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Different Types of Special Needs Trusts

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

Are you thinking about creating a special needs trust? If so, you may be confused. There are three main types of special needs trusts: the first-party trust, third-party trust, and pooled trust. The trust beneficiary is always the individual with special needs regardless of which type of trust being used. Special needs trusts are set up for individuals with special needs as a supplement to any benefits received from government programs. A special needs trust allows the individual with special needs to receive their government benefits, while also receiving funds allocated from the trust. The typical special needs trust creates a...

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Discussing Personal Service Contracts and Caregiver Income Taxes

Personal Services Contracts (also known as Family Medicaid Caregiver Agreement), are one of several potential Medicaid planning techniques regularly used to protect Medicaid applicants’ resources. Many have questions regarding the tax implications of this strategy. At Elder Solutions Law Firm, we do not employ any tax experts, and we do not provide income tax advice. We are not CPAs or tax attorneys. For detailed questions related to taxes, we recommend getting in touch with a tax specialist. But we can provide information on Personal Services Contracts and common issues you may experience. The Medicaid Family Caregiver Agreement: An Overview Florida law allows...

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What Do You Need for Your Medicaid Planning Consultation?

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

The most crucial element of Medicaid Planning is timing, so if you are worried about not locating a document or a piece of information, do not delay your appointment. Time is of the essence. If you are preparing for your consultation with an elder law attorney, there are several items and pieces of information you should attempt to locate and bring along. What to Bring to Your Initial Medicaid Planning Consultation: *All information below applies to both the Medicaid applicant and the spouse. Again, to reiterate, if you cannot find any of the items listed, do not delay your appointment. Go...

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Common Florida Medicaid Planning Issues

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

Do you already know Florida Medicaid requirements? If you said yes, please keep reading anyway. The Medicaid application and eligibility process is confusing. Even those who think they know the requirements often make costly Medicaid mistakes. These costly Medicaid mistakes are typically based on common misconceptions about how Medicaid determines eligibility for benefits. Common Misconceptions About Medicaid Eligibility Requirements: Misconception #1: You have to “spend down” all your assets to meet Florida Medicaid Requirements. Some assets do not count toward Florida Medicaid eligibility requirements. Assets that do count can often be restructured to convert them from “countable assets” to assets that...

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Medicaid Planning FAQ: Why is Medicaid Different in Each State?

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

Do you know Medicaid is a federal program? That means that the federal government sets the overall rules for the program. Since Medicaid is a federal program, many find it confusing that Medicaid varies from state to state. The reason Medicaid is different depending on your state of residency is because each state administers its own Medicaid benefits. One of the essential rules determined at the federal level states there is no minimum residency eligibility to apply for Medicaid benefits. You can apply for Medicaid benefits the same day you move to a new state. Defining State to State Transfer Rules:...

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Did You Know that “Custody” of Your Special Needs Adult Child Does Not Confer Legal Rights?

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

Did you know that when a child turns 18, they are an adult under the law? Previous guardianship or custody orders cease because adults, typically, can provide their own care. Did you know that when a special needs child turns 18, they are also an adult under the law? When an adult child suffers from a mental/physical illness or handicap that prevents them from providing their own care as an adult, they may remain with their parents under a guardianship order. But parents of adult special needs children do not receive guardianship automatically. In most cases, parents with a special needs...

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Elder Law FAQ: Defending Against Identify Theft

Everyone is susceptible to identity theft regardless of age or any other factor. The major data breaches that have made headlines in the last year serve as proof of this fact. But some segments of the population are more susceptible to identity theft and more likely to be targeted. One such segment is the older population. Seniors can be more vulnerable to identity theft than others. “Identity theft” refers to the theft of personal identifying information to create a new identity or to steal money from the victim. Identity Theft: Why are Older Adults Targeted More Frequently?  They tend to have more...

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How Does Getting Married Affect Florida Medicaid Eligibility?

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

In the simplest terms, Medicaid eligibility is determined by the applicant’s income. If a Florida Medicaid applicant gets married, the marriage will most likely result in a change to their income. The additional income as a result of marriage may render a Florida Medicaid applicant ineligible. If you have recently married or are about to get married, and you are worried about maintaining your Medicaid eligibility, continue reading. Defining Income: For Medicaid eligibility purposes, income refers to any income that a Medicaid applicant receives. “Income” can come from any source, including wages from employment, alimony payments, pension, Social Security Disability Income,...

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Are You Too Young to Think About Medicaid Planning?

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

Medicaid is a safety net for people in their later years who cannot afford the costs of long-term medical care. The benefits program is a joint federal and state program designed to offer medical assistance to individuals with low incomes and limited assets available. While the Medicaid program is intended to be helpful to those in need, accessing the benefits requires navigating an application process that many find confusing. Eligibility requirements are often misunderstood, and the overall process is frequently described as cumbersome. The difficulties attached to the Medicaid application process seem to multiply exponentially when an applicant spontaneously applies for...

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What Assets are Exempt from Medicaid Planning?

elder law, elder law attorney, elder law planning, estate planning attorney, florida elder law attorney, Medicaid planning, florida Medicaid planning

Considering you are reading this article, you are probably already aware that there are basic eligibility requirements in place for Medicaid coverage. To be eligible for the Medicaid nursing home benefit, you have to hold $2,000 or less in total assets. You also have to have a monthly income of less than $2,313. (These eligibility requirements are current as of 2019). Knowledge of the basic eligibility requirements is the first step. The next step is to consider the asset test for Florida Medicaid. Florida does not require that Medicaid recipients be utterly impoverished. Certain assets are exempt from the eligibility requirements....

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