Trusts are very important tools available to estate planning attorneys. A standalone trust or a trust incorporated into a will allows you to leave assets with “strings attached” for the benefit of a loved one. For example, you may think it is unwise to allow a child or grandchild unrestricted access to their inheritance at age 18. You may feel that your child or grandchild may not make good choices at a young age. In many situations clients with children or grandchildren in their 30s, 40s or 50s need the protection provided by a trust. They may need protection from
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Many Louisiana residents are unaware of the many options available to preserve assets by avoiding Medicaid spend-down when qualifying for Medicaid long-term care benefits. I meet with many people who are under the impression that there is not much they can do protect their assets from Medicaid spend-down. They may have received incorrect information from a Medicaid caseworker, an attorney, an assisted living facility or a nursing home. I will highlight a few of the options available in Louisiana to help protect some of your assets from Medicaid-spend-down. Some of these strategies require planning ahead of a long-term care need.
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Over the past 17 plus years of working with many Louisiana families to complete the succession of a deceased loved one, I have encountered numerous questions. I will go through some of the more common questions in this blog post. What is a succession?  A succession (sometimes referred to as probate) is the process for the distribution of the deceased person’s assets and payment of estate debts and expenses. A succession is the transmission of the estate of a deceased person to his successors, the people inheriting the assets. The successors must obtain proof that they are the legal owners
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Retirees and Seniors should plan for the potential need for an extended long-term care need. Making informed decisions about planning for long-term care begins with an understanding of the options available to pay for long-term care. There is often confusion about the different types of care, and whether Medicare covers long-term care expenses. As explained below, Medicare pays for a very limited amount of long-term care and under limited circumstances. There are three levels of long-term care: Skilled Care is around the clock care ordered by a doctor and provided by skilled care givers (e.g. registered nurses) to treat a medical
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Many veterans are unaware of an available benefit to help pay for long-term care in their home, in an assisted living facility or in a nursing home. This benefit is the VA Disability Pension (which includes Aid and Attendance) and is a benefit paid to wartime veterans who meet certain financial requirements, and who are age 65 or older, or, if under 65, who are permanently and totally disabled due to non-service-connected conditions.  Before a claim for Aid and Attendance may be awarded, a veteran or surviving spouse must first meet the Disability Pension eligibility requirements. Veterans who are more
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My previous blog post focused on the Louisiana Medicaid Long Term Care income rules. As discussed in that post, there are both income and resource rules to qualify for Medicaid Long Term Care. In addition to attaining age 65 and being in need of long-term care, one must not have too much monthly income or too many assets. Here are the basic resource rules for single people and married couples in Louisiana. In addition to the income test, Medicaid applicants must also pass a resource (asset) test to qualify for Medicaid. You cannot qualify for Medicaid if you have resources
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Although there are many ways to qualify for Medicaid this post will focus on qualifying for Medicaid long-term care benefits. Thus, we will be primarily discussing Medicaid benefits for individuals over age 65 who need long-term care. In addition to attaining age 65 and being in need of long-term care, one must also satisfy income and resource limitations. Here are the basic income rules for single people and married couples in Louisiana. Income Limitations To qualify for Medicaid, your monthly income must not be greater than $2,163 (2014). This amount is also known as the long-term care special income limit
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