »

The truth about the Medicaid penalty for gifts

How to Avoid the Medicaid Penalty for Gifts

By Andre O. McDonald |

Michelle’s children were concerned that Michelle would need long-term nursing-home care in the near future. It was the holidays, and Michelle always got a lot of joy out of generosity. But her children also worried that her generosity could hurt her in the long run, because they had heard that people in Michelle’s circumstances… Read More »

Don't make these 3 costly mistakes when planning for your disabled family member

3 Common Mistakes When Planning for a Disabled Family Member

By Andre O. McDonald |

There are 58 million Americans five years of age or older that are identified as special needs, making them the largest single minority in this country. The majority of federal and state benefits available to help persons with disabilities are needs-based, meaning income and assets are strictly limited and can often by misinterpreted, resulting in costly… Read More »

how to talk to aging parents about tough financial and medical issues

Tips for Discussing Medical and Financial Issues with Your Aging Parents

By Andre O. McDonald |

Your parents are getting on in age, but you don’t have a clear idea if there is a plan in place for their care. It is a difficult topic to broach; no one wants to talk about death and the financial realities that come with aging. Instead of having a proactive conversation with your… Read More »

How an ABLE Account helps families afford disability-related care

How an ABLE Account Helps Those with Special Needs

By Andre O. McDonald |

The Achieving a Better Life Experience (ABLE) Act was signed into law in December of 2014. The purpose of the ABLE Act was to provide individuals and families the ability to finance disability needs tax-free. The savings vehicle provided by the ABLE Act is similar to the 529 education savings plan. The Act allows… Read More »

How to prevent elder financial abuse

Elder financial abuse and Medicaid: How are they related?

By Andre O. McDonald |

A major problem faces Americans as they grow older – Elder Financial Abuse. But did you know that there is a documented link between elder financial abuse and Medicaid denials?   What is Elder Financial Abuse? Elder financial abuse is a growing issue for Americans. Studies show that $2.9 Billion are lost every year… Read More »

Medicare vs. Medicaid: Understanding the Difference

Medicare vs. Medicaid: What’s the Difference?

By Andre O. McDonald |

Medicare and Medicaid have long been a mystery to many consumers. In fact, it can baffle and confuse even some of the smartest citizens. Like me, you might have thought, “I don’t need to worry about this right now.” However, it is never too early to gain a little understanding and awareness that just… Read More »

As long term care insurance has become unaffordable for many

Creative Financial Approaches to Long-Term Care Planning

By Andre O. McDonald |

Long term care insurance was sold aggressively in the 1980’s, 90’s and thereafter to offset the costs of seniors needing to live in a nursing home or assisted living facility, or needing at-home health care. Now, however, the business of long term care insurance has dramatically changed. What was once over 100 insurers providing… Read More »

What is a Medicaid Divorce?

Can a “Medicaid Divorce” Protect Your Assets?

By Andre O. McDonald |

The term Medicaid divorce refers to a strategic (yet often controversial) legal concept where an otherwise happily married couple will seek a divorce so that one spouse can qualify for Medicaid assistance, and impoverishing the well spouse. To better illustrate why a married couple might consider a Medicaid divorce, let’s take a look at an… Read More »

The importance of including long-term care in your estate plan

Why Factoring Long-Term Care into Your Estate Plan Pays Off

By Andre O. McDonald |

For most people, thinking about estate planning means focusing on what will happen to their money after they pass away. But that misses one pretty significant consideration: the need to plan for long-term care.   The last thing any of us want to contend with when a health issue arises later in life is… Read More »

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