Because of medicaid look back, you must employ a relatively long-term medicaid planning strategy if you want to become eligible at the right time. Learn more about medicaid planning in Oklahoma in this presentation.
Can I Give Away Assets to Qualify for Medicaid in Indiana?Paul Kraft
"The Medicaid program will pay for long-term care, but it is a need-based program. To stay within the asset limits, people typically give assets to their loved ones
before they apply for coverage. Learn more about medicaid in Indiana in this presentation.
"
"By including a medicaid plan in your comprehensive estate plan, you can ensure that both you and your loved ones will be protected
in the event you ever need long-term care. Learn more about Texas long-term care and medicaid planning in this presentation."
Medicare and Medicaid: What Are the DifferencesMark Eghrari
A look at how these two government programs for seniors differs from each other, the way they are run, the benefits, as well as the qualifying requirements. Learn more about medicare and medicaid in this whitepaper.
Does Medicare Pay for Long-Term Care in New YorkMark Eghrari
For many, the solution is Medicaid. This program does pay for living assistance if you can qualify, but it is only available to people with limited assets. Many people obtain eligibility through a process called a spend down. Learn more about long-term care in New York in this presentation.
TheMedi-Cal program is California's version of the national Medicaid program. Medi-Cal provides health insurance for people who have very limited resources. Learn more about California medi-Cal in this presentation.
Can I Give Assets to Qualify for Medicaid in Connecticut?Barry D Horowitz
The medicare programs does not pay for long-term care, but Medicaid will pay for custodial care. Learn more about medicaid in Connecticut in this presentation.
Can I Give Away Assets to Qualify for Medicaid in Indiana?Paul Kraft
"The Medicaid program will pay for long-term care, but it is a need-based program. To stay within the asset limits, people typically give assets to their loved ones
before they apply for coverage. Learn more about medicaid in Indiana in this presentation.
"
"By including a medicaid plan in your comprehensive estate plan, you can ensure that both you and your loved ones will be protected
in the event you ever need long-term care. Learn more about Texas long-term care and medicaid planning in this presentation."
Medicare and Medicaid: What Are the DifferencesMark Eghrari
A look at how these two government programs for seniors differs from each other, the way they are run, the benefits, as well as the qualifying requirements. Learn more about medicare and medicaid in this whitepaper.
Does Medicare Pay for Long-Term Care in New YorkMark Eghrari
For many, the solution is Medicaid. This program does pay for living assistance if you can qualify, but it is only available to people with limited assets. Many people obtain eligibility through a process called a spend down. Learn more about long-term care in New York in this presentation.
TheMedi-Cal program is California's version of the national Medicaid program. Medi-Cal provides health insurance for people who have very limited resources. Learn more about California medi-Cal in this presentation.
Can I Give Assets to Qualify for Medicaid in Connecticut?Barry D Horowitz
The medicare programs does not pay for long-term care, but Medicaid will pay for custodial care. Learn more about medicaid in Connecticut in this presentation.
Can I Qualify for Medicaid If I Own a Home?John Potter
Medicaid is the solution for a significant percentage of seniors who need long-term care, because it will pay for living assistance. Since it is a need-based program, there are income and asset limits. The good news is that some things do not count, and your home is one of these things.
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate PlanRobert Nash
When you sit down to create your estate plan your primary objective will likely be to ensure that your estate assets are handled according to your wishes when you die. Learn more about long term care planning in Illinois in this presentation.
Long Term Care Planning - Why It Should Be Part of Your Estate PlanRobert Nash
When you sit down to create your estate plan your primary objective will likely be to ensure that your estate assets are handled according to your wishes when you die. Learn more about long term care planning in this presentation.
A Guide To Medicare Eligibility And Open EnrollmentAllsup
Find out if you are eligible to receive Medicare, and how to apply for Medicare. Learn about the different types of Medicare and what you may be eligible to receive.
Pennsylvania Medicaid Planning: What Can a Healthy Spouse Keep?Joseph M. Masiuk
Medicaid is important to many seniors who were qualified for Medicare, because Medicaid will pay for long-term care. There are asset and income limits that govern eligibility, but the healthy spouse is entitled to certain property rights. Learn more about Pennsylvania medicaid planning in this presentation.
