If you have it to give, you certainly can, but there may be consequences should you apply for Medicaid long-term care coverage within five years after each gift. If you think there is a chance you will need Medicaid coverage of long-term care in the foreseeable future, call Strohschein Law Group before starting a gifting plan.
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting the Medicaid asset limit. In Illinois, a nursing home resident covered by Medicaid may have no more than $2,000 in “countable” assets.
The ABLE Act will change the tax code to allow for tax advantaged savings accounts for qualified individuals with disabilities to save for certain expenses, such as education and transportation.
Some families can work out these issues on their own, but many cannot, and the disagreements or hurts either fester or break out into open conflict and, occasionally, litigation. Resolution through mediation can bring much better results.
Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands. But being a trustee is also a great responsibility. You need to go into it with your eyes wide open. Here are six questions to ask before saying “yes”
It’s the most serious of responsibilities to be bestowed upon you: the power to make medical decisions for your loved one in case he or she can’t. It’s called being a health care proxy, and it means you can make decisions and take actions that your loved one would if he or she were able.
The nation’s elderly and disabled Social Security recipients will receive a 1.7 percent increase in payments in 2015.
It’s that time of year again — time to reassess whether your Medicare plan is working for you and to jump ship if it isn’t. Medicare’s open enrollment period runs from October 15 to December 7.
Illinois is not a state with filial responsibility laws, however 28 states currently have filial responsibility laws. These laws usually make adult children responsible for their parents’ care if their parents can’t afford to take care of themselves, but some of the laws also make parents responsible for their childrens’ care. Where do your parents live?
Medicare has increased the amount of mental health coverage beneficiaries are entitled to. After years of unequal treatment, Medicare now covers mental health care the same way it covers physical illnesses.