‘Tis the Season: Implications of Gifting on ALTCS Eligibility
In our everyday lives, giving to others is a definitely a good thing. During the holiday season, especially, we are often reminded of how important it is to give of our time, talents, and financial resources. Unfortunately, financial generosity may adversely affect financial eligibility for ALTCS.
As with [...]
Read Full Post »
Question: “The hospice social worker recommended that I look into Arizona Long-Term Care System (ALTCS) for my husband. This is a second marriage for both of us and we have always kept our finances separate. How can I protect myself and still get him the coverage that he needs to pay for his care?”
Answer: This [...]
Read Full Post »
Posted in ALTCS, Asset Protection on Aug 27th, 2009
The Jackson White intake team recently fielded a call from a son whose father is in need of ALTCS services. The son stated that he is in the process of “assuming” dad’s mortgage. The home has about a $100,000 mortgage and the estimated Fair Market Value of the home is $240,000.
Question: Will assuming my dad’s mortgage [...]
Read Full Post »
We agree, at JacksonWhite, that there are many wonderful group homes that provide excellent care. They meet a niche in the long term care continuum that is certainly a valued addition. However…
If your loved one is in a group home or you are a social worker referring to group home – beware. If the group [...]
Read Full Post »
Posted in Asset Protection on May 22nd, 2009
In the 80s and early 90s, Elder Law attorneys often prepared irrevocable trusts that were suppose to help qualify a person for Medicaid should they eventually get sick. In these trusts, all of the parent’s money was transferred into a trust, giving the trustee (usually a child of the parent) discretionary control to use the [...]
Read Full Post »
Posted in Asset Protection on May 13th, 2009
One of the more common mistakes people make when it comes to long-term healthcare is waiting too long before making any plans or preparations. This can cause problems if the person applies for a benefit program such as Medicaid/ALTCS. Making advance preparations can prevent these problems.
You should take steps to plan for long-term healthcare if [...]
Read Full Post »
Posted in Asset Protection on May 8th, 2009
A major concern for many ALTCS applicants is the issue of preserving assets. ALTCS applicants can preserve assets to a varying degree depending on their particular circumstances. Whether the applicant is married or has dependent children heavily impacts the amount of assets that can be preserved.
It is generally easiest to preserve assets in cases where [...]
Read Full Post »
Individuals who want to be cremated should be aware of fairly recent changes to Arizona cremation law. The Arizona legislature passed A.R.S. §32-1365.01 to provide guidance in disputes arising from cremation. It used to be that if a mortuary cremated an individual against the wishes of a loved one, the mortuary was left open to [...]
Read Full Post »
Using joint bank accounts when financing long-term care can be beneficial for many reasons. For example, it can be helpful to establish a joint account from which a son or daughter can draw to help an aging parent with shopping or paying bills. Likewise, seniors in nursing homes might find it useful to establish a joint [...]
Read Full Post »
Posted in ALTCS, Asset Protection on Jan 16th, 2009
Many people in need of long-term care have questions about long-term care insurance:
What will my long-term care insurance policy cover?
How do I purchase long-term care insurance?
When is the best time to purchase long-term care insurance?
The dilemma here is that long-term care insurance is unlikely to provide a solution in the event of a crisis. However, [...]
Read Full Post »