Like most governmental benefit programs, there are many myths surrounding Medicaid and eligibility for benefits. One of the most common myths is the belief that only 50% of the funds in a jointly-owned bank account will be considered an asset for the purposes of calculating Medicaid … [Read more...] about Joint Bank Accounts and Medicaid Eligibility
Elder Law
Medicare vs. Medicaid: Similarities and Differences
With such similar sounding names, many people mistake Medicare and Medicaid programs for one another, or presume the programs are as similar as their names. While both are government-run programs, there are many important differences. Medicare provides senior citizens, the disabled and the blind … [Read more...] about Medicare vs. Medicaid: Similarities and Differences
Guardianships & Conservatorships and How to Avoid Them
If a person becomes mentally or physically handicapped and can no longer make rational decisions about their person or their finances, his or her loved ones may consider a guardianship or a conservatorship court proceeding. In a guardianship an individual known as a guardian is court appointed to … [Read more...] about Guardianships & Conservatorships and How to Avoid Them
Should I Transfer My Home to My Children?
Most people believe that probate should be avoided if at all possible. It can be an expensive, time-consuming process that exposes your family’s private matters to public scrutiny via the judicial system. It sounds simple enough to just gift your property to your children while you are still alive, … [Read more...] about Should I Transfer My Home to My Children?
What is Elder Law?
As the population grows older, many elders must face the difficult challenges of aging, such as declining health, long-term care planning, asset protection and other financial concerns. The practice of elder law is designed to assist seniors with meeting these challenges and give them peace of mind … [Read more...] about What is Elder Law?
Overview of Life Estates
Establishing a Life Estate is a relatively simple process in which you transfer your property to your children, while retaining your right to use and live in the property. Life Estates are used to avoid probate, maximize tax benefits and protect the real property from potential long-term care … [Read more...] about Overview of Life Estates
Filial Responsibility Laws
Filial responsibility laws impose a legal obligation on adult children to take care of their parents’ basic needs and medical care. Although most people are not aware of these laws, many states do have them (Minnesota is NOT one of them). Last I checked, 30 states in the U.S. have some type of … [Read more...] about Filial Responsibility Laws
Veterans’ Non-Service Connected Pension Benefits
The Veterans’ Administration’s non-service connected pension program can help supplement the income of elderly or disabled veterans. The VA deems any veteran age 65 or older to be permanently and totally disabled. This “disabled” classification entitles senior citizens who are veterans, or their … [Read more...] about Veterans’ Non-Service Connected Pension Benefits
When to Involve Adult Children in the Estate Planning Process
It is common for individuals beginning the estate planning process to assume it is best to have their adult children join them in the initial meeting with an estate planning attorney. Likewise many well-meaning adults want to help their aging parents get affairs in order by arranging the initial … [Read more...] about When to Involve Adult Children in the Estate Planning Process