What Is the Five Year Medicaid Look-BackMark Eghrari
Though the majority of senior citizens will qualify for Medicare coverage, Medicare is not set up to cover custodial care costs. Learn more about New York medicaid look-back in this presentation.
What Is a Special Needs Trust in North DakotaRaymond German
To account for this dynamic, you could make a loved one with a disability the beneficiary of a special needs trust. Under program rules, the trustee could use the assets in the trust to improve the beneficiary's quality of life. Learn more about special needs trust in North Dakota in this presentation.
With this in mind, let's look at the legal device called a special needs trust. Learn more about special needs trust in Connecticut in this presentation.
HealthCompare Insurance - Understanding other types of insuranceHealth Compare
Understanding your options when it comes to Health Plans or Health Insurance can be a complicated experience, especially if you are unfamiliar with your options. HealthCompare has put together this slideshare to help you navigate and know your options. Learn more at HealthCompare.com
You may try to ignore the risk … But at some point you may need to pay for long term care expenses.
Understanding the risks, realities and potential ways to pay for these expenses when they arise is the
first step in preparing for the possibility that, at some point, you may need care.
What Is a New York Special Needs TrustMark Eghrari
Estate planning can seem like an exercise in slicing up a pie into different pieces that can be distributed in lump sums to your loved ones after you pass away. In reality, this is quite an oversimplification for many families. Learn more about New York special needs trust in this presentation.
A Woman's Guide to Health Care in RetirementDolf Dunn
Health care in retirement can be one of the largest expense items for people, especially women. It is crucial you plan on these costs in your retirement budget. Need help? Give us a call.
http://ekinsurance.com/personal/how-to-buy-long-term-care-insurance/
Statistics indicate that over half of all people over age 50 will require long-term care.
Medicaid is a government health insurance program that can become quite important to people who were never poor, because it pays for long-term care. The Medicare program will not pay for custodial care. Learn more about Maryland medicaid in this presentation.
Can I Qualify for Medicaid If I Own a Home?John Potter
Medicaid is the solution for a significant percentage of seniors who need long-term care, because it will pay for living assistance. Since it is a need-based program, there are income and asset limits. The good news is that some things do not count, and your home is one of these things.
Long Term Care Planning in Illinois: Why It Should Be Part of Your Estate PlanRobert Nash
When you sit down to create your estate plan your primary objective will likely be to ensure that your estate assets are handled according to your wishes when you die. Learn more about long term care planning in Illinois in this presentation.
Long Term Care Planning - Why It Should Be Part of Your Estate PlanRobert Nash
When you sit down to create your estate plan your primary objective will likely be to ensure that your estate assets are handled according to your wishes when you die. Learn more about long term care planning in this presentation.
A Guide To Medicare Eligibility And Open EnrollmentAllsup
Find out if you are eligible to receive Medicare, and how to apply for Medicare. Learn about the different types of Medicare and what you may be eligible to receive.
Pennsylvania Medicaid Planning: What Can a Healthy Spouse Keep?Joseph M. Masiuk
Medicaid is important to many seniors who were qualified for Medicare, because Medicaid will pay for long-term care. There are asset and income limits that govern eligibility, but the healthy spouse is entitled to certain property rights. Learn more about Pennsylvania medicaid planning in this presentation.
What Is the Five Year Medicaid Look-BackMark Eghrari
Though the majority of senior citizens will qualify for Medicare coverage, Medicare is not set up to cover custodial care costs. Learn more about New York medicaid look-back in this presentation.
What Is a Special Needs Trust in North DakotaRaymond German
To account for this dynamic, you could make a loved one with a disability the beneficiary of a special needs trust. Under program rules, the trustee could use the assets in the trust to improve the beneficiary's quality of life. Learn more about special needs trust in North Dakota in this presentation.
With this in mind, let's look at the legal device called a special needs trust. Learn more about special needs trust in Connecticut in this presentation.
HealthCompare Insurance - Understanding other types of insuranceHealth Compare
Understanding your options when it comes to Health Plans or Health Insurance can be a complicated experience, especially if you are unfamiliar with your options. HealthCompare has put together this slideshare to help you navigate and know your options. Learn more at HealthCompare.com
You may try to ignore the risk … But at some point you may need to pay for long term care expenses.
Understanding the risks, realities and potential ways to pay for these expenses when they arise is the
first step in preparing for the possibility that, at some point, you may need care.
