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Getting Help Paying
for Long Term Care
Last month a woman came into our
office and told us that her husband, who was paying thousands of dollars a
month for long term care, had been denied for Medicaid because the couple’s
life savings (that they held in an annuity) was too much and they would have to
cash the annuity out and spend most of the money before Medicaid would help,
leaving little for the wife to live on.
We explained that was not
necessarily true, and we contacted the annuity company to make some important
changes to the annuity. Her husband was approved for Medicaid within a few
weeks, even the couple still had the same amount of savings.
Many families find it difficult
or impossible to pay the high monthly cost of long term care. It can be especially difficult when one
spouse needs long term care but the couple is hesitant to spend all the life savings
on that spouse’s care when the healthier spouse may have many years of life
left. However, it is possible to get
help paying for care without becoming impoverished; but it is crucial to know how
to qualify and use that help to your advantage.
For veterans and their spouses
there is a program often called Aid and Attendance that helps veterans, and
their spouses pay for long term care. Currently,
a married veteran paying for nursing home care may qualify for up to $2,642.83
per month from the VA to help pay for that care. To qualify, in most situations a veteran
needs to have served only 90 days of active duty, one day of which was during a
period of war and cannot have had a dishonorable discharge. A veteran does not need to have a service-connected
disability to qualify.
There are rules about assets and
income to qualify for a VA Aid and Attendance pension. Often, veterans are told they don’t qualify
when they make an initial inquiry to the VA.
However, before giving up, it is important that a family consult a VA accredited
elder law attorney to check whether there is anything the veteran can do to
change the financial situation and become eligible for the pension. A good advisor may be able to help the family
make changes to become eligible.
Medicaid also has a program to
help seniors pay for long term care.
Like the VA pension above, Medicaid has strict rules about assets and
income. However, Medicaid also has rules
that can be used to the advantage of the person needing long term care. Even if you have think your loved one does
not qualify for any help, you must consult with an elder law attorney to see if
anything can be done to help your loved one before they become impoverished. In the story above, we used the Medicaid
rules to help the woman’s husband qualify before the money was gone.
There are many myths and
misconceptions about long term care and how to pay for it. There are resources available to help pay for
care, but you must plan appropriately to make sure that you can get the help
you need. However, even if you haven’t planned ahead, don’t give up just
because a friend or even a professional tells you cannot get any help. People often get bad advice in this area;
find an elder law attorney near you that can help you protect yourself and your
loved ones.
David J.
Wilson, J.D., L.L.M., CELA
Board Certified Elder Law
Attorney, VA Accredited
Joshua C. P.
Reams, B.A., J.D., NAELA
Elder Law Attorney, VA
Accredited
Dear Friends, In the dynamic tapestry of life, small businesses are the threads that weave communities together. As an elder law and estate planning attorney at Bellomo & Associates, Ive had the privilege of assisting individuals and families in preserving their legacies. Today, I want to address a group close to my heart small business owners. Small businesses arent just economic entities; they are the heartbeat of our communities. Your dedication, hard work, and entrepreneurial spirit contribute not only to your familys well-being but also to the vitality of the neighborhoods we call home. For many small business owners, the line between personal and professional life is beautifully blurred. Your legacy isnt just about the products or services you offer; its about the dreams youve nurtured and the impact youve had on those around you. As we embark on the journey of estate planning, its crucial to recognize the interwoven nature of business and family. One common oversight is neglecting the unique considerations that come with passing down a business. Whether youre a seasoned entrepreneur or just starting your venture, a well-crafted estate plan ensures the seamless transition of your business to the next generation, preserving not only its financial value but also the essence of your hard work and dedication. Succession planning is a vital aspect of estate planning for small business owners. Its about cultivating the seeds of your success and ensuring that the business youve built with passion continues to thrive. By thoughtfully designating successors and outlining a clear plan, you pave the way for a smooth transition, minimizing disruptions and securing the future of your enterprise. Your business is more than a source of income; its a foundation that supports your familys dreams and aspirations. Estate planning goes beyond business assets; it safeguards the well-being of your loved ones, providing a roadmap for their financial security and peace of mind. To my fellow small business owners, I extend an invitation to join us at our upcoming estate planning workshop. Its a space where we delve into the unique considerations of business-centric estate planning and connect with like-minded individuals facing similar challenges. Bring your questions, share your experiences, and lets work together to ensure your legacy is as resilient as your entrepreneurial spirit. Estate planning is not just a legal process; its a commitment to nurturing what matters most. I look forward to meeting you and exploring the important next steps in securing both your business and family legacies. To a future of continued success and lasting impact, Jeff Bellomo
