Tag Archives: preserve

A Medicaid Trust Can Preserve Inheritances

This can sound like a rather unnecessary overstatement of the obvious, but you have to have assets left if you are going to be able to pass along inheritances to your loved ones. As you are budgeting for your retirement years, you may keep this in mind, and you may have certain intentions. At the same time, if you are like many people, you may be overlooking a very significant factor. This is why we are addressing a dynamic that may seem rather self-evident. Unexpected Expenses When you are devising a retirement budget, you are probably evaluating the needs that you will have during the active retirement years that you have always looked forward to throughout your working career.  This is only part of the picture. There is an enormous expense that you may face toward the end of your life, and you might not even be aware of it at the present time. Nursing homes are extremely expensive. Here in Connecticut where we practice law, the annual average cost for a private room in a nursing h


Preserve Benefit Eligibility With Special Needs Planning

If it is done correctly, estate planning will involve careful consideration of the life situation of each inheritor. You should take a personalized approach and make sure that you are providing for each person that you love in the ideal manner. This is especially important if you have someone with a disability on your inheritance list. People with disabilities are clearly going to require health insurance. Most people get health insurance through their jobs, but a significant percentage of people with disabilities cannot work. For these people, Medicaid is a lifesaver. This is a government health insurance program that is available to people who can prove that they have a significant level of financial need. Once you obtain eligibility for Medicaid, your status is not necessarily permanent. If someone who is enrolled in the Medicaid program was to come into some money via an inheritance, eligibility could be forfeited. To address this type of situation, you could create a special need