Wes Coulson discusses the allowance for those who are on Medicaid. Medicaid was passed into law in 1965, and the allowance for Medicaid was $30 a month. Although prices for everything have gone up since 1965, the Medicaid allowance is still $30 a month. Elder law planning can help nursing home residents put aside money […]
The $20,000 Power of Attorney
Nobody in their right mind would pay $20,000 just to have a power of attorney drawn up, right? After all, it’s “just a form” – you can even find some free ones online, with a little digging. Well, looks can be deceiving. Sometimes, you need to look past what you pay for and focus instead […]
Elder Law Minute – Joint Bank Accounts and Medicaid
In this Elder Law Minute, Wes Coulson discusses the Medicaid rules and how they apply to joint bank accounts. Having your child’s name on your bank account can cause problems when applying for Medicaid. Medicaid considers joint bank accounts to only belong to Medicaid applicant. Even if the adult child withdraws money from the account […]
Understanding the Medicaid “Look-Back” and “Transfer Penalty” Rules
In order to understand how and why gifts and other transfers of property can impact a person’s prospective eligibility for Medicaid long-term care benefits, you need to know what the Medicaid “Look-Back” rule is and how it operates as to various gifts and other transfers of property. Medicaid “Look-Back” Rule Let’s start by noting the […]
The Biggest Threat To Your Financial Future
Most people who reach retirement age have, to one degree or another, planned and saved for their retirement. They are prepared for the challenge of a rainy day, and perhaps even a rainy season. But few people can withstand a financial monsoon that may hammer them relentlessly for years. The biggest threat to […]
