Archive for Elder Law
What Does The VA Know That You May Not…
Posted by: | CommentsThis is truly introductory information for a wealth of resources we are preparing to bring those of you who may qualify for little known VA benefits.
The VA may not be guilty of purposely withholding information from it’s qualifying Veterans, but it does bear to be a fact that if Veterans do not know what to ask and how to ask and what words to use, the VA can and does fail to take the steps to fully inform the possibly qualified Veteran of up to almost $2,000 per month they may receive in aid and assistance.
The bureaucracy can be maddening and those who will never know what they missed will have suffered financially for NOTHING.
When it became known to our firm that Veterans can benefit from having an advocate who can guide them through the red tape, I decided that we were going to dedicate a number of appointments each month for those who need to learn their eligibility for these benefits.
I actually visited the official VA website and put in the terms that I know a veteran might ask and NOTHING came up in the search results that were relevant to assistant a veteran determine their right to receive benefits.
Here is generally what happens when a Veteran calls the VA to learn about these benefits. (Hint: Remember the terms "compensation benefit" and "pension benefit" as these are critical to forcing the VA to answer your questions.)
A Veteran who spent at least one day of active duty in a foreign war calls and asks for money or compensation is available because of medical care needs.
Automatically, the VA transfers the caller to the department handling active duty or while-in-service related injuries, disabilities or death compensation.
If the Veteran is seeking assistance NOW – after the term of service without injury or disability – they are told there is nothing available.
However, what the VA could and should tell you (again, it may not be intentional on their part), is that you should ask for the financial assistance information for Veterans or their surviving spouses who served during war time.
Financial benefits for Veterans who have a non-service related medical care burdens are referred to by the VA as PENSION benefits. Very different from COMPENSATION benefits.
Within the next few days, we will send you information about the e-book, brochure, and worksheets we will have ready for you to provide assistance to help your family when you need it. You deserve it because you certainly did your part when we needed you.
If you think you or a loved one may be eligible for VA benefits to help with assisted living or other medical costs, please give us a call. Let us help you determine whether you can begin receiving badly needed benefits and provide deserved relief for you and your family with a financial assistance you are entitled to if you are eligible.
We look forward to speaking with you soon.
Proactive Medicaid Planning-A Smart Move for your Family’s Future
Posted by: | CommentsProactive Medicaid Planning – A Smart Move for Your Family’s Future
You’ve met with an attorney, set up a trust and you can breathe a sigh of relief. Your work is done, right?
Unfortunately not.
Aging brings with it the potential for loss of personal freedom as well as the potentially devastating financial cost of elder care. Depending on where you live and the level of care you need, nursing homes can cost between $35,000 and $150,000 per year.
Long-term nursing care can be devastating to a family’s financial life for generations.
Pro-active planning, in advance if possible, can help protect what you’ve worked so hard for so you can leave it all to your family instead.
Pro-active planning for long-term nursing care can be done in one of two ways: 1) purchasing long-term care insurance or 2) by making sure your assets are structured so you are fully eligible to receive the benefits you’re entitled to under the government’s Medicaid programs.
Medicaid, not to be confused with Medicare is, for all intents and purposes, the only “insurance” plan for long-term institutional care in the United States.
For those lacking the financial resources to pay privately or to pay for coverage under a private long-term care insurance policy, they can pay out of their own pockets for long-term care until they become “impoverished” under the program guidelines and become eligible for Medicaid.
Medicaid and Medicare may sound similar but they are very different programs. Medicare is a totally federal program. As a retiree, if you receive Social Security benefits, you’re also entitled to Medicare as your health insurance.
Medicaid, on the other hand, is run jointly by the federal and state governments and is based on need. As with pretty much any federal or state program, the process of applying benefits can be confusing. The Medicaid eligibility rules differ by state and change constantly. If you’re not in immediate need of long-term care, you may have the luxury of distributing or protecting your assets in advance and protecting your eligibility for Medicaid benefits. This way when you do need long-term care, you’ll quickly qualify for Medicaid benefits. We utilize a number of strategies and tools to proactively plan for your Medicaid eligibility and preserve your assets for your loved ones.
Medicaid planning, as well as a Will, Trust (if you own assets that would go through probate) and a Kids Protection Plan should be a part of your comprehensive estate plan.
It’s always amazing to me how many lawyers claim to understand the complex Medicaid rules, but really do not. What that means is that your family could end up paying anywhere between $3,000 and $7,000 per month out of pocket for care that could have been covered by the government.
Preparing your assets to be eligible for Medicaid is not something you can do yourself. It’s complicated and can be extremely costly if you get bad advice.
If you or a family member is over the age of 65 or ill, call us to schedule your Family Wealth Planning Session today so we can identify what needs to be done to protect your assets for your loved ones and your Medicaid eligibility. Our Family Wealth Planning Session is normally $750, but this month I’ve made space for the next two people who mention this article to have a complete planning session with me at no charge. Call today and mention this article.
