Posts Tagged ‘adult child’

Have you planned financially for your later years

As the Baby Boomer generation continues to age, more and more seniors are finding themselves facing a harsh reality: they didn’t adequately plan financially for their later years. Sure they saved enough to retire, pay the bills, and travel. However, there is a potential financial drain waiting towards the end of their lives that they just did not see coming—the need for long term care. Perhaps this is where you find yourself now. Maybe your spouse has suffered a debilitating fall and you need a home health aide to assist you in caring for them. Or perhaps you are an…

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Veteran has a Partial Interest in Property – No Transfer Involved

A veteran and an adult (non-helpless) child who lives in the same household are joint owners of a $10,000 CD and were joint owners before the date that the veteran became entitled to pension. Each owner has an undivided one-half interest in the CD. The value of the CD is $5,000 for net worth purposes and only one-half of the interest earned is counted as income in determining the veteran’s IVAP.

‘Gift and return’ strategy saves some elder assets

When an adult child comes to my office, a frequent question “Is their anything I can do to save my mother’s assets?” The child states “I’ve been told that I have to spend all of my mother’s assets on the nursing home.” Additionally, “I cannot do anything, as my mother did not do any medicaid asset planning. Because of the five year look back period, we can’t do anything.” Unfortunately, we see these same MYTHs all the time. Mother does NOT have to spend everything to pay the nursing home. Luckily, I state that “Even if your loved one is…

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Qualifying for Medicaid using “Gift and Return”

Using the Medicaid rules, the “gift and loan” strategy is explained.