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Understanding Estate Planning in the Face of Declining Health for Caregivers
As a caregiver, the challenges of caring for a loved one with declining health are both emotional and logistical. In the realm of estate planning, it becomes essential to address not only the financial aspects but also crucial healthcare decisions. In this blog, we’ll explore the complexities of caregiving for someone with declining health, touching on the significance of healthcare proxies and the preparation for entering hospice.
Read MoreNavigating the Medicaid Maze
For caregivers, ensuring the well-being of a loved one involves intricate planning, especially when it comes to healthcare costs. Medicaid is a vital component of estate planning that can significantly impact access to essential medical services and financial stability. In this blog, we’ll delve into the complexities of Medicaid, offering caregivers a comprehensive guide to navigating this essential aspect of estate planning.
Read MoreThe Role Reversal Dilemma: Navigating Estate Planning as a Child Caregiver
Life has an intriguing way of evolving, and as the years pass, roles within families often undergo significant transformations. For many, this transition involves becoming a caregiver for elderly parents. In this blog, we explore the unique journey of child caregivers and delve into the complexities of estate planning, particularly when balancing the needs of aging parents and one’s own children.
Read MoreConsiderations for Caregivers
Caring for a loved one can be a deeply rewarding experience, but it also comes with a myriad of challenges, especially when it comes to financial matters. As a caregiver, it’s crucial to approach these challenges with careful consideration and proactive planning. In this guide, we’ll explore some essential areas of planning for caregivers to consider from a financial perspective, covering topics such as budgeting, accessing government assistance, and handling the estate’s financial matters.
Read MoreHow to Choose the Right Trust for Your Loved One: Differentiating Between First and Third-Party Special Needs Trusts
When you have a beneficiary who is receiving government benefits, including benefits that pay for medical care such as Medicaid, reimbursement for expenses through SSI, or benefits for housing such as section 8, whether they are eligible for these benefits will depend both on their disability and on the assets they own. Therefore, any assets they receive from others either by gift or by inheritance can make them ineligible to receive these critical benefits. We have seen children who are receiving medical care paid for through governmental benefits become ineligible for these benefits and stop receiving the medical care they need. Proper planning is essential so that a family member can gift assets during life and/or after death to a child who is receiving governmental benefits without jeopardizing these vital benefits. One of the main tools used by families is to create a “special needs trust” which is designed to supplement but not replace any benefits that a child would be receiving from the government. In this blog we will explain two types of special needs trusts that are commonly used in estate planning.
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