Recent Posts in Medicaid Category

ABLE ACCOUNT: Is it the right tool for me? - Part Four

Uses of the ABLE Account A person receiving needs-based government benefits often has a dilemma when it comes to saving, whether for education or for unexpected events, all while maintaining public ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Three

Tax Benefits ABLE accounts have tax benefits similar to 529 accounts. Qualified distributions from the account are not counted as taxable to either the contributor or the beneficiary. Qualified ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Two

Financial Limitations on ABLE Accounts There are currently limitations as to the amount of savings that can be held in an ABLE account. The first such limitation deals with the annual contribution ...
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ABLE ACCOUNT: Is it the right tool for me? - Part One

There are many unique components of special needs planning, one of which is to ensure that individuals with special needs remain eligible for important needs-based government benefits such as ...
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Estate Planning for Families with Special Needs Children - Part Three

“First Party” Special Needs and Pooled Interest Trusts If you are the person in Scenario 2 from Part 1 of this series (the person receiving governmental benefits) and you receive a ...
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Estate Planning for Families with Special Needs Children - Part Two

Supplemental Needs Trusts If you are the person in Scenario 1 from Part 1 of this series (the parent or grandparent of a child with special needs), and you wish to provide your loved one with ...
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Estate Planning for Families with Special Needs Children - Part One

Who Needs Special Needs Planning? Any family member or loved one with disabilities or special needs who relies (or may come to rely) on certain needs-based government benefits [e.g. Supplemental ...
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Why Don't People Plan for Long-Term Care? - Part 4

Reason #4 – Not understanding the options available. Options…options…options. There are so many options, and so much bad information out there. Furthermore, there are both Federal ...
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Why Don't People Plan for Long-Term Care? - Part 3

Reason #3 – Reluctance to face the reality of long-term care needs. According to the Genworth survey, only 1/3 of adults were “very or extremely confident” in their ability to pay ...
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Why Don't People Plan for Long-Term Care? - Part 2

Reason #2 – People don’t believe they will need it. Contrary to the overwhelming amount of evidence to the contrary, many people just do not believe that they will be the ones that need ...
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Why Don't People Plan for Long-Term Care? - Part 1

Reason #1 – People don’t understand the payment sources of long-term care I am always amazed how many people are under the misconception that Medicare will pay for all long-term care ...
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How Can an Irrevocable Trust Benefit You? Part 2

Last time, we discussed asset protection and protection against estate, income, and capital gains taxes through irrevocable trusts. Here are some other benefits of irrevocable trusts: Special Needs If ...
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How Can an Irrevocable Trust Benefit You? Part 1

Estate Tax Protection Insurance, real estate, brokerage and bank accounts, and other personal property can be transferred to your irrevocable trust to insulate the assets in your trust from inclusion ...
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Options for Caring for Patients with Dementia

In-home caregiver services, adult day cares, assisted living facilities with memory care units, and nursing home facilities may be alternatives depending on the circumstances. Costs for any of these ...
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Why Family Caregivers May Not Be the Best Option for Patients with Dementia

Caregiving for the Dementia patient is often taken on by a family member to avoid additional costs to the patient. This results in a financial cost to the family member who quits his or her job to ...
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The Cost of Dementia

The results of an October 2015 study published in the Annals of Internal Medicine examining “social costs and financial risks faced by Medicare beneficiaries 5 years before death,” ( ...
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The Difference Between Alzheimer's and Dementia

Alzheimer's Disease is one type of Dementia. Other types of Dementia incude: Parkinson's Disease, Lewy Body Dementia, Vascular Dementia and Huntington's Disease. Alzheimer's Disease is ...
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Is Life Insurance exempt under Medicaid?

A common and confusing issue when determining eligibility for Medicaid in Connecticut, is the exemption or lack thereof of Life Insurance. The rules are as follows: Term life insurance of any amount ...
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Is my IRA an exempt asset under Medicaid?

IRAs are commonly used to save for retirement in a tax-deferred environment. There is a lot of confusion however as to whether or not the IRA is counted when determining eligibility for needs-based ...
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How much do I get to keep if I am applying for Medicaid?

Another very common inquiry regarding Medicaid in the State of Connecticut is "how much do I get to keep?" The answer is that an unmarried person who applies for Medicaid long-term care ...
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What is the 5 year lookback period?

One of the most common questions we get from elder law clients who wish to do medicaid planning is "What is the five year lookback period?" An applicant for Medicaid long-term care services ...
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How do I protect my assets from the nursing home?

One of the biggest concerns clients have when they come into our office for estate, elder care, or Medicaid planning is that they will end up spending all their assets on skilled nursing care and have ...
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