ELDER LAW: ASSET PROTECTION PLANNING, MEDICAID & VETERAN’S BENEFITSAlthough Elder Law is an entity of its own, it can technically be considered as part of our estate planning services. We work with seniors and their adult children to analyze their long-term care needs and financial options. We work with our clients to develop a plan of how to transfer, gift, or organize any assets to ensure that there is enough money to pay for long-term care needs and protect assets for the next generation, if possible.
Much of our work includes assisting individuals and couples to apply for Medicaid (Title 19) when someone needs expensive long-term care. Medicaid in CT can pay for skilled nursing home care, which currently costs about $15,000/month in our area, and home care, which can cost up to $8000/month for full-time live-in care.
One common issue that arises in Medicaid planning is the look-back period, which means the transferor may be penalized from receiving Medicaid if he or she has made a gift during the five-year period before applying for Medicaid. We assist clients to analyze the risks and penalties and counsel them on their options.
Even if the look-back is not an issue, there are often spend-down requirements, which we assist clients with in order to spend their funds as wisely as possible. We also help clients retain assets for the spouse at home by use of Medicaid annuities and protect the family home for a child who has lived with the parents and cared for him or her for more than two years.
Our attorneys are also accredited with the PLAN of CT, which is the only entity authorized by the State of Connecticut to operate Pooled Trusts. These are often required if a client’s income exceeds the cap for Medicaid services.
Many of our clients are veterans who served during active wartime (WWII: 12/7-1941-12/31/1946, Korea: 6/27/1950-1/31/1955, Vietnam 2/28/1961-5/7/1975). The long-term health care needs of a veteran or a surviving spouse of a veteran may entitle that person to a stipend from the VA, known as Aid & Attendance. Attorney Wilson is accredited with the VA to apply for Aid & Attendance benefits.
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Myths and Misconceptions Vlog #3: I Can Gift $15,000 Per Year Without Penalty While many people are familiar with the gift tax exemption, it is often mixed up with the Medicaid five-year look-back rules. Watch the video below for the full explanation by attorney Joan Reed Wilson: Previously recorded If you are having trouble viewing…
What Is a Conservatorship? Conservatorship in Connecticut means that the Court appoints a person or organization to manage the life of another adult. There are Voluntary and Involuntary conservatorships. We will discuss Voluntary Conservatorships in a subsequent article. This article discusses Involuntary Conservatorship. In an Involuntary Conservatorship, the adult being conserved has to be deemed…
It’s understandable that some people think that if the assets are under a different name, they are no longer considered yours. While that is true in most cases, Medicaid has slightly different rules.
So don’t put “transfer assets to spouse” on your to-do list just yet. Watch the video below and let Attorney Joan Wilson explain why.
COVID-19 Vaccine – What To Expect? Supply of the COVID-19 vaccine in the United States is expected to be pretty limited in the beginning, so the CDC (Center for Disease Control) has provided recommendations to federal, state, and local governments about who should get the vaccination first. CDC’s recommendations are based on the Advisory Committee…
On January 23, 2015, the Department of Veteran Affairs proposed a Veteran’s Benefits Eligibility Rule Change – RIN 2900-AO73, Net Worth, Asset Transfers, and Income Exclusions for Needs-Based Benefits, a rule that would, among other things, impose a 3-year look back for transfers of assets, including gifts to persons, trusts or purchases of annuities, deny…
MYTH 1: “Medicare Will Pay for Long-Term Care such as an Assisted Living Community or and Nursing Home.”
What Is Elder Law? Before we dive into the many reasons you need an Elder Law Attorney, let’s first touch base on what Elder Law is. Elder law refers to numerous legal issues specifically affecting elderly people. With age, many issues may surface, from declining health to financial burdens. Seniors face complex legal concerns that…
Can you gift $10,000 a year without a penalty? For tax purposes yes, with the Gift Tax Exclusion. With the holidays around the corner and the end of the year fast approaching, many of you may be thinking about making gifts to your children and grandchildren. If you want to avoid paying a gift…
According to the Centers for Disease Control and Prevention (CDC), older adults and people who have severe chronic medical conditions like lung, heart, or kidney disease seem to be at a higher risk for contracting COVID more serious COVID-19 illness. This means that most people with Medicare are at higher risk. According to a Wall…
As part of our elder law and long-term care planning practice, we often recommend a reverse mortgage to our clients. And we are often met with resistance. One of the most common misconceptions about reserve mortgages is that if someone obtains this type of mortgage, all hope of ever having any equity to pass to…
Attorney Joan Wilson Elected Vice President of National Academy of Elder Law Attorneys RWC, LLC, Attorneys and Counselors at Law is pleased to announce that Attorney Joan Wilson was elected Vice-President of the CT Chapter of the National Academy of Elder Law Attorneys (“NAELA”). Attorney Wilson has been a member of NAELA for 15 years…
FALSE FACTS FRIDAY Issue 11: “I’m Happy with My Medicare Plan, So I Don’t Have to Review It for Next Year.” The Medicare Annual Enrollment Period (“AEP”) began in October 15th and extends until December 7. AEP is the time that Medicare recipients can review and change their Medicare plan if they should choose to…
What is a DNR? “DNR” stands for Do Not Resuscitate and means that if you stop breathing, you will not be resuscitated. Most, otherwise healthy people, would want to be resuscitated if they collapsed and stopped breathing, for example, if they had a heart attack. Those who are terminally ill and are suffering may choose…
The Fall of 2017 brought uncertainty to the Medicare Savings Programs (MSP) in Connecticut when they were unexpectedly slashed by the state budget. After several months of negotiations, a bipartisan effort was able to revive the program that affects so many seniors. The Medicare Savings Programs in Connecticut are benefits whereby the State pays for…
In our estate planning, probate, and elder law practice here at RWC, LLC, Attorneys, and Counselors at Law, we often see family squabbles that erupt because of unmet expectations. Many of these expectations involve emotionally-valuable personal property. And many of them erupt after the passing of a loved one. In many instances, had the family discussed…
FALSE FACT Vol. 1, Issue 1: If you don’t protect your money, the State will take it. This is probably the most common “inaccurate” statement that I hear in my elder law practice. We do help clients protect their assets, but not because the State will take them if you don’t protect them. Welcome to…
Medicare Advantage Plan Plan Update Earlier this month, the Centers for Medicare & Medicaid Services (CMS) announced that beginning in 2019, Medicare Advantage plans will cover supplemental non-skilled home benefits that include daily maintenance. This is the first time that CMA has allowed a service that covers daily maintenance to be eligible as a supplemental…
The Veteran’s Aid and Attendance (A&A) Pension provides Veterans benefits for qualified veterans and their surviving spouses who require the regular attendance of another person to assist in eating, bathing, dressing, and undressing or taking care of the needs of personal hygiene (known as Activities of Daily Living). This could include home care or care…
The Benefits of Care Coordination and Advocacy – Life Care Planning Mary and Wade’s Story By: Attorney Joan Reed Wilson Earlier this month, we announced our new focus area called Life Care Planning, which developed out of our estate planning and elder law practices. Life Care Planning is a revolutionary new way to respond to…