“If I have life insurance in place, will I be able to keep it if I apply for Medicaid or VA benefits?” We get this question a lot from people applying for Medicaid or VA benefits eligibility, and the answer is not be as simple as it may seem. In a Medicaid context, in both […]
Do Living Trusts Protect Assets From Medicaid or VA Spend Down?
Living Trusts are valuable estate planning tools, but they don’t do anything to protect your life savings from long-term care costs during the Medicaid or VA spend down process. For that purpose, we need a different type of trust that can work together with your Living Trust called an Asset Preservation Trust. In this Elder […]
Medicaid and Your “Exempt” Residence: What the State Doesn’t Want You to Know
I’m applying for Medicaid, will my residence be exempt? If you look at the rules online, or even if you talk to a caseworker, you will learn that Medicaid rules state that you can have an exempt residence. That is great news for the many homeowners looking to apply for benefits. They can own their […]
Alzheimer’s and the Five-Year Look-Back Period: The time to plan is NOW!
You may have heard me speak in other videos about the five-year look-back period for Medicaid. Well, if somebody upon a first diagnosis of Alzheimer’s engages in planning to direct his or her life savings from long-term care costs, most frequently that can be done at least five years in advance of nursing home placement. […]
Don’t Fall Into the “Things Are Too Hectic Right Now” Trap
Last week we discussed when planning should start, which we determined the sooner the better for getting the best results in protecting your life savings from long-term care costs. However, sometimes even the best intentions give way to daily life and the overwhelming feelings that may arise from the very situations the planning is intended […]
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