Dec
26
A Power of Attorney is one of the most important legal documents a person can have. Without a comprehensive power of attorney, many people are unable to handle their loved ones financial matters nor make health care decisions without seeking court intervention (Guardianship and/or Conservatorship). We often have clients come into our office assuming that just because their assets are titled jointly with their spouse, parent or partner, that they are able to liquidate accounts to pay bills, hire attorneys, sell their jointly titled real estate, etc. Unfortunately, that isn’t that case. In fact, we recently had a client come into our office who had a jointly titled investment account with his wife whom had just entered a nursing home. Without going into great detail, he did not have a power of attorney for his wife and he was unable to transfer the assets into his name to do some Medicaid planning. Instead, he had to petition the court to become his wife’s Conservator and spent tens of thousands of dollars on her nursing home care when he could have, had she had a proper power of attorney, transferred the account into his name, alone, purchased an annuity for himself and qualified her for Medicaid immediately. [Continue Reading...]
Dec
23
Personal Care Contracts
Filed Under Kansas and Missouri Medicaid, Kansas and Missouri Nursing Homes | Leave a Comment
Millions of Americans are currently caring for an elderly family member or friend, without receiving compensation. Depending on the circumstances, however, it may actually be beneficial for both parties to enter into a care contract wherein the caregiver accepts payment for the care they are providing their loved one and also formally assumes responsibility for that care.
For loved ones still at home
If the loved one you are caring for reaches a point where nursing home placement is the only option, all of their money will be considered available to pay for their care at the nursing home and they will not be eligible for Medicaid assistance until all of their assets have been depleted. Certainly the care they were provided by you, while they remained in the community, is just as valuable to them and worthy of payment as that they will be provided in the nursing home. With a care contract in place, they can pay their caregiver, and every penny spent will count towards their “Medicaid spend down” should they apply for benefits.
It is important to note that without a proper contract in place, Medicaid will assume the money paid is a “gift” or a “transfer of assets” and will impose penalties resulting in ineligibility for Medicaid benefits. [Continue Reading...]
Dec
20
“Secret Dollars”: Long-Term Care Benefit for Kansas and Missouri Veterans Revealed
Filed Under Kansas and Missouri Veteran's Benefits | 3 Comments
One of the Veteran Administration’s best-kept secrets, which is an excellent potential source of funds for long-term care (either at home or in an assisted living facility) are veteran’s benefits for a non-service connected disability. Most VA benefits and pensions are based on a disability which was incurred during a veteran’s wartime service. There is another benefit, however - a pension program - available for individuals who are disabled due to the issues of old age, such as Alzheimer’s, Parkinson’s, multiple sclerosis, and other physical disabilities. For those veterans and widows (ers) who are eligible, these benefits can be a blessing for the disabled individual who is not yet ready for a nursing home. [Continue Reading...]