Some assets, such as a primary residence up to a certain equity limit, are exempt; however, it is quite easy to exceed the asset limit if you failed to plan ahead. Each state decides what assets are exempt. Common examples of exempt assets include: Your primary residence Household goods and furnishings One vehicle Term life insurance Burial plot … [Read more...] about Are all my assets considered when determining my eligibility for Medicaid?
What are the basic Medicaid eligibility requirements?
Each state develops its own eligibility requirements; however, they are similar from state to state. Aside from proving citizenship (or other legal status) and residency, the primary eligibility requirements for Medicaid involve demonstrating a need for benefits. To do that, you must have income and “countable resources” that do not exceed the program limits. For many seniors who did not … [Read more...] about What are the basic Medicaid eligibility requirements?
Why might I need to qualify for Medicaid during my retirement years?
With each passing year, your odds of needing long-term care (LTC) increase noticeably. At retirement age (age 65) you already stand at least a 50 percent chance and by age 85 those odds will have increased to a 75 percent chance. As of 2021, the average monthly cost of LTC in the Maryland was over $10,000. With an average length of stay of three years, you could be facing a LTC bill of well over … [Read more...] about Why might I need to qualify for Medicaid during my retirement years?
What is the difference between Medicaid and Medicare?
People often confuse Medicaid and Medicare and/or use the two names interchangeably. Although both offer healthcare benefits, they are two quite different programs. Like Medicaid, Medicare is funded by the U.S. government but is also administered by the federal government. Medicare is an entitlement program, meaning that as long as you paid into the program during your working years, you are … [Read more...] about What is the difference between Medicaid and Medicare?
What is Medicaid?
Medicaid is a healthcare program that is primarily funded by the U.S. federal government; however, it is administered by the individual states. Consequently, the eligibility guidelines and benefits offered can vary somewhat from one state to the next. Most states, including Maryland, offer different categories of Medicaid, such as Medicaid for children, for pregnant women, and for the aged and … [Read more...] about What is Medicaid?
Is a Living Trust a good idea for a LGBTQ person?
Yes. If you’re part of the LGBTQ community, a Living Trust offers protection for your estate, as well. It will completely eliminate a living probate, a death probate, and you can minimize or eliminate estate taxes. Further, it provides privacy from prying eyes. … [Read more...] about Is a Living Trust a good idea for a LGBTQ person?
Do unmarried couples have to plan more than married couples do?
Yes. The default in state law, called “intestacy,” is designed with married couples in mind. If a married person dies without any estate plan, the survivor will get a good portion of the assets left behind. However, if you’ve not married, or you are in a state that does not recognize domestic partnership or civil union, your survivor would get nothing. Instead, the family of origin of the partner … [Read more...] about Do unmarried couples have to plan more than married couples do?
Are my estate planning documents a matter of public record?
Only your Will is a matter of public record. Your Revocable Living Trust and your Powers of Attorney are not public. Therefore, by using a Revocable Living Trust you can maintain the privacy of your wishes. Prying eyes of co-workers and neighbors will not have access to the details of your estate plan. … [Read more...] about Are my estate planning documents a matter of public record?
Is there a tax if I give some of my property to my spouse or partner?
Maybe. Federal law allows married couples to give each other an unlimited amount of property without gift tax during life or estate tax at death. Federal law does not recognize non-marriage relationships. However, each person gets to give up to his or her tax exclusion during their lifetime to anyone they want. But, any use during lifetime reduces the amount available for transfers at death. In … [Read more...] about Is there a tax if I give some of my property to my spouse or partner?
Will my spouse or partner be appointed guardian of my minor child?
Unless your spouse or partner has adopted your minor children, a court would decide what would be in the child’s best interest. Typically, your family of origin and that of the child’s other biological parent are given preference by the court. However, in your last Will, you can nominate your spouse or partner to be the guardian for your minor child. The court will then give weight to your … [Read more...] about Will my spouse or partner be appointed guardian of my minor child?
