As you all know, our office specializes in Public Benefits law, primarily long-term care Medicaid. The general public and many commentators have serious misconceptions about Medicaid planning. Many think it simply a matter of spending down money or paying nursing homes or buying prepaid funeral contracts or even just purchasing certain types of annuities.
When someone retires at “full retirement age” and applies for their retirement benefit, they are entitled to a monthly Social Security benefit called a “primary insurance amount”. For persons born from 1943 to 1954, their “full retirement age” is 66. But if that person waits to claim their retirement benefit until age 70, they get a higher benefit that goes up in increments beyond the “primary insurance amount” up to age 70.
In our Estate Planning and Elder Law practice, we have clients with small businesses. Clients often engage in both selling their businesses as they wind down and buying businesses. Transferring businesses to family members is a major part of long-term care planning; especially for Medicaid qualification. Occasionally it may make sense for an elderly client to purchase a business.
Last July we wrote about some changes in IRA distribution law known as the SECURE Act. One change makes designating a Qualified Disability Trust a beneficiary of an IRA instead of an individual efficient for both tax and public benefit purposes. This newsletter explores the use of such trusts and confusion about them.
Previously we looked at the timelines for Medicaid Planning, the Medicaid Asset Protection Trust (MAPT) and how the MAPT protects assets for someone who may need long term care Medicaid. Today we will look at how the MAPT protects its beneficiaries, typically our children.
Previously we looked at the timelines for Medicaid Planning and the Medicaid Asset Protection Trust (MAPT). We will look at how the MAPT works and its advantages in protecting assets and qualifying one for long term care Medicaid.
This is the first of several parts discussing Medicaid planning. It is no secret the cost of long-term care in America is the greatest threat to the economic well-being of most Americans. There are only three ways to pay for long-term care: Private long-term care insurance; private resources; and after you have spent all your money and are broke; Medicaid.
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Social Security payments are determined by a number of factors: the amount of money you earn and amount you pay into the Social Security system, the age at which you begin taking benefits, marital status, how long you work, disability status and other factors. There are a number of ways to increase what you receive from Social Security. Not all of these methods will be applicable to everyone or even practical but consider them nonetheless.
Since 1993, every state must establish a program to recover Medicaid expenditures from the estates of recipients. 42 U.S.C. § 1396p(b)(1)(B). This is known as “estate recovery.” In theory states can impose liens to personal or real property 42 U.S.C. § 1396p(a) or seek to recover from the Medicaid recipient's decedent's estate. 42 U.S.C. § 1396p(b)(1)(A).
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In essence, Wills do nothing while the Will maker is alive. Trusts function as both substitutes for powers of attorney and for wills.
Did you know that once a child reaches the age of 18, you no longer have access to your child's medical or financial information or that you no longer have the ability to make medical decisions or act in a financial capacity for them unless you have their written consent or are with them and they give their verbal consent?
As valued colleagues and clients, we want to continue keeping you informed of the operations of Estate & Elder Law Services amid ongoing concerns of COVID-19.
The Elder Law section is comprised of Delaware attorneys who are interested in the impact of the law on the elderly, including but not limited to, issues relating to elder abuse and financial exploitation, adult guardianships...
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Thanks to the efforts of the Delaware State Bar Association, Gov. Carney issued an order permitting attorneys to conduct remote notarization...
At Estate & Elder Law Services we are here to serve our clients: the elderly, those with disabilities and their families. No one is more important.