I expect that you have an opinion about the health-care debates going on in Washington – even if your opinion is that you don’t care anymore!
But, one aspect of the debate that you may want to pay more attention to, is the fate and funding of Medicaid. Why? Because you or a loved one may – I dare say are likely – to need Medicaid yourself someday.
You’ve done it! You finally have a solid Estate Plan.
Now you need to talk about it, but you may feel nervous about having “The Talk” with your adult children. And, that’s not unusual. It’s not easy to tell your children that you’ve planned your funeral, decided what life-or-death decisions you want made if you are ill, or that they won’t inherit much because you plan to travel the world for the next six months!
If you are taking care of your kids all day and taking care of your parents in your spare time, you understand the term sandwich generation. With your kids leaving the nest, you may find yourself devoting more time to your aging parents – a role that can be confusing, frustrating and exhausting.
Don’t pass on reading this blog thinking you are too savvy to be a victim of some kind of financial abuse-- a growing issue for seniors. Ask your friends. I suspect you will quickly hear of a ‘near miss’ if not a real victim.
If you were injured or became seriously ill while serving in the military, you may be eligible for VA disability compensation. In 2017, eligible veterans can receive up to $3,458 per month tax-free, depending on the level of disability and number of dependents.
If you are investigating the idea of creating an estate plan, you have probably come across the phrase 'Medicaid lookback' as a reason to act sooner rather than later. But, if you don’t understand the ‘Medicaid lookback’, you may miss one of the most important reasons to create an Estate Plan while you are relatively young and in good health.
Many of you may know the answer to this question from experience, but for those of you who do not: 'observation status' is different from an 'inpatient' hospital stay. These different categories of care feel the same to the patient who is in a hospital room being treated by hospital staff, receiving tests and drugs, and staying overnight – perhaps several nights. But, when it comes to billing and after-care, the distinction is important if you are on Medicare for several reasons:
If you have finally convinced your parents to come with you to meet an attorney and get their ‘affairs in order’, congratulations! In most cases, an attorney can help anyone establish a plan to prepare for common expenses like long-term health care and to transfer their assets quickly and cheaply when they die. It’s what you want for your parents.