Sudoku Solutions - South Central PA - Winter/Summer 2018

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Feb 21, 2018

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My Spouse Has Been Diagnosed with Dementia. Are We Going To Lose Everything?

Has your spouse been diagnosed with dementia? You may wonder if you're at risk of losing everything, but the short answer is no. However, it's crucial to take the time to gather resources and learn about the diagnosis. Seek advice from healthcare professionals, organizations like the Alzheimer's Association, and other experts who can provide guidance. Once you feel comfortable with this information, it's wise to consult an elder law attorney to understand asset protection and the differences between care in assisted living facilities and long-term care facilities, as this can significantly impact how you'll pay for care. Planning for dementia can be challenging due to the variable progression of the disease. Some individuals may experience a slow decline while others deteriorate rapidly, and in certain cases, the journey could span 15 to 20 years or even longer. It's essential to seek advice early and regularly, allowing you to create a comprehensive plan and maintain a sense of control over the situation. In our office, our elder care coordinator, Meg Motter, assists families in developing a life care plan. This plan provides detailed instructions from start to finish and is continually adjusted as needed. It serves as a lifeline, empowering our clients' families to feel in control of the situation rather than being controlled by it.Considering the high costs of care, it's essential not to leave things to chance. Take action now and consult an estate planning and elder law attorney if you find yourself in this situation.To further support and equip you with valuable information, we invite you to register for our free educational workshop. Join us and gain valuable insights into dealing with dementia and securing your family's future. Don't miss out on this opportunity secure your spot today!

Moving Out of State?

Are you planning to move out of state? Bellomo & Associates, an estate planning and elder law firm based in York and Lancaster, Pennsylvania, is here to assist you. Our services cover everything from basic estate planning documents to asset protection and more. One common question we often receive is about the validity of documents when moving to a new state. Generally, if your documents were valid in the state where they were created, they should also hold validity in your new state. However, its crucial to remember that a confused mind may lead to complications. In many cases, it makes sense to consider redoing your documents according to your new states rules and regulations. Each state has its own specific requirements for documents like Powers of Attorney. If your new state has stricter or different requirements, you may encounter difficulties in having institutions accept your documents. While you may eventually prevail, it could be a hassle and time-consuming process. Let me share an example we experienced in the Commonwealth of Pennsylvania. A client moved from Arizona with documents deemed valid in Arizona at the time of creation. Despite having an affidavit from an Arizona attorney, we faced considerable difficulties in Lancaster County when attempting to accept the Will for probate. To avoid potential confusion and refusals to accept your documents, we strongly recommend updating your documents if you have the capacity to do so after moving. Although this might not be the technical rule, its a safer option for you and your family. Take the necessary steps to ensure your documents comply with your new states regulations. To learn more about estate planning and how to protect your assets, we invite you to join our free educational workshop. Register now and secure your spot!

Maximizing Medicaid: How Asset Protection Plans Can Help You Save Money on Long-Term Care

Medicaid is a government program that provides health coverage to individuals, and it is the leading payor of skilled nursing facility care in the United States due to the high cost of such care. Many people mistakenly believe that Medicaid is only for those with minimal resources, but an asset protection plan can help you protect your assets and still qualify for long-term Medicaid benefits.Asset protection planning uses exemptions that allow you to keep some of your assets. For example, in Pennsylvania, you are allowed to keep $45 of your income per month plus any amount you use to pay for health insurance; the rest of your income must be used to pay for your care. When applying for Medicaid, countable resources include assets such as real estate, cash, investment accounts, retirement accounts, life insurance with a face value greater than $1,500, vehicles, and any business interests. However, you can exempt the house you live in, one vehicle, and your spouse can retain their retirement accounts and anywhere between $29,724 and $148,620 of the joint assets, depending upon the total amount of your combined assets. Anything over this calculated amount of exemptions could be put into an asset protection trust and protected from skilled nursing facility costs.An asset protection plan will allow you to immediately protect a portion of your assets, in addition to the assets that are exempt from Medicaid, for significant immediate savings that begin the moment your plan is fully funded.An asset protection plan consists of an asset protection trust, in which you can control the assets, but cant have direct access to them. Giving up direct access to the assets in the trust keeps creditors and predators away. If you do need access to an asset in the trust, you always have the ability to make distributions to someone other than yourself.Asset protection plans not only protect your assets during life but also provide tremendous value for your loved ones when youre gone.Laws and statutes in the area of long-term care Medicaid are always changing, so its highly recommended to review your options with a local elder law/estate planning attorney. At Bellomo & Associates, we can help you learn more about asset protection plans and how they can benefit you and your family while protecting your legacy from the rapidly rising cost of long-term care. Dont wait lets get your estate plan in place!Are you ready to start protecting your assets and planning for long-term care? Contact Bellomo & Associates today to register for an educational workshop. We can help you create a customized asset protection plan and provide guidance on long-term care Medicaid eligibility and planning. Dont wait until its too latetake action now and secure your financial future.