Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Even if you have never needed to rely on Medicaid before to help with your health care costs, the odds are good you will need to as a senior. Why? The answer can be found in the high cost of long-term care (LTC). At an average yearly cost of over $80,000 nationwide, and an average length of stay of 2.5 years, it should come as no surprise that over half of all seniors in need of LTC rely on Medicaid to … [Read more...] about Medicaid Asset Transfer Rules – When Gifting Can Cost You

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid planning, a … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much … [Read more...] about Medicaid Gifts to Children

Your Independence, Rising Medical Costs and Retirement Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Many of us believe we have the “planning for the future” space covered. We’ve worked hard and saved. Our homes are paid off by the time we go into retirement and as far as we’re concerned, life now consists of living well in the way we define. In a perfect world, that’s true. In reality, there are a few things which can quickly annihilate our sense of … [Read more...] about Your Independence, Rising Medical Costs and Retirement

Estate Planning for Young Adults Estate Planning for Young Adults Written By: The American Academy of Estate Planning Attorneys Parents know there is no statute-of-limitations on worrying about their kids. Your interest in your child’s health does not end once your son or daughter reaches adulthood. However, your legal interest in having a say about your child’s medical care ends on the day that he or she turns 18. This means that while you have the final word about medical care one day, the … [Read more...] about Estate Planning for Young Adults

Selecting an Estate Planning Attorney Wisely Written By: The American Academy of Estate Planning Attorneys When former NFL quarterback, Steve McNair, died without a Will, his family members were left to fight over his expansive estate. Immediately after his death, although news reports indicated the NFL-star had provided instructions to his family and that his wife wasn’t trying to exclude his mother from inheriting, things quickly deteriorated. Two years later, on the anniversary of McNair’s … [Read more...] about Selecting an Estate Planning Attorney Wisely

Sometimes “No” is the Best Answer Sometimes “No” is the Best Answer Written By: The American Academy of Estate Planning Attorneys When receiving an inheritance, few people consider that there may be a big decision looming. You are still mourning the passing of someone dear to you when you learn about the inheritance. While you continue with your daily life, numb from the emotional loss, the estate or Trust Administration process continues, which eventually leads to the distribution of your … [Read more...] about Sometimes “No” is the Best Answer

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Every year, about 6,000 babies with Down syndrome are born in the United States. Over their lifetimes, many of these children will contend with serious medical conditions including heart defects, gastrointestinal problems, visual or hearing impairment, dementia, and early-onset Alzheimer’s disease. As a result, the costs associated with Down syndrome can be astronomical and many of those with the … [Read more...] about Special Needs Trusts for Children with Down Syndrome

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys A vacation home is a special place for a family. You buy a beach house or a cabin at the lake with visions of the long, lazy summer days and holidays you’ll spend with your children…and eventually your grandchildren. You dream of the memories you’ll make, and you look forward to passing the home on to your children and grandchildren so that they can do the same. Sadly, without a … [Read more...] about Proper Planning Protects Your Vacation Home