Estate Planning for College Students and Young Adults

By | Estate Planning

People often assume that estate planning is something you don’t have to worry about until you’re at a stage of life where you have children to protect or are preparing for your final years. However, many of the critical components of an estate plan are just as essential for young adults as for older ones. Here are some important documents to consider as your children head off to college or embark on life as independent adults. Health Care Surrogate Designation Illness or injury can strike anyone regardless of age. If a young adult is unconscious or incapacitated, a health care surrogate designation would allow someone they trust to make health care decisions and authorize medical treatment on their behalf. Financial Power of Attorney While a health care surrogate designation allows an agent to make health care choices for someone who is incapacitated, a financial power of attorney enables an agent…

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Do I Have to Spend All My Money on a Nursing Home Before I Can Qualify for Medicaid?

By | Medicaid

Florida Medicaid can provide funding to help cover the costs of long-term care, but the requirements make it seem like you have to use up all the money you have on care costs before Medicaid will be willing to pay any of your nursing home costs. Many people do just that. But they don’t have to. There are strategies to preserve assets while still establishing eligibility for long-term care benefits through Florida Medicaid. Overview of Medicaid Nursing Home Requirements Sometimes referred to as the Statewide Medicaid Managed Care program, Florida Medicaid offers a number of different long-term care programs to assist with long-term care for seniors. The benefits and eligibility requirements vary according to the program and factors such as marital status. However, one general rule to qualify for Medicaid assistance is the need to demonstrate a low level of income and a very limited number of assets. If you…

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