Estate planning for seniors is critical in ensuring that one’s financial and healthcare wishes are carried out with integrity and care. As individuals age, assessing and implementing measures safeguarding assets, personal preferences, and family needs becomes vital. In the complex world of estate planning, estate planning for seniors can be an intricate process that requires…
Since it is tax season, many caregivers of our clients who are residents of an assisted living facility inquire about tax deductions for assisted living costs. The IRS provides rules for deducting certain qualified long-term care costs as medical expenses. Normally, the costs of nursing home care should be deductible, but the status of Assisted…
Trusts are fiduciary arrangements that allow a third party (also known as a trustee) to hold assets on behalf of a beneficiary. However, there are different types of trusts, and it’s important to understand the difference between a revocable and irrevocable trust. This distinction is vital as it can have significant implications for how assets…
A trust is a legal agreement between two or more parties that grants one party, or trustee, specified assets while the beneficiary, or the person for whom the trust is established, retains ownership of said assets. If you’ve ever wondered how to set up a trust or how they work, we explain below in detail…
What is a community spouse, and how is one eligible for spousal allowance in the event their loved one is moved to a nursing facility? Before we answer, it’s important to first understand cost-sharing in Medicaid and qualifications based on income. Medicaid is a cost-sharing program, meaning that the Medicaid recipient shares in the cost…
If you are planning to apply for Medicaid, whether for yourself or a loved one, it can be important to be aware of and, if possible, prepare for a Medicaid transfer penalty. If a Medicaid applicant has given away assets, inclusive of cash, bank account transfers, properties and/or vehicles, without receiving fair market compensation within…
As 2021 draws to a close, there are important 2022 elder law numbers that should be paid attention to by seniors and their loved ones. With these new changes in mind, now is the time to plan finances ahead of the year to come. 2022 Medicare Numbers The Centers for Medicare and Medicaid Services (CMS)…
Medicaid crisis planning is a crucial step in preparing for the future and taming the unexpected. And as with the case of Marie, a client I was happy to assist, Medicaid crisis planning helped turn an unexpected situation into the best possible outcome for her and her husband. $300,500.00 was most of Marie’s life savings….
