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However, beneficiaries of support trusts are ineligible to receive Medicaid or Social Security Income

Most end up relying on Medicaid. In order to qualify for Medicaid without spending one’s self into destitution, it is wise to start transferring trust, or to the people you want to inherit them, well before you believe you might need to apply for Medicaid

Also, before disease strikes, it’s time to consider Medicaid planning. Smart Medicaid management can prevent families from having to spend all of the assets in order to keep Medicaid “look-back rules” on the transfer of financial assets can be complex, and understanding them Reference: Bankrate (November 24, 2015) “Talking turkey about Alzheimer’s” #PayingforaNursingHome #MedicaidPlanning #HoustonEstatePlanning #HoustonElderLaw #MedicaidPlanningLawyer #MedicaidNursingHomePlanning #RetirementPlanning

They assume that Medicare cover all of the expenses. Not so. After that, Medicaid takes over. Talk with an experienced elder law attorney about care for the elderly, Medicaid, and dementia. #MedicaidPlanning #HoustonElderLaw #HoustonElderLawAttorney #Medicaid #HoustonTrustPlanning #Dementia #MedicaidNursingHomePlanning #LongTermCarePlanning

about others taking that money from their child, while others may want their children to qualify for Medicaid However, in order to qualify for Medicaid, special needs children cannot have more than $2,000 in their trust, it still may be possible for a disabled individual under the age of 65 to remain eligible for Medicaid This trust will pay back the state and federal government for any Medicaid benefits that were paid on

If you retire prior to eligibility for Medicare, you need to plan how you’re going to pay for medical And even if you have Medicare, it doesn’t cover everything. HoustonWills #HealthcareDirective #PlanningfortheFuture #HoustonTaxPlanning #HoustonPowerofAttorney #Medicare

The average annual expense for a semi-private nursing home room is more than $80,000, according to a recent survey—a 4% hike from last year. This means the cost of nursing home care is growing at more than double the rate of overall inflation. Insurance premiums are lowest when you’re younger, and if you ever do need it, most policy owners will face premium increases, which have more than doubled from 2007 to 2014. This is why many let the policy lapse—and then they have no coverage and no compensation for money spent on the premiums. It’s not a product people want to buy because it’s too complicated and too expensive. Lifetime coverage isn’t offered anymore, and, unlike basic health insurance, you can be rejected for a policy if you have a pre-existing illness or condition. About 45% of applicants age 70 or older were denied coverage in 2014. Because these policies are complex and often have “waiting” or “elimination” periods—when benefits aren’t paid but reduce cost—they’re difficult to analyze. In addition, there are estate planning considerations: you may want to leave something to your family and not let your assets be eaten up by long-term care expenses in your final years. There are some newer products called hybrids, which add on long-term care benefits to life insurance and annuities that may work for you, but they add even more layers of cost and complexity. For those in such situations, experts advise consulting an elder law attorney to see if this product makes sense for you. Reference: New York Times (December 18, 2015) “Long-Term Care Insurance Can Baffle, With Complex Policies and Costs” #HoustonLaw #HoustonMedicaidPlanning #LongTermCarePlanning #PayingforaNursingHome

At least 70% of adults over 65 will need some form of long-term care, and Medicare and most health insurance Unless you have long-term care insurance, you’ll have to cover these costs on your own or use Medicaid 15 Mistakes Even Smart People Make in Retirement” #HealthCareDirective #AssetProtection #IRA #401k #Medicaid

Properties held in a properly-crafted trust do not count as assets when you are applying for Medicaid

Medicaid can cover some costs as can some life insurance companies, but nothing will cover the long-term

protected assets do not keep your loved one from becoming ineligible for government benefits, such as Medicaid

With Medicaid there are income caps, so individuals often do not qualify because their income exceeds How can an individual with disabilities qualify for Medicaid and get the care they need if they are over