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Articles Posted in Long-term Care Planning

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men-sticking-tongues-at-each-other-300x211Sibling relationships can be fraught even in the best of times. Under the stress and strain of dealing with the needs of aging parents, they can deteriorate swiftly and dramatically. It’s a common issue faced by families from all walks of life. But it can be easier to manage if you know that to expect.

It’s important to make the distinction between knowing what to expect and having expectations.

Most people, if they are honest, have an idea of how they’d like their sibling group to handle the various financial, emotional, and day-to-day needs as parents get older. But reality doesn’t always line up with those expectations. With the added pressure and anxiety of having to make important decisions and sacrifices, adult siblings often fall into old childhood patterns, triggering each other in unhealthy ways. Emotions run high. The concept of what’s “fair” gets distorted.

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Grunge Stempel rot PREPAIDYou have probably heard the phrase “spend down” – something you could do to reduce your assets which would help to qualify you for Medicaid.

A prepaid funeral contract is one of those items that are considered exempt. In other words, its value won’t be counted when the Department of Social Services is reviewing your total assets.

The standard amount allowed by the the state of Connecticut for a prepaid irrevocable funeral service contract is $10,000.

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AdobeStock_86244892-300x237By Lynda Lee Arnold

Do you know about the new Connecticut MOLST form?

Maintaining control over medical care can be challenging in the best circumstances, but we face even more layers of complexity when dealing with the physical and emotional challenges of serious, life-limiting illness or advanced progressive frailty.

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AdobeStock_142240831-300x200Multiple generations living under one roof may seem like a concept from a time gone by or a practice from another part of the world, but it is actually a growing trend here in the states.

Before WWII, approximately 25% of Americans shared their homes with three or more generations. After the war, the percentage of multigenerational households began to decline and bottomed out at a meager 12% in 1980.

Today, however, the numbers of families choosing to combine households across two or more generations is on the rise. Continue reading

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grandfather-on-the-porch-519288-mMany people believe that assisted living in Connecticut is out of reach for the average older adult, financially speaking, especially since our state is even pricier than other nearby states. But here’s some good news: the State of Connecticut supports several assisted living programs for individuals and couples with modest means.

According to the Department of Social Services’ website: “Assisted living bridges the gap between independent living and nursing homes. Assisted living is designed for people who want to live in a community setting and who need help with activities of daily living (ADLs), but who do not need as much care as they would receive at a nursing home.”

Why does the state want to help you stay out of a nursing home? Continue reading

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By Lara Schneider-Bomzer

long-term care insurance policyIf you’re like so many Connecticut residents, you wonder whether or not you should purchase a long-term care insurance policy.

And whether, or how, it fits into your estate plan.

It’s uncanny that we may own a life insurance policy that will provide for our loved ones after we’re gone – but we don’t have a policy to protect US…while we’re still here…when we need to pay for long-term care.

This blog will explain how long term care insurance policies work. Continue reading

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By Linda Raineault

exclamation sign red circle 3d modern design flat icon on whiteHave you heard the sales pitch?

There are annuities available that contain provisions known as “nursing home income doublers” that can help you pay for the cost of a nursing home stay.

These provisions are found in annuity contracts that guarantee the purchaser an income stream for life by way of an income rider that is attached to the base contract.

The sales pitch sounds fantastic!

Many contracts are sold based on a premium bonus feature and guaranteed high annual interest rates that sound fabulous in today’s low interest rate environment.

Additionally, the owner can elect to start taking the guaranteed income stream for life at any time after the contract is purchased. Continue reading

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Safe and moneyBy Lara Schneider-Bomzer

Purchasing annuities is a good way for married couples to protect assets, but doing it wrong could mean huge penalties. Here is what you need to know about annuities as it relates to Medicaid planning in Connecticut:

If your spouse is residing in a nursing home or is in need of home care, chances are you’ve read our blogs about the ways to protect your assets and qualify your spouse for Medicaid benefits. But not all strategies apply to all couples. Continue reading

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Happy senior mother and daughter portraitTransfers of assets generally raise a red flag when it comes to applying for Medicaid. They can trigger a penalty period, or a period of ineligibility. The good news is the Connecticut Department of Social Services (DSS) will allow certain types of Medicaid asset transfers.

For example, a family caregiver can be compensated for providing care to a loved one if the care they provide is necessary.

Make a caregiver agreement

The individual must demonstrate a functional need for assistance with one or more activities of daily living. The type of care provided must be spelled out in a caregiver agreement, and certain conditions must be met. We will discuss the conditions later in this post. Continue reading

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dollars-1412644-mThe Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are different in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either program.

SSDI pays benefits to you and certain members of your family if you are “insured,” meaning Continue reading

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