When people find out that Medicare won’t cover nursing home care but Medicaid will, a question comes to mind: Can you give assets to your family to qualify for nursing home Medicaid? The answer is yes, you can transfer assets to your family before applying for nursing home Medicaid, but the timing and the method … Read more
What Is an irrevocable trust and why would you want one? The short answer is calculated loss of direct control. When you create an irrevocable trust, you transfer assets out of your name permanently, and that transfer is what makes the trust powerful. Understanding why someone would voluntarily give up control over their own assets … Read more
Many Texans assume that once Medicaid helps pay for long-term care, the story ends there. Coverage arrives, care is provided, and the home remains intact. What often comes as a surprise is what happens later. After death, Texas has the legal right to seek repayment through the Medicaid Estate Recovery Program, commonly called MERP. For … Read more
When you are going to qualify for Medicare as a senior, you may take some things for granted. Yes, there are out-of-pocket costs, but they are manageable for most people. The big-ticket items will definitely be covered, and this can provide a sense of security. This makes sense on the surface, but there’s an element … Read more
According to the U.S. Department of Health and Human Services, over half of elders will need paid long-term care. About 35 percent will spend time in nursing homes, which are exorbitantly expensive. If you aren’t too concerned because you will have Medicare, here’s a news flash: Medicare doesn’t extend to the custodial care you would … Read more
When you hear the term “Medicaid planning,” you may be a bit confused because it is a program for low-income people. It’s a safety net for those who need it, but it’s not something to aspire to, right? That make sense until you understand a few facts about Medicare and long-term care, and we will … Read more