Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. It is known as Medi-Cal in California. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more. Uncompensated Transfers … [Read more...] about Uncompensated Transfers and Medi-Cal/Medicaid Planning
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. My friend and colleague Steve Hartnett, an estate planning expert, discusses possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
If you are concerned about the future of an elderly loved one, you are not alone. As we watch our elderly loved ones age, we can’t help but be concerned about the care they will need and how to finance it. Health care in America is among the most costly in the world, with costs continuing to rise. As a result, the average American is unable to pay for a lengthy stay in a long-term care facility or for the costs of a serious, long-term illness. While we all hope that our elderly loved ones are … [Read more...] about Qualifying for Medi-Cal
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medi-Cal? Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how crowdfunding can impact Medi-Cal eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...] about Why Crowdfunding May Cost You Medi-Cal Eligibility
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...] about ABLE Accounts
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
The Veteran’s Administration is beginning asset limits for qualification for the Aid & Attendance benefit. The limit goes into effect on October 18, 2018. If transfers are made prior to October 18, 2018, they will escape penalties on the transfer and the client would qualify. Read the following article by my friend and colleague Steve Hartnett, an attorney and estate planning expert, for more information on this unique opportunity. New Asset Transfer Look-Back for VA Aid & Attendance … [Read more...] about New Asset Transfer Look-Back for VA Aid & Attendance Coming Soon: The Window of Opportunity is Closing Quickly!
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article by my colleague and friend Steve Hartnett, an estate planning expert, discusses the elements of incapacity planning and the need for flexibility to do Medi-Cal planning which he refers to as Medicaid. It discusses how a trust with Medi-Cal triggers can allow that. All trusts prepared by our firm contain such triggers. Incapacity … [Read more...] about Incapacity Planning
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. My friend and colleague Steve Hartnett, an expert in estate planning, explaing why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...] about Estate Planning is Too Important to Procrastinate