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      Managing the Assets of a Special Needs Trust

      3/25/2008 10:43 AM
      The biggest concern facing families who have a child with special needs is how to preserve government benefits for that child, such as Social Security and Medicaid.  This concern can be easily satisfied through the use of a Special Needs Trust. A Special Needs Trust is a separate legal entity that holds and distributes assets in such a way that the disabled child does not lose eligibility for benefits such as food, clothing, shelter, and medical care.  As such, the Special Needs Trust ...
      Comments (0) | Visits (644)

      The Top 10 Reasons to Fund Your Funeral In Advance

      3/21/2008 10:41 AM
      Why consider funeral funding? 1. An Exempt Asset.  The plan may be considered an excluded asset in order to qualify for Medicaid and Supplemental Security Income (SSI). 2.  It's Flexible.  Your beneficiaries will be able to use the funds to pay for funeral costs or other final expenses such as medical bills and other debts. 3.  Single Payment Plans Increase Over Time.  When you set aside funds in advance, the death benefit increases at a predictable grow ...
      Comments (0) | Visits (658)

      Blending the Veteran's A & A Program into a Medicaid Plan

      3/14/2008 10:36 AM
      With more elder law attorneys expanding their practices to include the offering of the Veteran's Aid & Attendance (A & A Program) benefits to their clients, if the plan is not properly structured, it may cause the client to be ineligible for Medicaid benefits in the future.  Where does the problem lie? The problem lies in the fact that the A & A Program does not have a look back period for improper transfers or gifts, while the Medicaid program does.  As such, in a typical ...
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      Protections for the Healthy Spouse

      3/7/2008 10:35 AM
      The Medicaid law provides special protections for the spouse of a nursing home resident to make sure he/she has the minimum support needed to continue to live in the community. The so-called “spousal protections” work this way: if the Medicaid applicant is married, the countable assets of the community spouse and the institutionalized spouse are totaled as of the date of “institutionalization,” the day on which the ill spouse enters a hospital or a long-term care facility in which he or she the ...
      Comments (0) | Visits (735)

      Is Transferring Assets Against the Law?

      3/4/2008 10:32 AM
      You may have heard that transferring assets, or helping someone to transfer assets, to achieve Medicaid eligibility is a crime.  Is this true?  The short answer is that for a brief period it was, and it's possible, although unlikely under current law, that it will be in the future. As part of a 1996 Kennedy-Kassebaum health care bill, Congress made it a crime to transfer assets for purposes of achieving Medicaid eligibility.  Congress repealed the law as part of the 1997 Balanced ...
      Comments (0) | Visits (655)