What Is a New York Special Needs TrustMark Eghrari
Estate planning can seem like an exercise in slicing up a pie into different pieces that can be distributed in lump sums to your loved ones after you pass away. In reality, this is quite an oversimplification for many families. Learn more about New York special needs trust in this presentation.
A Woman's Guide to Health Care in RetirementDolf Dunn
Health care in retirement can be one of the largest expense items for people, especially women. It is crucial you plan on these costs in your retirement budget. Need help? Give us a call.
http://ekinsurance.com/personal/how-to-buy-long-term-care-insurance/
Statistics indicate that over half of all people over age 50 will require long-term care.
Medicaid is a government health insurance program that can become quite important to people who were never poor, because it pays for long-term care. The Medicare program will not pay for custodial care. Learn more about Maryland medicaid in this presentation.
By including long-term care planning strategies in your overall estat plan, you can prevent the loss of assets and ensure that you will be well-cared for during your golden years. Learn more about long-term care planning in New York in tis presentation.
In this Webinar, participants will learn:
- How your bank or financial institution can help and what questions to ask
- How your financial advisor can help and the types of services that they may provide
- The potential costs of what to expect
- How your insurance agent can help you with gathering info and services they provide
- RRSP/Investments – what to think about
Planning for long-term care either for you or a family member is a task most of us are reluctant to consider. Long-term care may be needed at any age, but the possibility of an individual requiring some form of long-term care increases as we age. It is very important to make decisions regarding long-term care in advance of your need.
There is another type of asset protection that impacts a majority of Americans. This would be nursing home asset protection. Why do you need to protect your assets from a nursing home? Read on to find the answer to this question. Learn more about nursing home protection in this whitepaper.
Can I Give Away Assets to Qualify for Medicaid in Arizona?Larry Deason
In fact, there are some significant out-of-pocket expenses to contend with, and there is an enormous gap: Medicare will not pay the majority of all for long-term care. Learn more about medicaid in Arizona in this presentation.
Medicaid Planning and the Caregiver Crisis
https://www.thehalelawfirm.com/practice-areas/elder-law/medicaid-planning/
If you or someone you love is at risk of spending down their life savings to pay for the ever-growing cost of long-term care, then we invite you to call today for your free initial consultation. We look forward to exploring the opportunities our long-term care and asset protection planning can provide. The risk of needing long-term care and its related expenses is too great to ignore.
Call today to speak with a Dallas Medicaid planning attorney at the Hale Law Firm, P.C.
The Hale Law Firm, P.C.
417 W Main St
Waxahachie, TX 75165
(214) 446-5080
https://www.thehalelawfirm.com/
IRA stands for Individual Retirement Arrangement. It is a special type of account that receives protections under the law and that the Internal Revenue Service treats differently from other investment accounts. Learn more about individual retirement arrangement in this presentation.
Trust law refers to laws regarding the creation of trusts. A trust is a legal tool which allows you to create a legal relationship in which one person holds and controls property for the benefit of himself or another. Lear more about trust law in this presentation.
A will allows you to provide some instructions for after your death.You can name an executor who oversees your estate. Learn more about will in this presentation.
How Oklahoma Probate Law Affects Heirs and Beneficiaries: A Guide for Oklahom...Larry Parman
Probate is the official legal process triggered by most deaths. This process occurs in local county probate courts. Learn more about Oklahoma probate law in this presentation.
Trusts are a legal arrangement that divides possession and ownership. A trust owns property, which
is managed by a trustee. Learn more about trusts in this presentation.
Probate Questions: Understanding the Probate Process and How It Affects YouLarry Parman
When people talk about probate, they’re typically referring to the legal process that takes place after someone dies. Learn more about probate questions in this presentation.
Personal Representatives in Arkansas, Missouri, and Oklahoma: Choosing a Repr...Larry Parman
In some situations it’s appropriate to have as the personal representative the same person who also serves as the trustee of one or more of your trusts. Learn more about personal representatives in Arkansas, Missouri, and Oklahoma in this presentation.
Estate and Inheritance Taxes in Oklahoma - Tax, Strategies, Planning, GoalsLarry Parman
When it comes to federal estate tax planning, the starting point is always knowing exactly when you might have to pay. Learn more about estate and inheritance taxes in Oklahoma in this presentation.
