Can You Use Out of State Protective Trusts?
Protective Trusts There is an extremely effective asset protection trust where you can place your assets into a trust, be the beneficiary of that trust, and secure those assets from divorce, lawsuits, and creditors. Unfortunately, it is not available in most states, including North Carolina. Those states do not allow you to set up a […]
The Ten Medicaid Planning Myths You Need to Know
It has been some time since I’ve covered Medicaid Myths in this blog, and some of these myths can be deadly to qualifying for Medicaid if followed through. Rather than start a list from scratch, I went straight to the source in my own book The Long-Term Care Solution. Here is an excerpt from Chapter […]
The High Cost of a “Free” Medicaid Plan
Free Medicaid Plan There are so many myths, folk remedies, and outright falsehoods surrounding Medicaid qualification for nursing home care that it becomes impossible to list them all. Unfortunately, it becomes easy for people to look online for the simple answers they want to hear rather than researching and understanding a much more complicated truth. […]
The Snapshot Date in Medicaid Planning
The Medicaid Date The snapshot date in Medicaid planning is simply the date that the person entered the nursing home, and therefore is “locked in” to how their assets were arranged at that time. More specifically, it is the first day of the first month in which the person enters the nursing home and is […]
The Medicaid Squeeze Can Be Reversed
The Medicaid Squeeze The intricate maze of Medicaid Planning confuses even seasoned professionals if they don’t focus on this type of planning in their daily practice, and it’s easy to find differing opinions. Accountants cringe when told to liquidate an IRA because they’re used to minimizing taxes. Bankers gasp when told to liquidate or just […]
The Advanced Institute is Back
My Presentation Was On Medicaid Planning. The Estate Planning Source, an organization I have been affiliated with for many years, has undergone some challenges lately in addition to the COVID issues facing every other business. With the purchase of the business finalized in May by long-time employee Bobbie Setser, the organization is holding its first […]
Legal Information in the Age of TL DR
It seems that everything these days moves faster, and we just don’t have enough time to look at things as thoroughly as we needed. Even when it comes to topics that can be critical to improving our lives, people don’t have the time to piece together information from multiple sources to see how it applies […]
Medicaid DOES Care if you Gift $16,000
[Below is a reprint of a previously published article, but the situation keeps coming up, especially when it comes to Medicaid qualification for seniors. While gifting can be part of an overall Medicaid Planning strategy, there are specific consequences that need to be planned and timed properly. There is NOT a free $16,000 a year […]
On-Demand Webinars Start With Special Needs Planning
In an ongoing effort to provide quality information on estate and Medicaid planning topics, our office has been conducting live webinars for the last two months. In order to keep this information constantly available, we are turning some of these webinars into free sessions that can be registered for and viewed on-demand. Last month’s live […]
Doesn’t A Revocable Trust Protect Against a Medicaid Spend Down?
A Revocable Trust does not help protect against a Medicaid spend down. It’s an important distinction. In my practice, we use Revocable Trusts for the avoidance of probate as an estate planning tool, NOT as a long-term-care planning tool.