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Beneficiary designations bypass the probate process, and are instructions provided directly to a named individual immediately upon the owner’s death. The Importance of Beneficiary Designations in Estate PlanningDesignating a beneficiary means naming a person or entity to receive your assets upon your death. This simple but crucial step plays a major role in your estate plan. […]
Under a Uniform Gift to Minors Account, an individual can make a gift to a minor presently, while holding the minor’s access to the funds until the reach of majority. A custodial account is an account for the benefit of a minor child and managed by a parent or another designated custodian. The custodial account […]
Stating your health wishes to be followed in the event of a catastrophic medical event must be contained in an advanced health directive, or healthcare power of attorney. These documents are always part of a comprehensive estate plan. Planning Ahead: Why It’s Time to Talk About Your Health Care WishesThe COVID-19 pandemic prompted many of […]
The applicant’s principal residence (i.e. homestead) is always exempt, although Medicaid does place limits in the value of the home to be declared exempt. How does Medicaid treat the Homestead Exemption and/or the Medicaid applicant’s primary residence? When senior enters a nursing home to receive care services, he or she often leaves real property owned […]
Inheritance can affect Medicaid eligibility; the nature of the inheritance (i.e. real estate v. financial assets) affects the way in which inheritance alters eligibility. Oftentimes, a Medicaid recipient who otherwise has achieved Medicaid eligibility may receive assets that can affect their ability to receive Medicaid benefits. If the Medicaid recipient (or a Medicaid applicant) is […]
Some state Medicaid state departments provide real time online access to information on application status; other departments will gladly provide updates upon email contact. Medicaid is a federally-funded health insurance program for low-income citizens with disabilities that is administered by each state. The income requirements and types of coverage you get depend on state laws, […]