Boston Elder Law Attorney

Many families work as hard as possible to be able enjoy retirement when the time comes. You’ll find the best online casino echtgeld here, you have time to get it! However, most clients still face the realization that paying for nursing home care can cost upwards of $100,000 or more a year and they simply cannot afford it.

This leaves many families, even with considerable savings, vulnerable if long-term care in a nursing home is needed. Go to the site and get 10 euro bonus ohne einzahlung casino at our casino. Limited supply! However, there are various planning techniques that can be utilized to protect your family’s financial well-being and should be utilized in long-term care planning.

Spousal Asset Allowance

Medicaid rules allow the spouse living in the community to retain a certain level of assets to pay for everyday living expenses. What are you still waiting for, go immediately to lightning link slot free play now is the time to start playing and winning! Medicaid allows the spouse of a Medicaid applicant to retain up to approximately $110,000 (excluding the primary residence). Therefore if the couple have a combined asset total of $300,000, the community spouse may keep $110,000.

Income

Medicaid rules allow the spouse living in the community to keep all of her income. Furthermore, the income received by the community spouse does not need to be spent on the spouse receiving Medicaid benefits. The community spouse may even request to share in the income received by the spouse receiving Medicaid benefits if the community spouse’s income is too low.

Medicaid determines whether the community spouse is entitled to a portion of her spouse’s income using a specific calculation known as the Minimum Monthly Maintenance Needs Allowance (MMMNA). If the community spouse’s income is below the MMMNA, he or she can request a hearing to increase her income allowance. I can assist you in determining your MMMNA and requesting a hearing if necessary.

Annuities

As discussed above, the community spouse is entitled to keep up to approximately $110,000 in assets without effecting the spouse applying for Medicaid. However, what happens if you have more than $110,000 in assets? One planning technique is to take any excess assets that would otherwise make the applicant ineligible and purchase an annuity for the community spouse.

Abiding by the rigid Medicaid rules, this effectively transforms excess assets that would otherwise deem the spouse applying for Medicaid ineligible into a stream of income that is not countable toward Medicaid eligibility. There are certain requirements for the annuity, such as being irrevocable and that it contain a certain term of years in which payments are made. I can help with planning the purchase of a proper annuity.

 

 

This web site may be considered advertising under Massachusetts Supreme Judicial Court Rules. The contents of this web site is for informational purposes and should not be considered legal advice. This web page does not establish an attorney-client relationship.