Estate and Inheritance Taxes in Oklahoma - Basic Ideas, Managing OptionsLarry Parman
Understanding the potential tax issues and developing a plan that minimizes them as much as possible is something your estate planning attorney should do. Learn more about estate and inheritance taxes in Oklahoma in this presentation.
Personal Representatives in Kansas and Oklahoma - Essential ConceptsLarry Parman
A personal representative is the person responsible for managing the estate left behind by a decedent. Learn more about personal representatives in this presentation.
Inheritance Planning When You Have a Family In Oklahoma - Specific Tools For ...Larry Parman
The simplest way to leave inheritances to your children or other family members is through a will. Learn more about inheritance planning in this presentation.
Inheritance Planning When You Have a Family in OklahomaLarry Parman
If your children are under 18 and you choose to leave them inheritances, make sure you include provisions to manage the property until the children are older.
Adoption agencies are licensed by each state, giving them the authority to find would-be adoptive parents and match those parents with available children. Learn more about Oklahoma adoption essentials in this presentation.
Adoption is a legal process in which one or more adults become the legally recognized parent(s) of a child or adult. Learn more about Oklahoma adoption essentials in this presentation.
What Is the Oklahoma Annual Gift Tax Exclusion?Larry Parman
In this presentation we have provided some basic information about the gift tax. Learn more about Oklahoma annual gift tax exclusion in this presentation.
Oklahoma Medicaid Planning: What Can the Healthy Spouse Keep?Larry Parman
To qualify for Medicaid, you must stay within income and asset limits. For an individual, the limit on countable assets is $2,000. Learn more about Oklahoma medicaid planning in this presentation.
Questions About Oklahoma Powers of Attorney: Options, Customizations and Limi...Larry Parman
In order to terminate a power of attorney you must be mentally capable and you must communicate the termination to the agent. Learn more about Oklahoma powers of attorney in this presentation.
Questions About Oklahoma Powers of Attorney: Essential Concepts and Misunders...Larry Parman
The power of attorney document you create will specify what powers you do, and do not, want your agent to do on your behalf. Learn more about Oklahoma powers of attorney in this presentation.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Medicaid Planning in Oklahoma: What is the Medicaid Look Back?
1. What Are the Differences Between Medicare and Medicaid?
MEDICAID PLANNING IN OKLAHOMA
WHAT IS THE MEDICAID
LOOK BACK?
By Larry Parman
OKLAHOMA ESTATE PLANNING ATTORNEY
Because of Medicaid Look Back, You Must Employ
a Relatively Long-Term Medicaid Planning Strategy
If You Want to Become Eligible at the Right Time
2. Medicaid Planning in Oklahoma: What Is the Medicaid Look Back? www.ParmanLaw.com
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Before we look at the Medicaid look back in detail, we should explain why Medicaid is relevant to so many senior citizens. LONG-TERM CARE COSTS
Medicaid is a jointly administered federal/state government health insurance program. It is a program that is available to those with significant financial need. People of all ages can potentially qualify for Medicaid.
Medicare is also a government run health insurance program. Medicare is not based on financial need; you earn Medicare eligibility by earning retirement credits while you are working and paying taxes.
The work requirements for Medicare eligibility are quite modest when you analyze them objectively. You can gain as many as four retirement credits per year. Once you have 40 credits, you will qualify for Medicare when you reach the age of 65. In 2014, you gain one credit for every $1200 that you earn. If you earn at least $4,800, you accrue the maximum four credits for the year. Do this for 10 years, and you will qualify for Medicare. Medicare is of great assistance to seniors who are enrolled in the program. However, it does not pay for everything in its entirety. There are out of pocket costs that you should be aware of, and there is one very big gap.
Most seniors will need help with their activities of daily living eventually.
3. Medicaid Planning in Oklahoma: What Is the Medicaid Look Back? www.ParmanLaw.com
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Medicare will not pay for long-term care, because it is considered to be custodial care. Medicare will pay for up to 100 days of convalescent care, but it won't pay for in-home custodial care, and it won't pay for full-time residence in an assisted living facility. Medicaid will pay for long-term care. This is why it is relevant to many senior citizens. In fact, the majority of senior citizens who are in nursing homes are receiving Medicaid assistance. MEDICAID PLANNING As we stated previously, Medicaid is a need-based program. If you have financial resources to speak of, you cannot qualify for Medicaid.
