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Category Archives: Asset Preservation

5 Ways to Save Money When Searching for Elder Care & Assisted Living

Date - 18th Jul, 2016   |   Time - 9:37   |   Author - Senior-Planning

Financing assisted living or elder care for a loved one presents quite a dilemma – how do you provide the best quality care and keep your finances secure at the same time? It’s a difficult consideration, but if you’re willing to do some research, there are ways in which you can save money while simultaneously […]

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Medicaid Income and Asset Limit Metrics

Date - 8th Sep, 2015   |   Time - 7:38   |   Author - Senior-Planning

Medicaid is a joint federal and state funded health insurance that helps people who can’t afford to pay for their medical expenses. There are many rules and regulation governing Medicaid eligibility including income and asset limits, as well as personal and spousal allowance limits. In addition, the guidelines change annually based on inflation and other […]

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Medicaid Liens and Estate Recovery

Date - 10th Aug, 2015   |   Time - 7:31   |   Author - Senior-Planning

Medicaid liens may only be placed on the estates of a deceased Medicaid recipient whom at the time that they received the care was 55 or older or permanently institutionalized. The amount of the Medicaid lien corresponds to the amount of money Medicaid had paid for the care and needs of the deceased Medicaid recipient […]

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Obtaining Title 19 Eligibility For A Client

Date - 17th Feb, 2015   |   Time - 4:47   |   Author - Senior-Planning

Rachel, a Senior Planning Services Case Worker’s experience in obtaining Title 19 Eligibility for a client. Medicaid does not allow gifting to family and friends within the five years prior to Medicaid eligibility. Yet, there are a few small exceptions, one which is very relevant to the following case study. Medicaid allows monies to be […]

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The Basics – Life Estate

Date - 22nd Jan, 2015   |   Time - 5:11   |   Author - Senior-Planning

  What is a Life Estate? Purchasing a life estate means that you legally assign full ownership of your property to another person as the “remainderman” while you retain the rights to live and/or collect rental income from the property during your lifetime as a “life tenant.” A common scenario of a life estate is […]

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New York Medicaid – Prepaying a funeral

Date - 11th Sep, 2014   |   Time - 4:50   |   Author - Senior-Planning

Are you considering prepaying your funeral or the funeral of a loved one?  Medicaid will cover the cost of a very basic funeral for Medicaid recipients. However, many prefer a more desirable funeral that would exceed the cost that Medicaid will cover. Senior Planning Services recommends creating an irrevocable funeral trust prior to obtaining Medicaid. In […]

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New York – Medicaid Minute – A Promissory Note

Date - 28th Aug, 2014   |   Time - 4:36   |   Author - Senior-Planning

A promissory note is sometimes utilized as a means of asset preservation when an individual is applying for Medicaid. Regardless of whether the choice of utilizing a promissory note is appropriate or not, facilities and Medicaid applicants should be aware of the basic structure in order to ensure that it is successfully executed. When done […]

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