Heritage Law Office Blog

Long-term care insurance has become increasingly expensive throughout the years. If you find yourself out of options, consider this creative approach to ensure your financial assets as you age.

Arizona and Florida are the latest states to request a waiver from the requirement that states provide three months of retroactive Medicaid coverage to eligible Medicaid recipients. Medicaid law allows a Medicaid applicant to be eligible for benefits for up to three months before the month o...

Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs. Leave the house in your will The simplest way to give your house to your children may be to leave it to them...

When the time comes to consider the possibility of Medicaid in your estate planning, one of the most important aspects is “spending down assets” to reach the personal income limit of $2,000. There are a number of non-countable assets you can keep, and you can also convert cash into non-countable assets as well...

No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid. A prepaid or pr...

The government is spending billions to fund assisted living services through Medicaid, but government oversight and regulation of assisted living facilities is lacking, according to a new government report. Medicaid funds long-term care services for low-income individuals. It is primarily used f...

Medicare and Medicaid have long been a mystery to many consumers. In fact, it can baffle and confuse even some of the smartest citizens. Like me, you might have thought, “I dont need to worry about this right now.” However, it is never too early to gain a little understanding and awareness that ...

Although their names are confusingly alike, Medicaid and Medicare are quite different programs. Both programs provide health coverage, but Medicare is an “entitlement” program, meaning that everyone who reaches age 65 and is entitled to receive Social Security benefits also receives Medicare. (Me...

Medicaid is one of the most highly sought-after government assistance programs. Those with Medicaid coverage can have medical treatment and long-term care costs covered, leaving them responsible for only a small portion of total costs. While available for a range of individuals, the elderly are some of the greatest Medicaid benefactors as it can cover expenses for everything from nursing home care to prescription drugs.

Medicaid is intended to give long-term medical care to people who need it. Unlike Medicare, Medicaid is a means-based program, which means a person may only be eligible if they have few assets. The program begins where a person’s funds and other assets end. You’re expected to pay for your own long-term care on your own until you can no longer pay, and then Medicaid takes over. When you consider the possibility of expensive long-term care, you may be concerned about losing your house or other assets in the course of applying. Transferring assets to your spouse, children, or various types of trusts may be ways to protect your assets, however Medicaid has something called a “look-back period” that you need to know about before you transfer anything.

You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Although you generally do not have to sell your home in order to qualify for Medica...