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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What Are the Essential Documents for a Good Estate Plan?

By | Estate Planning

A good estate plan should include six important documents. Many clients are surprised to realize that three of these important components involve medical issues rather than financial ones. If your plan is missing one of these elements, your loved ones may have to deal with added legal expenses and delays, or they may be unable to assist you in an emergency. When you have these essential documents up-to-date, you can rest easy knowing that you have taken the right steps to prepare for the future. A Trust Can Be the Key to Security One or more trusts often serve as the cornerstone of a thorough estate plan. There are different types of trusts used to accomplish different goals. For instance, you might use: A revocable living trust to avoid probate An irrevocable asset protection trust to become eligible for long-term care assistance through Florida Medicaid A charitable remainder trust to…

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