People who retired with some resources ultimately become eligible for Medicaid by spending down. This expression is more or less self-explanatory: you spend down your assets until you have very little left. You can then qualify for Medicaid if you need long-term care.
This is a logical course of action. You could essentially give inheritances to your children while you are still alive in an effort to spend down your resources with Medicaid eligibility in mind. MEDICAID LOOK BACK
The Medicaid program has a five year look back period. If you give away assets within five years of applying for Medicaid, your application will not be approved.
4. Medicaid Planning in Oklahoma: What Is the Medicaid Look Back? www.ParmanLaw.com
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Your eligibility will be delayed for a period of time that is determined based on a particular formula. Medicaid evaluators will determine the amount of the divestitures that have taken place within this look back period. This amount will be compared to the average cost of long-term care in the state of your residence. Your period of ineligibility will be based on this equation. To clarify by example, if long-term care cost $70,000 a year on average in the state of Oklahoma, and you gave away $140,000 during the look back, your eligibility would be delayed by two years. CONCLUSION
A significant percentage of seniors ultimately rely on Medicaid to pay for long- term care, because Medicare will not pay for living assistance.
Medicaid is a need-based program. You cannot qualify if you have significant financial assets still in your name. For this reason, people often spend down their assets in an effort to fall within the eligibility parameters.
5. Medicaid Planning in Oklahoma: What Is the Medicaid Look Back? www.ParmanLaw.com
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You cannot give away assets today and qualify for Medicaid tomorrow because there is a five-year look back. If you give away assets within five years of applying, a penalty is imposed, and your eligibility will be denied for a particular period of time. Because of the look back, you must employ a relatively long-term Medicaid planning strategy if you want to become eligible at the right time. It may be possible to reduce your countable assets over time in an intelligent and measured fashion.
When you think about divestitures you may immediately think of direct gifts to your loved ones. This is one possibility, but it is also possible to convey assets into an income-only irrevocable trust. You could potentially remove these assets from your portfolio for Medicaid planning purposes as you continue to derive income from the earnings.
Medicaid planning can be complex, but the results will typically be well worth the effort. To learn about Medicaid planning in-depth, arrange for a consultation with a licensed Oklahoma elder law attorney. Your lawyer will answer all of your questions, apprise you of your options, and make personalized recommendations based on your unique situation. REFERENCES U.S Department of Health and Human Services
http://longtermcare.gov/the-basics/what-is-long-term-care/ Medicaid
http://www.medicaid.gov/Medicaid-CHIP-Program-Information/By- Topics/Long-Term-Services-and-Support/Long-Term-Services-and- Support.html
6. Medicaid Planning in Oklahoma: What Is the Medicaid Look Back? www.ParmanLaw.com
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About the Author
Larry Parman
After helping his own family deal with a lengthy probate and a battle with the IRS following his father’s death in a farm accident, Larry made a decision to help families create effective estate plans designed to reduce taxes, and minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors. Following a dozen years in the investment banking and financial services business, in the mid-1980s Mr. Parman formed a law firm that gives families the peace of mind that comes from having created a premier estate and financial plan.
After forming his law firm in 1984, he offered a series of public and private seminars to inform the public about using a Living Trust as the foundation of a family’s estate plan. Today, Parman & Easterday is one of the leading business and estate planning law firms in the Midwest. The firm’s primary focus is on business and estate planning, elder law, asset protection, and providing effective estate planning solutions for clients. Today, the firm’s premier estate plan design is referred to as a Legacy Wealth Plan. Mr. Parman is a frequent guest on the radio and can be seen on television talk shows explaining the importance of proper estate planning. Prosperity Productions selected Mr. Parman as a featured speaker in a nationally-recognized educational video on Living Trusts. He is the author of numerous published articles on financial and estate planning matters and the co-author of two books, Estate Planning Basics: A Crash Course in Safeguarding Your Legacy and Guiding Those Left Behind in Oklahoma: Settling the Affairs of Your Loved Ones. Mr. Parman is a member and Fellow of the American Academy of Estate Planning Attorneys. He is also a member of the Oklahoma and Missouri Bar Associations, the American Bar Association, and the Oklahoma City Estate Planning Council.
www.ParmanLaw.com
OVERLAND PARK, KS
10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
Fax: (913) 385-9422
OKLAHOMA CITY, OK
13913-B Quail Pointe Drive
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018