Are you thinking of moving close to your child’s home? Close…as in an in-law apartment or addition?
Many people in their later years decide to downsize and give money to an adult child for building an addition onto the child’s home.
Are you thinking of moving close to your child’s home? Close…as in an in-law apartment or addition?
Many people in their later years decide to downsize and give money to an adult child for building an addition onto the child’s home.
By Kathleen Michalak
“Live long and prosper” is a blessing made famous by the TV series Star Trek.
But living a long life can be a mixed blessing, when care needs increase, and finances decrease.
When assets are depleted, Medicaid is a safety net you want to look into. It often covers the cost of long-term care either in nursing homes or in the community. Continue reading
By Lara Schneider-Bomzer
Have you ever been on the phone with a friend living in another state and the topic of long term care health needs comes up?
In 2013, a new statute went into effect that can enable nursing facilities to sue you or your family for outstanding debts.
What could this mean for you?
It means that when you are considering making transfers or gifts a part of an asset protection plan, or in anticipation of applying for Medicaid, you run a higher risk of finding yourself facing nursing home litigation.
The statute outlines that the nursing facility can collect on the debt providing:
If, on the other hand, the nursing facility is successful in its lawsuit, Continue reading
Last month the Connecticut Supreme Court handed down a favorable decision in a case argued by attorney Carmine Perri of Czepiga Daly Pope & Perri.
Why this matters
For married couples who intend to apply for Medicaid for one of the spouses, it is now possible to protect as much of the ill spouse’s income as is necessary for the healthy spouse to remain safely in the community , even if it exceeds the Medicaid cap.
In a recent post we talked about the eligibility requirements for Medicaid and the various Medicaid planning strategies.
But how do you actually apply for Medicaid?
If your situation is simple – say you have one bank account, never been married, don’t own a home and you live on your Social Security check – it’s a matter of filling out the application and sending it to the Department of Social Services with some basic documentation.
That situation is rare, however.
Many of us have a much more complicated lifestyle and portfolio. And when this is the case, you have to be extremely careful when applying for Medicaid. Continue reading
Governor Malloy has revealed his new budget plan to reduce a deficit close to $1.7 billion. The plan includes cuts designed to freeze the number of recipients of who may be eligible for the “Category 2” Connecticut Home Care Program for the Elders. These are recipients who need care at home, but whose asset levels exceed Medicaid eligibility requirements.
Under the Governor’s plan, the current 2,500 slots would be frozen by June 30th. If anyone were to leave the program after that, then a new person could enroll. Continue reading