The purpose of this section is to give you a short definition of many of the common words used in estate planning and elder law. Within each definition, the italicized terms are listed in this glossary so you can find the definition of those as well. Let me know any other words you would like to see added to this in the next edition — thanks! (This is from our upcoming book).
Activities of Daily Living (ADL): These are activities … (Read more)
Usually, it will not.
If you are receiving Social Security Disability Income or Insurance (SSDI) after you have worked and now become disabled, then this is not a means-based or means-tested benefit. It is rather a matter of whether you acquired enough work quarters (or credits or whatever Social Security calls it) and whether or not you meet their definition of disability.
Whether you receive an inheritance or not does not matter, because this is not means-based.
Medicare is also … (Read more)
Here is a situation. You have a disabled child and she is receiving SSI. Note that this is Supplemental Security Income (SSI), not Social Security Disability Income (SSDI). SSI is a means-based or means-tested benefit. This means that certain requirements for income and assets musts be met in order to qualify. Medicaid works the same way.
What if your child is to receive an inheritance from a relative? Will this interfere with their SSI and Medicaid benefits?
Yes, the inheritance … (Read more)
The benefit known as VA Pension, or Aid & Attendance, for a married, war-time veteran, can mean up to $25,000 a year tax free. This money is for long-term care. That can be care at home, in an assisted living facility, or even in a nursing home.
Right now, the VA does not have a “Look-Back Period.” This means if we apply, the VA would look back in time to see if you had given away any assets. … (Read more)
Most people do not have any estate planning so it is good to know you need to do something. But what? Do you need a will or a trust?
I don’t know — it all depends on what you are trying to accomplish and where you are right now.
A will does this in one way and … (Read more)