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Medicaid Divestments in Plain English
Many people don’t realize that giving away money or property before applying for Medicaid can create problems. A divestment is transferring assets for less than fair market value during the five-year look-back period. This can include gifting cash, deeding farmland or a home to family, adding someone to a title, forgiving a loan, or selling… Read more
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The 5-Year Look-Back in Plain English
Medicaid doesn’t just look at what you own today—it looks back five years. This is called the 5-year look-back. Medicaid reviews financial transactions for the 60 months before an application is filed. Gifts to children, transfers of land, or selling property for less than fair market value can all trigger penalties. If Medicaid finds a… Read more
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Protect What You’ve Worked a Lifetime to Build
Long-term care costs can consume a lifetime of savings. Medicaid, not Medicare, helps pay long-term care costs. Proactive Medicaid planning helps you prepare in advance, before a crisis, so assets can be preserved, care options remain flexible, and stress is reduced. With thoughtful planning, you can protect a home, savings, and other assets while still… Read more
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Using a Revocable Trust for a Minor Child
For most families, the best option to leave assets to minor children is to use a revocable living trust. Like a testamentary trust, it lets you choose who will manage money for your children and how they receive it. A revocable living trust comes into existence when you create it, so it can govern how… Read more
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Your New Year’s Resolution: Estate Planning
The new year is a natural time to set meaningful resolutions. Making a resolution to create or review your estate plan is a powerful step toward ensuring your wishes are honored and your loved ones are cared for. An effective estate plan does more than distribute assets. It can reduce the risk of family conflict,… Read more
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Using a Testamentary Trust for a Child
Instead of using a simple will to leave assets to children, consider creating a trust for their inheritance. Called a testamentary trust, this type of trust allows you to name someone to manage the inheritance and decide when and how your children will receive it. However, this type of trust comes into existence only after… Read more
