For most people, even retirees and other seniors, the idea that you might have to spend time in a nursing home or extended care environment isn't something you think about a lot. Unfortunately, the reality of the situation is that the older you get, the far more likely you will be to have to live in a nursing home at some point. While only a small percentage of people in their late 60s or early 70s need nursing home care, that number rises significantly the older you get. With the average cost … [Read more...] about You Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
Veterans Benefits
Your Parent’s Nursing Home Might Sue You
For children with elderly parents residing in a nursing home or extended care facility, you may be surprised to know that in some states and in some situations, you could potentially be required to pay for your parents nursing home expenses. About 30 states, including California, have laws that impose some kind of a duty for children to pay for their parent's nursing home expenses if the parent is indigent and if the child has funds. In about 20 of the states with these “filial … [Read more...] about Your Parent’s Nursing Home Might Sue You
Veterans Benefits: A Primer – Part 7 of 7
In this final installment, we will focus on additional VA benefits planning strategies. One effective strategy is commonly referred to as "spend down", which simply means to use otherwise countable liquid assets to purchase needed items such as vehicles, medical equipment, etc. The treatment of tax-deferred accounts poses special problems. While the annuitization approach may work in certain circumstances, in others, it may be better to liquidate the account and include it in a spend down … [Read more...] about Veterans Benefits: A Primer – Part 7 of 7
Veterans Benefit: A Primer – Part 6 of 7
As noted in the previous Part, many person who initially contact our office relating to VA benefit eligibility do not immediately qualify for them. In most cases it is because they have too many assets that the VA would count in ascertaining their availability. However, despite the recent restrictions imposed by the VA on eligibility standards, there are effective and legal strategies that can be employed to reduce one's net worth for VA eligibility purposes. One note of caution: There … [Read more...] about Veterans Benefit: A Primer – Part 6 of 7
Veterans Benefits: A Primer – Part 5 of 7
Turning to the financial test in VA eligibility planning, there is much confusion in this area. Unlike the VA Compensation program, whose eligibility tests focus on a veteran's degree of disability and whether or not it was connected to his or her service to our country, the Pension program also focuses on the veteran's income and assets. Effective October 18, 2018, the VA made dramatic changes to the financial eligibility standards. Due to their complexity, they cannot be set forth in … [Read more...] about Veterans Benefits: A Primer – Part 5 of 7
Veterans Benefits: A Primer – Part 4 of 7
In this Part, we will explore the disability test. As previously discussed, if a veteran became disabled while serving the country during his or her military service, he or she will likely be eligible for a disability benefit under the VA's Compensation program, which, unlike the Pension program, is not means tested. To receive a VA pension benefit. however, the veteran must establish his disability in one of two ways. First, a veteran can show that a permanent and totally disabling … [Read more...] about Veterans Benefits: A Primer – Part 4 of 7
Veterans Benefits: A Primer – Part 3 of 7
To be eligible for the VA "Pension", a veteran applicant must satisfy three basic tests: 1. Wartime Service; 2. A Disability; and 3. Limited Assets and Income. We will explore each of these requirements in the next few Parts. A surviving spouse of a veteran must also meet a fourth test, the "Marriage" test. He or she must have been married to a veteran of the opposite gender at the time of the veteran's death, been married for more than one year and have not remarried. Unfortunately, this … [Read more...] about Veterans Benefits: A Primer – Part 3 of 7
Veterans Benefits: A Primer – Part 2 of 7
In Part 2 of this Primer series, we will take a closer look at the VA "Pension" benefit available to certain wartime benefits. The "Pension" benefit is commonly and mistakenly referred to as the "Aid and Attendance" (A & A) benefit. As discussed below, the A & A benefit is but one of three "Pension" benefits. The "Pension" benefit is actually three separate but related benefits. The fundamental benefit is the "Improved Pension". There is an additional benefit for those who meet … [Read more...] about Veterans Benefits: A Primer – Part 2 of 7
Veterans Benefits: A Primer – Part 1 of 7
Our firm regularly assists clients with obtaining benefits available from the Department of Veterans Affairs (VA) for assistance in paying for long term care benefits. The VA requires that attorneys be accredited by the VA in order to represent veterans before the VA relative to their benefits. This author is so accredited. In helping our veteran clients and their surviving spouses, we have learned that there is much confusion about VA benefits and their availability. In this Primer … [Read more...] about Veterans Benefits: A Primer – Part 1 of 7
Deciding if Some You Love Needs a Care Facility
It can be heart wrenching to decide if a family member or friend you love can no longer safely live in their own home. It can be scary for that loved one to think about his or her care needs and possible new living environments. If you have concerns about a loved one , consider the following questions when determining care needs. If you need help, consult with an experienced and qualified estate and elder care attorney. Does your loved one have medical needs that require special … [Read more...] about Deciding if Some You Love Needs a Care Facility