An Estate Planning Portfolio includes important information that will help you and your family manage your estate and affairs. The following table outlines important components. Revocable Living Trust With a …
Estate Planning Blog
The Complete Estate Planning Portfolio
Asset Planning Protection for Seniors
Asset protection planning is extremely important to seniors because most do not have the option of going back to work. The biggest threat to the financial security for most seniors …
Long-Term Care Planning
Everyone’s situation and priorities are different, so there is no one-size-fits all approach to long-term-care planning. You should, therefore, discuss all of this with a trusted financial advisor. When you …
Irrevocable Trust Options for Long-Term Care
Income-Only Irrevocable Trust An Income-Only Irrevocable Trust has several benefits for those who are able to take advantage of them. If it’s properly arranged to meet MassHealth’s strict guidelines, assets …
Summary Table: Income and Assets as Categorized Under MassHealth
Assets Income Countable Exempt Community Spouse Exempt Institutionalized Spouse Countable Bank Deposits (Savings, Checking, Money Market, CDs) House (up to $828,000) Spouse’s Assets under CSRA (up to $119,220) Income (minus …
MassHealth Treatment of Income
When a nursing home resident becomes eligible for MassHealth, all of his or her income, less certain deductions, is paid to the nursing home. There is a small personal needs …
MassHealth and Your House
Up to certain limits, a nursing-home resident’s home is not counted against the asset limit for MassHealth eligibility so long as the resident intends to return home. (Although this sounds …
MassHealth Treatment of Asset Transfers
There are strict rules limiting the ability of nursing home residents to transfer their assets in order to qualify for MassHealth. Some asset transfers can trigger a period of ineligibility …
MassHealth Treatment of Assets
Exempt Assets To be eligible for MassHealth, you can’t have more than $2,000 in “countable” assets in your own name. Countable assets basically include everything except for the following exempt …
Medicaid and MassHealth
If you don’t have long-term care insurance, then nursing home care is generally paid out of pocket. There are advantages to paying privately for nursing home care, especially if you …