Will I Get in Trouble If I Transfer My Assets?
Medicaid eligibility is based on your having only a very small amount of assets. If you want to become eligible for Medicaid without “spending down” virtually all of your life’s savings, you will likely have to transfer your assets to another person. Many people worry that doing this will get them in trouble. In […]
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Choose Your Trustee Wisely
This is Strategy #13 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Choose your trustee wisely. When an applicant for Medicaid decides to transfer assets into a trust, the trust must be irrevocable. That means you no longer have control of […]
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Private Annuities can Help Protect Your Assets
This is Strategy #14 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Annuities have an advantage. An effective method to protect cash and assets for someone who needs nursing home care, and who has transferred assets within the "look back" period is […]
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Use a Caregiver Agreement to Transfer Cash Assets.
This is Strategy #15 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. A Caregiver Agreement is a legal contract between an individual who needs various support services and the party who is to provide them. The caregiver can be a son, daughter or other […]
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Keep Your Medicare Insurance
This is Strategy #16 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Keep your Medicare insurance. In most instances, you'll have access to a wider range of doctors. Be careful about sales pitches for coverage under Medicare Advantage plans, which require […]
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Elder Law and Estate Planning
This is Strategy #18 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Elder law and estate planning go together. Everyone has heard stories of the havoc that is caused when someone with money and property dies without a Will. It's a reality […]
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Consider Staying In or Moving Back to New York
This is Strategy #22 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. If you’re planning to move out of state and anticipate needing long-term care, think twice. If you’ve already moved to another state and are now in need of home or […]
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Long-Term Care Insurance Won’t Necessarily Solve the Problem
This is Strategy #24 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Long term care insurance won't necessarily solve the problem. For many people, this is often a wasteful expenditure of funds that could be better used elsewhere. At current rates ranging […]
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Understand the difference between Medicare and Medicaid
This is Strategy #4 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Understand the difference between Medicare and Medicaid. Medicare and Medicaid are both medical and health programs provided by government entities to pay benefits to senior citizens and the disabled. That's […]
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Use Different Trusts for Different Purposes
This is Strategy #9 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies. Another way trusts can be used is to shield cash, and monetary assets that are readily convertible to cash. For example, if you own bank accounts, Certificates of Deposit and […]
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