When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level of care typically provided in a nursing home. Whether you are applying for nursing home coverage or through a Medicaid waiver program for coverage at home, you must meet the level-of-care…
Whether you are putting together your own Will or standing to receive assets left to you by someone else, you may wonder what the actual difference is between a beneficiary vs an heir. Some people may use the terms interchangeably, however, heirs and beneficiaries are not the same thing. Not all heirs are beneficiaries, and…
The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will increase by 5.9 percent, the sharpest…
Many families mistakenly believe that receiving an inherited property is as simple as listening to a reading of the Will and then that property magically belongs to you and you can do whatever you want with it. Sorry to burst that bubble, but a reading of the will is not a real thing – that’s…
Part of my estate planning practice includes asset protection planning, especially for Medicaid. Many of my clients are interested in protecting their assets for their children. They know, either through personal experience or their own research, that the cost of long-term care could deplete their estates. The average cost of a nursing home in Connecticut…
Reports of elder financial abuse continue to increase, as they are particularly vulnerable to scams or to financial abuse by family members in need of money. It is hard to ascertain the exact number of people affected by elder abuse because studies show that elder abuse is underreported. However, one study found that financial loss from financial elder…
