Choosing whether assisted living would be the right option can be a complex decision requiring a dispassionate evaluation of the situation and careful consideration.
The challenges of helping an aging parent plan for their late-in-life care can be strenuous. There are financial, medical and even emotional aspects of this type of planning.
By way of a primer, consider reading (and sharing) a recent Forbes article titled “The Basics: Assisted Living For Your Parent.”
If you have elderly parents, don’t wait to learn about Medicaid — sometimes referred to by a litany of other state names, like Medi-Cal and MassHealth.
What is your Medicaid IQ? Most Americans have heard of Medicaid, since it has been part of the national political debate for some time. A political discussion is one thing, but what does Medicaid mean to your elderly loved ones?
If you have elderly parents, it is high time to learn about Medicaid and how it works.
The fear that the government could one day seize their homes is deterring some people from signing up for Medicaid.
Medicaid comes with a lot of give and take. It is a safety net for those who need it, but it does come with its drawbacks. One drawback many are now discovering is “Medicaid Asset Recovery.”
So, what is “Medicaid Asset Recovery”? In layman’s terms: after you pass away the government can recoup the benefits you received from Medicaid by taking from your remaining assets, which usually means your house.
My mother gave me money in 2009. Now (2014) she is in a nursing home and needs to get Medicaid. Does that money need to go back in her account because of Medicaid's five-year lookback?
Medicaid is wound tight with very well-intentioned rules to stop people from taking advantage of or “beating the system.” These rules are meant to prevent fraud. Unfortunately, the rules intended to stop outright fraud can sometimes get in the way of those who do play by the rules.
The most common problem families run into is the so-called “lookback” period. You can easily run afoul of the 20/20 hindsight of Medicaid and thereby threaten the care your elderly loved one needs. This common conundrum of the lookback period was recently updated in a Q&A and supporting guide produced by ElderLawAnswers. In fact, the common question that sparked the post is the same as the title: “Should I Return Money My Mom Gave Me So She Isn't Penalized by Medicaid?”
Planning for a special needs beneficiary can be incredibly complex, so it’s generally best to consult with a knowledgeable attorney in your state who specializes in this area.
Estate planning helps to ensure our loved ones will be taken care of when we are no longer here. These plans are done with great care and consideration. Furthermore, our loved ones with special needs will require some extra special planning to make sure their needs are met.
Special planning is, of course, very much tied to the needs of your child with special needs and to the needs of the rest of your family. As you might imagine, such planning entails important tools, rules and guides. To get started, consider a recent article in The Slott Report titled “3 Tips When Planning for a Special Needs Child.”
Houston Estate Planning and Elder Law Attorney Blog