July 29, 2020
Many times we see people with questions regarding how they file their initial claim for Social Security Disability Benefits. We thought the directions and steps from The Social Security Administration would be helpful. The Website is https://www.ssa.gov/benefits/disability/. If you need further help please feel free to contact Jeffrey C. Shipp at 859-341-4366
June 9, 2020
As we’ve discussed in other posts, in order to qualify for Medicaid long-term care benefits in Kentucky, your total assets must be less than $2,000. This raises an important question: what exactly is an asset? Simply put, an asset is anything that you own and have control over. This can range from bank accounts and stocks to your home and other real estate. Until your total assets are below $2,000, you cannot qualify for Medicaid long-term care benefits.
Without the help of a professional, you may simply have to “spend down” all the assets in excess of $2,000 in order to qualify. With smart planning you can avoid Medicaid counting many of these assets against you. This may involve the strategic use of trusts, promissory notes and other tools that reduce how much you have to spend down. The most important part is the end result–you get to decide how your hard-earned assets are passed down to the next generation.
At Wallace Boggs, we are skilled in helping you arrange your assets in a way that still allows you qualify for Medicaid long-term care benefits. Please contact us today to set up an appointment to discuss your needs.
June 5, 2020
One of the most common questions I hear is: can Medicaid take my house? There’s no short and complete answer to this question (we are attorneys, right?) but, generally speaking, you can be required to sell your home in order to pay for your long-term care.
To qualify to receive Medicaid long-term care benefits, you have to meet two basic requirements: you must need certain types of long-term care (what most people would consider nursing home care) and you can only have a certain amount of assets ($2,000 as of 2020). If you are married and your spouse is going to continue living in your house, the value of the house (up to a certain amount) does not count as an asset that disqualifies you from Medicaid long-term care benefits. However, if you are unmarried, widowed or your spouse is also in long-term care, the house likely counts as an asset that must be “spent down”, i.e. sold and used to pay for your nursing home stay.
A large part of Medicaid planning is making sure that you can still afford long-term care while protecting what is likely your most valuable and most important possession—your home. Please contact us at Wallace Boggs today to set up an appointment to discuss your needs and how we can help you achieve your goals.
June 4, 2020
Most people don’t think about long-term care until they or a loved one needs immediate help—this often comes after a medical emergency that requires a stay in a nursing facility. In these stressful situations, it is easy to assume that the chance to secure Medicaid benefits has passed you by. While it’s always better to plan ahead, it’s almost never too late to start planning. Even in a “crisis” situation, proper Medicaid planning can save you and your family significant amounts of money and guarantee that you will have a way to pay for long-term care while protecting hard-earned assets.
Whether you’re trying to arrange long-term care for yourself or a loved one, we understand it is one of the most important decisions you will ever make. At Wallace Boggs, we will help you plan ahead or work through a crisis situation to make sure you and your loved ones are taken care of both now and in the future. Please visit our page for more information.
June 3, 2020
A common source of confusion for families facing long-term care decisions is the difference between Medicaid and Medicare. Medicare is federally operated medical insurance providing health care coverage to certain people (usually older people and those who have been determined to be disabled). Unlike what many people have been lead to believe, Medicare does not cover long-term care in a nursing facility.
On the other hand, Medicaid is run by individual states with significant funding and oversight by the federal government. Medicaid is the main source of payment for long-term care for most Americans. However, this coverage is not automatic. In order to receive long-term care coverage from Medicaid, you have to show that you need that type of medical care and that your personal assets are below a certain threshold.
At Wallace Boggs, PLLC, we understand that long-term care decisions are some of the most important decisions you will ever make for yourself and your family. Whether you’re facing long-term care needs or you’re helping a loved one with the decision, we can help guide you through the process. Please contact us today to set up an appointment to discuss your needs.
June 2, 2020
People have asked: what is Medicaid planning? In simple terms, it is estate planning that is focused on making sure you can qualify Medicaid long-term care benefits while maximizing the amount of money you (and your family) get to keep. This can be done years ahead of time or in a crisis situation when long-term care is needed immediately, though it’s always more effective when done ahead of time.
This is important because a majority of people who need long-term care end up using Medicaid to pay for at least a portion of their care. Without proper planning, Medicaid can force you to “spend down” your assets in order to qualify. What that really means is that you may have to pay out-of-pocket for your long-term care which can cost $7,000 or more per month.
Our goal at Wallace Boggs, PLLC is to make sure the nest egg that you’ve spent your life building can be passed down to the people you care about. If you’re interested in discussing Medicaid planning, please contact us today.
June 1, 2020
Wallace Boggs, PLLC is excited to announce that in addition to our traditional estate planning services, we are now offering elder law, Medicaid planning and special needs trust services to new and existing clients. As lawyers, we always encourage our clients to prepare for the unexpected. The events of the past few months show that is more important now than ever. This preparation includes ensuring that you can receive the long-term care you need while still being able to pass on everything you worked hard to earn.
To make an appointment to discuss the ways we can help, please contact our office today. We are also aware of the unique concerns people may have with face-to-face meetings. Because of that, we are happy to meet with any client or potential client via telephone conference, FaceTime, Zoom or any other preferred method.