Medicaid and Life Insurance: Can Your Past Financial Planning Jeopardize Your Eligibility?
Most people are aware that, in order to qualify for Medicaid benefits an applicant must meet strict state-imposed income and resource restrictions. Luckily, when determining which resources are available, many assets are exempt from counting towards the Medicaid resource limit. Some examples include:
1. Principal place of residence, lot, and sale proceeds if another residence is purchased within 3 months of the sale;
2. Household goods and personal effects up to a specified amount;
3. Engagement and wedding rings;
4. Automobile used for necessary transportation, such as for transportation to employment or medical treatments;
5. Automobile not used for above purposes, up to a specified value;
6. Business property; and
7. Life insurance policies up to a specified amount.
Government Assistance for Those with Disabilities
Living life with a disability can often be tough. But if you or a loved one is afflicted with a disability, know that you don't have to struggle on your own to make ends meet. The government provides aid to those with disabilities in various ways. The four largest and most common forms of government aid are Social Security, Supplemental Security Income, Medicare and Medicaid.
Probate: What Is It and Why Should You Try to Avoid It?
The term probate is often thrown around as freely as the daily paper. People know the word, but they don't know the implications. Maybe they knew someone who "went through" probate after the loss of a family member. Generally speaking however, most don't really know what probate is or how it works, much less how to avoid it. They only know that it is something that happens to a person's estate after they die, and many assume it happens to everyone. In reality, probate does not happen to every estate and can often be avoided.
Use a Special Needs Trust to Protect Your Loved One with a Disability
Nearly one in ten people in the United States copes with special needs that exist as a result of a disability. In other words, approximately 25,000,000 people suffer from or care for someone suffering from a wide range of disabilities including Autism, Down syndrome, traumatic brain injury, and a variety of mental illnesses. All families should create estate plans to protect their loved ones from the expensive and often long process of probate, but for families dealing with special needs, it is even more important. Individuals who receive government and other restricted benefits and services may lose those benefits if they receive an inheritance. For this reason, proper planning is essential.
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