Morris Hall PLLC - Your Estate Matters
Your Estate Matters
Brought to you by Morris Hall PLLC
Your Estate Matters VOLUME 9 ISSUE 3  

IN THIS ISSUE:

The Most Common Mistake After Losing a Loved One
FDIC Rule Changes Increase Account Protection

Do You Qualify? Many States Tightening Medicaid Restrictions

Battle of the Exes-Estate Planning and Multiple Marriages


MORE INFO:

Contact Us

Back to Main Site

Request a copy of this Newsletter

Do You Qualify?
Many States Tightening Medicaid Restrictions

For years, qualifying for Medicaid and other state assistance programs has been a matter of showing that you have sufficiently few assets to be able to pay for health care. Now, faced with large budget shortfalls, many states are taking a closer look at how individuals qualify for Medicaid. For example, Medicaid recipients in the state of Washington, who previously needed only to declare household income, must now provide proof of this income. Further, that state now reviews eligibility every six months instead of every year.

If you were counting on Medicaid to help pay for nursing home or medical expenses, these changes could leave you short of money. Fortunately, there are alternatives to Medicaid that can help pay medical and nursing home expenses. One alternative is to make sure you have adequate Long Term Care insurance, which is designed to pay the expenses incurred during a long stay in a health care facility or for in-home care. This can prevent you or your loved one from having to rely on Medicaid during an illness.

Another alternative is to self pay. Set up a personal savings plan against the potential costs of health care. There are several plans available that offer deferred taxes on assets used for medical expenses. Be careful to estimate conservatively, as nursing home and medical costs have skyrocketed, and significant assets will be needed to cover possible medical costs.

Estate Planning for Out-of-State Family Members

One of our valuable client benefits stems from our affiliation with the American Academy of Estate Planning Attorneys, a national member organization serving the needs of legal professionals concentrating on Estate Planning and Elder Law.

Our law firm has contact with hundreds of attorneys around the country who concentrate their law practices in this area. If you have a family member or friend needing assistance in estate planning, Elder Law or estate administration in another state, please contact us. We would be happy to make a referral to a conveniently located estate planning attorney.



Published by Morris Hall PLLC
Copyright 2021 Morris Hall PLLC. All rights reserved.

Click here to be removed from all future mailings from our firm