Bratton Elder Law Medicaid Planning As the old Benjamin Franklin adage says, nothing is certain except death and taxes. When settling an estate after death, both realities become vitally important. An estate is a legal entity comprised of a person’s assets. Estate administration is the process of dividing those assets between creditors and beneficiaries after …
Why Should I Invest In Medicaid Planning Services?
Medicaid covers the cost of a nursing home, assisted living, or long-term care facility. However, you cannot qualify for Medicaid unless you meet the strict income and asset requirements. This often causes seniors to spend down their nest egg and pay out their children’s inheritance before they get the benefits they need. You may want …
What Is The Difference Between An Irrevocable and Revocable Trust?
The main difference between an irrevocable and revocable trust is the flexibility you have in changing or terminating the trust. Both types of trusts protect your assets. The one that works best for you depends on your unique needs, and the goals you hope to achieve with the trust. If you enlist the help of …
Does a Living Trust Protect Assets from Nursing Home?
A revocable living trust will not protect your assets from a nursing home. This is because the assets in a revocable trust are still under the control of the owner. To shield your assets from the spend-down before you qualify for Medicaid, you will need to create an irrevocable trust. Understanding Irrevocable Trusts When you …
Can Someone Engage in Medicaid Planning If He or She Is Already in a Nursing Home?
You can engage in Medicaid planning if you are already in a nursing home or assisted living facility. However, if you do so, you will likely end up spending all your hard-earned money, which might not be necessary. Medicaid planning is most effective if you engage in the process early, at least five years before you need …
