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Medicaid Planning

Medicaid Planning: How to Care for Your Aging Parents

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Providing the necessary care for aging parents is challenging, both financially and emotionally. Studies indicate that close to 50% of family caregivers spend over $5,000 each year. 30% say they spend over $10,000. If you have aging parents, are you ready to help? Do you know how to provide care for your aging parents? Providing Care for Aging Parents: Communicate Clearly: Speak with your parents openly. You will probably have to ask hard questions. Do they have a strategy in place to cover the costs of long-term care? They may need encouragement to seek the assistance of a Medicaid planning...

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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?

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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

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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?

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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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Are You Too Young to Think About Medicaid Planning?

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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?

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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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Choosing the Best Nursing Home for Your Parent or Loved One

Elder Solutions Law Firm, florida estate planning planning attorney, nursing home care, choosing nursing home care, finding nursing home care

Children don’t want to think about their parents’ health declining. The lucky ones have parents who chose their own retirement community well in advance of needing the services. And the luckiest of all have parents with the means set aside to cover the costs associated with long-term care. But most of the time, the responsibility for finding a facility to provide long-term care services fall to the adult children of seniors. They do the legwork, they find the facility, they figure out funding for the long-term care, etc. Finding the right nursing home or other long-term care facility can be...

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How to Plan Ahead for Long-Term Care Costs

Elder Solutions Law Firm, florida estate planning planning attorney, florida medicaid attorney, florida Medicaid planning lawyer, long term care costs, planning for long term care costs

Remaining independent as long as possible is a top priority for many Americans. Yet the majority will eventually need some type of housing or care support as they grow older. There are a number of options that provide for various needs. It is best to consider the options before you need them so you can plan for the unexpected and have access to the resources you need when the time comes. For many, the first option is in-home care. Approximately 80% of in-home care is provided by family members or nonprofits. As many are unpaid family members, this mode often comes...

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Do You Understand Florida Medicaid Programs?

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Some questions are rhetorical. Others simply don’t deserve an answer. Some don’t have an answer at all and then there are the questions that have answers so big we don’t quite know what to do with them. One such question of epic proportions is: Do You Understand Medicaid Requirements? The Medicaid programs are federal programs administered on the state level. The program is designed as a means of offering assistance to low-income individuals that meet eligibility criteria set by each state. Florida’s eligibility is determined by age or disability in combination with income and asset limits with financial eligibility changing annually. Medicaid...

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