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Gave It Away and Can’t Get It Back = Medicaid Trouble

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Most Medicaid applicants quickly realize that giving away assets can get them in trouble. To receive help paying for the nursing home through Medicaid, you must disclose your financial transactions during the last five years, referred to as the “look-back period.” Ohio has a five-year look-back period. If you gave away an asset or sold …

QIT 101

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More and more, people are hearing they need Qualified Income Trusts — a QIT — to stay on or receive Medicaid benefits at home or in the nursing home. It’s just another in a long line of recent changes to Ohio Medicaid laws.

Unfortunately, many of these changes affect thousands of elderly Ohioans and have made …

Don’t Lose it All: How Planning While You’re at Home Can Save Your Nestegg from the Nursing Home

Don’t Lose it All: How Planning While You’re at Home Can Save Your Nestegg from the Nursing Home

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Yesterday, all my troubles seemed so far away – The Beatles’ classic song about regret rings all too true among those in a nursing home crisis. What seemed like a good idea at the time becomes a huge problem when people give gifts or make transfers just before they go to a nursing home. We …

My Spouse Went to a Nursing Home – Can I keep his income?

My Spouse Went to a Nursing Home – Can I keep his income?

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I get this question at almost every consult for a nursing home emergency and from many other professionals I work with when I do nursing home planning. This question is common because it’s difficult to answer. Here’s the good news: You get to keep all of your income no matter the amount!

Now to answer the …

Are the Aid and Attendance Rules Changing?

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At AlerStallings, our office has been buzzing the last few weeks about a proposed rule change by the Department of Veteran’s Affairs (the “VA”). The VA wants to impose a look-back period for applications for its Aid and Attendance pension, much like the Medicaid look-back already in place. The move is meant to leapfrog Congress, …

Brenda L. Sprague, Bloomville, Ohio

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AlerStallings has made a terrible situation easier to navigate.  I can’t imagine going through this process without their assistance.

Brenda L. Sprague, Bloomville, Ohio

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Mostly I was impressed by very prompt return phone calls from the staff.

Brenda L. Sprague, Bloomville, Ohio

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From the first phone call made to their office, I was impressed with the knowledge of every staff member I interacted with.

10 Tips for Choosing The Right Nursing Home

10 Tips for Choosing The Right Nursing Home

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Does your loved one need assisted living? Here are 10 tips for choosing the right nursing home.

Are your spouse’s assets at risk if you go into a nursing home?

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How can you make sure your assets are protected from long-term care costs?

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Can you receive government benefits for care and still stay at home?

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Why are guardians appointed?

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What other benefits are out there for Veterans?

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Do you have too much money for the Aid & Attendance Pension?

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Is the Aid & Attendance Pension application process complicated?

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Where should you report suspected nursing home abuse?

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What do you do if a parent starts to slip physically or mentally?

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Is your IRA protected from long-term care costs?

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Do life estates still work to protect your house or farm from nursing home expenses?

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Should you rely on the caseworker at ODJFS for planning advice?

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How much can you receive each month from the Veteran’s Aid & Attendance Pension?

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How much can you receive each month from the Veteran’s Aid & Attendance Pension?

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Are you eligible for Veterans benefits?

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How does the Medicaid spend-down work?

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Which type of healthcare facility is right for me?

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What happens if you can no longer make financial or health decisions for yourself?

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Does a revocable living trust protect your assets from the nursing home?

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How do you protect your IRA from taxes?

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Can’t you just give your assets to the kids and then apply for government benefits?

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How can you make sure the family farm stays in the family?

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Steven & Marilyn Haller, Spencerville, OH

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I found Ben to be friendly, relaxed, direct and knowledgeable.

 

Ken & Ida VanTilburg, Fort Recovery, OH 

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We were very pleased with the service from AlerStallings.

 

The Sandwich Generation: Caught between two worlds.

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By: Guest Blogger Erik Brown, CFP

This educational, third-party article is provided as a courtesy by Erik Brown, CFP® , Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Erik Brown, CFP® at 614-793-2121.

The “Sandwich Generation” refers to the large number of adults who are dealing with both young children …