Creating a successful and comprehensive estate plan requires you to do much more than just decide how you wish to distribute your estate assets after you are gone. It also requires you to think ahead and guard the assets you acquire over the course of your lifetime so that there is something left to distribute at the end of your life. Considering the likelihood that you will need long-term care (LTC), and the high cost of that care, is essential to ensuring that you have assets left to pass down … [Read more...] about Top 5 Medicaid Planning Tips
There is an exceptionally good chance you will need to rely on Medicaid at some point. If you do find yourself applying for Medicaid without having prepared in advance, your assets could be at risk. To prevent that from happening the Grand Forks Medicaid planning attorneys at German Law Group explain five things you need to know before applying for Medicaid. Why Would I Need to Qualify for Medicaid? Experts tell us that if you are close to retirement age right now (age 65), you stand close … [Read more...] about What You Need to Know If You Are Applying for Medicaid
You may make it to your retirement years without ever having the need to qualify for Medicaid if you were fortunate enough to be covered by employer-sponsored or privately purchased health insurance. As a senior, however, the likelihood that you will need to qualify for Medicaid increases substantially as a result of the high cost of long-term care. Consequently, it is wise to plan for the possibility by learning more about the Medicaid eligibility requirements. Among the most important of those … [Read more...] about Understanding the Medicaid Look-Back Rule
Like many people, you may have made it all the way to your “Golden Years” without ever needing to turn to Medicaid for help with healthcare related expenses only to find that qualifying for Medicaid as a senior is crucial because of the high cost of long-term care. If you did not plan ahead, however, you may find that the value of your assets actually prevents you from qualifying. At that point, can’t you simply transfer those excess assets to an adult child in order to meet the eligibility … [Read more...] about Can’t I Just Transfer My Assets to My Adult Child to Qualify for Medicaid?
For an adult child, one of the most difficult things to accept is that their father can no longer safely care for himself. If you find yourself facing that reality, you probably don’t like the idea of putting your father in a long-term care facility. At the same time, the harsh reality may be that you cannot financially afford to care for your father full-time if you have your own family to support. The Medicaid lawyers at German Law Group explain how a North Dakota Medicaid Waiver program may … [Read more...] about Will Medicaid Pay for Me to Care for My Father?
Ideally, most people should start including Medicaid planning tools and strategies in their estate plan once they reach middle age. Not everyone does though, which can put their assets at risk during their retirement years if they reach a point at which qualifying for Medicaid becomes crucial. If that does come to pass for you, do not despair. While it is certainly best to plan ahead for Medicaid eligibility, you may be able to use some last-minute Medicaid planning strategies to protect some of … [Read more...] about Last Minute Medicaid Planning Strategies
The American healthcare system has been through its share of changes over the past decade. Another round of changes has recently rolled through that may impact you, particularly if you are a senior. Changes to both Medicare and Medicaid will be felt by seniors across the country in the coming years, with some states implementing controversial changes to their Medicaid programs that bear watching by residents of all states as these changes could cause a chain reaction across the country. The … [Read more...] about How Will Recent Medicaid and Medicare Changes Affect You?
If you are like most people, you are planning to rely heavily on Medicare for your healthcare needs when you reach your retirement years. Fortunately, Medicare will cover most of your basic emergency healthcare expenses. If you choose to pay for additional coverage it will even pay for additional healthcare expenses such as doctor visits and prescription drugs. If you have heard people talk about the need for Medicaid planning, this may leave you wondering why you would need to qualify for … [Read more...] about Grand Forks Medicaid Lawyers Compare Medicaid and Medicare
Estate planning, when done correctly, should be comprehensive in nature. As such, your estate plan should cover a number of inter-related goals and objectives all in one cohesive plan. One estate planning component you will likely want to consider as you get older is Medicaid planning. One reason you may need to include Medicaid planning in your estate plan is that eligibility for benefits depends, in part, on the value of your “countable resources.” To ensure that you understand the need for … [Read more...] about Medicaid Lawyers Explain “Countable Resources”
Whether you are just starting out in your career or you have been working and saving for years, you undoubtedly want to protect the assets you have managed to amass to date. Including asset protection tools and strategies in your estate plan is one way to do that. Fortunately, there are a wide range of asset protection tools available to incorporate into your overall estate plan. When used strategically, a life estate can be one of those tools. For those who are unfamiliar with a life estate, … [Read more...] about Life Estates