Question: My mother is in assisted living and has about one year left before she spends down to $4,000 and applies for Medicaid. She has about $12,000 in jewelry that she insisted on taking with her. The facility listed the jewelry as part of her personal inventory. Will she have to sell her jewelry before…
Question: My mother is moving into assisted living. She had always said that my brother could have the money from the sale of antiques in the house. Is she allowed to gift the contents of the house, including the valuable antiques, or will that cause a transfer penalty when she applies for Medicaid in two…
Question: I have read that a Medicaid applicant won’t be penalized for making transfers to a disabled child during the look-back period, but I would like to know if there is an age limit for the child. My mother has Alzheimer’s disease, and I am her agent under a power of attorney. I am considered…
Question: My mother is ill and requires long-term care, but hopes to return to her own home one day. My sister, who lives with my mother, is trying to put her name on my mother’s house to protect herself if something happens to my mother that forces her into the Medicaid system. Is this the…
A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused. While it isn’t possible to entirely prevent the possibility of abuse, there are steps you can take in drafting the document to greatly reduce the chances. A power of attorney…
Question: I understand that it is a good idea to execute a new power of attorney document if an individual moves to a new state. But what if the person who signed the original POA is mentally incapacitated when the move takes place? Then what do you do? Answer: You will have to use the…
Question: My mother is 81 and was diagnosed with mild dementia. She has named my brother and me as co-agents under a durable power of attorney. I will be the one to move in with my mom as her dementia gets worse and will make all the arrangements for any type of care. I think…
Taking care of a parent can be a full-time job. Children may have to give up paying jobs in order to provide care to aging parents. Unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child who takes on the burden of caregiving may do so in one of several ways. Caregiver…
The number of older Americans with student loan debt – either theirs or someone else’s — is growing. Sadly, learning how to deal with this debt is now a fact of life for many seniors heading into retirement. According to a study by the Consumer Financial Protection Bureau, the number of older borrowers increased by at least 20 percent…
Donor-advised funds are a growing trend in giving that may get more popular due to the new tax law. These funds allow you to donate money, receive a charitable tax deduction, and continue to grow the money until you are ready to distribute it to a charity or charities of your choice. A donor-advised fund is…
