Estate Planning 911: Aretha Franklin’s Lack of a Will Could Cause Huge Problems
According to court documents, legendary singer Aretha Franklin did not have a will when she died, opening up her estate to public scrutiny and potential problems. Failing to create an estate plan can cause lots of headaches for heirs, in addition to unnecessary costs....
Medicaid Eligibility Question: Will My Mother’s Jewelry Count as an Asset for Medicaid Eligibility Purposes?
Answer: Your mother should be able to keep her jewelry because personal items are not countable against the Medicaid asset limit, similar to clothing and furniture. The fact that her jewelry is more valuable than that owned by most Medicaid beneficiaries shouldn’t...
Special Needs: Helping Clients Devise Housing Solutions That Work
At the 2019 annual meeting of the Academy of Special Needs Planners (ASNP), special focus was placed on helping clients find housing solutions for their loved ones with special needs &/or disability. Here are the details. With traditional residential options for...
Should You Sell Your Life Insurance Policy?
Older Americans with a life insurance policy that they no longer need have the option to sell the policy to investors. These transactions, called "life settlements," can bring in needed cash, but are they a good idea? If your children are grown and your mortgage paid...
New Law Ensures That the Needs of People with Disabilities Are Part of Disaster Planning
Written By: Andy Jones The federal government will do more to protect people with disabilities during natural disasters and public health emergencies under legislation signed into law in June. “No American should ever feel like they might be left behind or forgotten...
Can Medicaid Pay for Care in the Home??
Traditionally, Medicaid has paid for long-term care in a nursing home, however all 50 states now have Medicaid programs that offer at least some home care. In some states, even family members can get paid for providing care at home. Medicaid is a joint federal-state...
Legislative News: Penalty Period Appropriate for Medicaid Applicant Who Transferred Assets in Divorce Settlement
An Illinois appeals court holds that the state properly imposed a penalty period on a Medicaid applicant who transferred assets to his wife in a divorce settlement. Perlstein v. Dimas (Ill. Ct. App., 1stDist., No. 2017 CH 11119, June 7, 2019). Four months after...
How Gifts Can Affect Medicaid Eligibility
We’ve all heard that it’s better to give than to receive, but if you think you might someday want to apply for Medicaid long-term care benefits, you need to be careful because giving away money or property can interfere with your eligibility.
Special Needs in the News: NY Court Authorizes Parents to Establish ABLE Account for Adult Daughter
Hopefully the states of Kansas and Missouri will follow the lead of NY. There are many instances where parents/guardians of those with special needs must open an ABLE account to ensure care for their loved one. A New York court lifts restraints on the parent-guardians...
Estate Planning Question: Can the Creator of a Revocable Trust Make Whatever Changes She Wants Without Telling Anyone?
Answer: The creator of a revocable trust, often called the "grantor," "donor," or "trustor," can make whatever changes she wants. She does not have to tell the beneficiaries that she is changing trustees, but she does need to inform the current trustee. Otherwise, the...
Steps to Take in Advance of Death or Disability
No one wants to face the fact that our loved ones will not be with us forever. Facing our own mortality is frightening as well. Although none of us wants to contemplate a time when we or a loved one might become disabled or die, it is important to be prepared. There...
Moving? Make Sure Your Special Needs Planning Moves With You
If you have already established an appropriate special needs trust for your child, then congratulations! You've taken a wonderful step towards ensuring that your child can take maximum advantage of the government programs available for her needs, while also providing...
ABLE Accounts Still Slow to Gain Traction
Only a small fraction of those eligible for new savings accounts for people with disabilities are using them, according to disability advocates. If participation doesn’t pick up – either through better promotion or Congressional action, or both – some of these...
Social Security Disability Benefits: An Overview
By: Andy Jones For more than half a century, Social Security disability benefits have served as a lifeline for millions of people with special needs. In fact, Social Security offers two distinctly separate disability benefit programs -- each serving nearly 10 million...
Planning for a Child with Special Needs
Planning by parents can make all the difference in the life of the child with a disability, as well as that of his or her siblings who may be left with the responsibility for caretaking (on top of their own careers and caring for their own families and, possibly, ailing parents).