Greetings, I trust this message finds you in good health and high spirits. In my years as an elder law and estate planning attorney here at Bellomo & Associates, Ive had the privilege of guiding families through the intricacies of planning for the future. Today, I want to share some insights on common estate planning mistakes, drawing from the experiences of those Ive had the honor of assisting. Its human nature to postpone tasks, especially those that involve contemplating the future. However, delaying your estate planning can have significant consequences. Whether youre an income-generating couple, a seasoned individual considering nursing home care, or a young family with dreams to protect, procrastination can rob you of the peace of mind that comes with a well-thought-out plan. No two families are the same, and neither should their estate plans be. Cookie-cutter approaches often neglect the nuances that make your situation unique. As your trusted advisor, I emphasize the importance of personalized solutions. Your plan should reflect your values, aspirations, and the legacy you wish to leave behind. Life is dynamic, and so are your circumstances. Marriage, births, career shifts, and even unexpected health challenges can reshape your priorities. Failing to update your estate plan accordingly can lead to unintended consequences. Regular reviews ensure that your plan remains a true reflection of your current life stage and desires. Discussing end-of-life matters can be uncomfortable, but its a crucial step in ensuring your wishes are understood and respected. Communicating openly with your loved ones about your estate plan can prevent misunderstandings and provide clarity during challenging times. In the age of online resources, its tempting to try a do-it-yourself approach to estate planning. However, the potential pitfalls of DIY plans can far outweigh the perceived cost savings. Professional guidance ensures that your plan complies with legal requirements and considers intricate details that may be overlooked. To those of you who resonate with these considerations, I extend an invitation to join us at our next estate planning workshop. Its not just an opportunity to learn about common mistakes but also a chance to connect with others who share similar concerns. Bring your questions, share your stories, and lets navigate the path to a secure future together. Remember, estate planning is not just a legal process; its a journey toward safeguarding what matters most to you. I look forward to meeting you and exploring the important next steps in creating a plan that reflects your unique legacy. To a future of informed decisions and lasting legacies, Jeff BellomoWe offer FREE WORKSHOPS every week! Click here to register!
Im Jeff Bellomo, an elder law and estate planning attorney at Bellomo & Associates in York and Lancaster, PA. Today, were going to embark on a journey together, one that demystifies the process of probate. Its a topic that touches the lives of many. Lets delve into Understanding Probate: A Step-by-Step Guide. The Path Begins with a LossProbate is often viewed as a complex legal process. But its crucial to remember that its not just about legalese and paperwork. Its a path that often begins with the loss of a loved one, a time when emotions run deep, and the need for support is essential. When someone passes away, the first step is to open an estate. This is done by filing a petition with the appropriate court, and this court will oversee the administration of the estate. During this time, the court will appoint an executor or personal representative, who plays a critical role in managing the deceased persons affairs. Inventory and Appraisal: Preserving Your LegacyThe next step is inventory and appraisal, a process of cataloging and valuing the assets within the estate. This may include real estate, financial assets, personal property, and more. Its not just about numbers on a page; its about preserving your loved ones legacy. Heres where it gets a bit emotional. Memories are often tightly connected to these assets. It can be challenging to go through this step, but its essential for ensuring a fair distribution of the estate and honoring your loved ones wishes. Notification and Payment of DebtsOne of the next steps involves notifying creditors of the deceased persons passing and paying off debts. This part can feel like navigating uncharted waters, especially when emotions are still raw. Its essential to ensure that all debts are resolved before the remaining assets are distributed to heirs. The Final Stage: Distribution to HeirsThe final step is the distribution of the remaining assets to heirs or beneficiaries. This is where the fruits of your loved ones lifes work are passed on to the next generation. Its a time to honor their memory and to provide for the financial well-being of those left behind. The Heart of ProbateProbate, though often seen as a legal process, is, at its core, a journey of the heart. Its about closure, healing, and ensuring that your loved ones wishes are carried out. Here at Bellomo & Associates, we understand that the emotional aspect of probate can be overwhelming, especially when coupled with the legal intricacies. Thats why were here to guide you through every step of the way, providing the support and expertise needed to navigate this journey with confidence. Join Us at Our Estate Planning WorkshopIf youd like to learn more about probate and other critical aspects of estate planning, I invite you to join us at our next estate planning workshop. Its a place where you can connect with other like-minded individuals and ask questions. Its about taking those important next steps in creating a comprehensive estate plan. Remember, youre not alone on this path. Were here to support you, connect with your emotions, and guide you toward securing your familys future.
Let Elder Law at Ahrens DeAngeli Law Group guide you through the maze of financial and legal decisions that are part of growing older. We strive to protect your familys hard-earned assets, ensure loved ones receive the quality care they need and, ultimately, provide greater peace of mind through proper planning. We focus on elder law and closely related practice areas, including Medicaid planning, elder-focused estate planning, veterans benefits planning, guardianship and conservatorships, and Alzheimers planning. We are part of Ahrens DeAngeli Law Group. Please call us at (208) 387-0729 to schedule a meeting with one of our attorneys.
Let Elder Law at Ahrens DeAngeli Law Group guide you through the maze of financial and legal decisions that are part of growing older. We strive to protect your familys hard-earned assets, ensure loved ones receive the quality care they need and, ultimately, provide greater peace of mind through proper planning. We focus on elder law and closely related practice areas, including Medicaid planning, elder-focused estate planning, veterans benefits planning, and Alzheimers planning. We are part of Ahrens DeAngeli Law Group. Please call us at (208) 387-0729 to schedule a meeting with one of our attorneys.