At a basic level an asset preservation trust is a device that protects assets from counting towards the Medicaid asset cap for nursing home eligibility. The assets in the trust, in addition to the already Medicaid exempt assets, are then shielded from being used for...
Guardianship is a tool to protect an individual when they are not able to manage their own affairs. Guardianship, however, involves taking away an individual’s rights to make their own decisions. Therefore, guardianship should only be used as a last resort. In cases...
Acting as trustee of a trust is a significant responsibility. People should take care when selecting individuals to be trustees or accepting the role of a trustee. At a basic level, the trustee manages trust assets for the benefit of the trust beneficiaries according...
Genworth Financial recently released a survey showing that the cost of long term care continues to outpace inflation with no indication of this trend reversing over time. The current national median cost for a home health aide is $4,099 per month. The median cost for...
Beginning in 2018, the total annual contribution limit for ABLE accounts will increase from $14,000 to $15,000 per year. The annual contribution limit is tied to the amount of the federal gift tax exclusion which is also going up to $15,000 in 2018. The limit applies...
When planning for Medicaid nursing home coverage in Missouri, both life insurance and prepaid funerals can be exempt from the Medicaid asset cap. However, due to the eligibility restrictions on both types of assets, most potential Medicaid applicants will likely only...
