Are You Struggling To Figure Out How To Pay For Long Term Care For A Loved One In A Nursing Home?
We often think that Alabama Medicaid is the only way to pay for nursing home for our spouse or parent.
However, Medicaid is simply one solution among a number of solutions.
To properly determine how to pay for nursing home care, we have to look at the risk and then all of the options before we can adopt a … (Read more)
“Does the amount I paid into Social Security affect the amount I’ll get from Alabama Medicaid to pay for my nursing home?”
No.
You either qualify for Alabama Medicaid or you don’t.
If you do qualify, it does not matter how much money you have paid into Social Security — you will get the same amount of benefit.
The benefit you receive from Alabama Medicaid is your entire cost of your nursing home care will be paid.
Do keep in … (Read more)
How Does Alabama Medicaid Know If My Parent Made Any Gifts During The Last 60 Months?
I have met with families who are seeking answers to “How do I pay for my parent’s nursing home bill?” and we will at some point address Alabama Medicaid.
This leads to the rules of Alabama Medicaid, including telling Medicaid about all transfers or gifts of property and money and assets in the last 60 months.
Occasionally I’ll be asked:
How does Alabama Medicaid
…
(Read more)
What If I Do Planning For VA Pension But Then Need To Go To A Nursing Home?
Often it is necessary to do VA Pension planning by transferring assets to a special type of trust so you can qualify for the VA Pension (Aid & Attendance).
One consequence is this will trigger a Medicaid penalty if you apply for (and are otherwise qualified) Alabama Medicaid within 5 years of the transfer.
As we have discussed elsewhere, there is a … (Read more)
Why Would I Not Apply For Medicaid Benefits When My Parent Is In A Nursing Home?
Alabama Medicaid pays for the majority of residents who are in nursing homes in Alabama.
Nursing home bills in Alabama range from a low of $60,000 a year to a high of $100,000+.
So why in the world would you ever NOT apply for Alabama Medicaid when you are paying out this kind of money every year.
Especially if your parent has drained his … (Read more)
What is an Irrevocable Trust and Why Would I Ever Need One?
A trust is a legal entity that can hold assets and, for our purposes, there are two major types of trusts:
- Revocable trusts
- Ir-revocable trusts
An “irrevocable” trust is a trust that once you create it and put assets into it, you cannot take those assets out.
Think of a treasure chest where the lid is shut and locked. Only the “trustee” has the key to open the … (Read more)
No.
