Commonly referred to as the "graying of America", the American population is aging at an astounding rate. In fact, estimates tell us that by the year 2050 the number of older Americans (aged 65 and older) will outnumber younger Americans (under 21) for the first time in history. Not surprisingly, this has put issues faced by the elderly to be at the forefront of both the political arena and the social conscience in the United States in recent years. Specifically, healthcare for the elderly has … [Read more...]
When Is It Too Late for Medicaid Planning in Houston Texas?
People often think of the Medicaid program is a program only for low income children or families. While the Medicaid program does indeed provide assistance to low income children and their families, it can also provide critical healthcare coverage to older Americans. Unfortunately, many seniors are unaware that they may need Medicaid coverage at some point in the future and therefore fail to plan accordingly. This frequently leads to the question "When is it too late for Medicaid planning?" The … [Read more...]
Understanding the Basics of the Medicaid and Medicare Programs
As we age, most of us need additional medical care and treatment. The cost of that care can become prohibitive. Fortunately, both the Medicare and Medicaid program may be available to help defray the costs of healthcare during your senior years. In order to benefit from what the two programs have to offer you first need to understand the difference between the two. The Medicare program is funded and administered by the federal government. Medicare is paid for out of payroll taxes and Social … [Read more...]
Estate Plan Changes for a Blended Family
Blended families have become the norm in America. While blending families may be the norm these days it doesn’t mean that they blend easily. Often, it takes a significant amount of work and patience to create a harmonious blended family. Along with all of the work it takes to make your new family work, be sure that you also make changes to your estate plan that reflect your new blended family. For starters, review all of your old life insurance policies, retirement accounts and financial … [Read more...]
Estate Planning Documents – Which One Controls in a Conflict?
A comprehensive estate plan typically encompasses much more than just a Last Will and Testament. For most people, it also includes things such as a life insurance policy, investment plans, trusts and even documents that you may not think of as estate planning documents like titles to property. Ideally, all of these documents will be coordinated; however, the world doesn’t always operate under ideal circumstances. Sometimes, two or more estate planning documents conflict. Imagine, for … [Read more...]
What We Can Learn from James Brown’s Estate Battle
No matter your age, you likely know the name “James Brown”. Known as the Godfather of Soul, Brown died back in 2006, yet his estate was just recently settled by the South Carolina Supreme Court after a six year long battle. As is often the case, the rest of us can learn something from the probate litigation that followed Browns’ death. Brown left behind a sizeable estate—the majority of which was left to a charity according to his estate plan. Brown established a charitable trust to help poor … [Read more...]
Gifting and Medicaid
If gifting is part of your estate plan, then you need to make sure that you have also considered how those gifts might influence your ability to qualify for Medicaid. It will depend on your medical situation when you gave the gift, who you gave the gift to and when you made the gift. The general rule is that transfers made 5 years before you need Medicaid do not disqualify you. However, transfers made after that do. An exception often exists for charitable gifts. Other gifts often need to be … [Read more...]
The Medicaid Program in Texas
Medicaid is a federally funded health insurance program for low-income and elderly individuals. Unlike the Medicare program, the Medicaid program is income-based and reserved for certain groups of individuals with limited means and resources. Medicare is age-based and does not depend on an individual’s income. Medicare is available to U.S. citizens and other legal residents who are at least 65. In Texas, residents with limited means may qualify for Medicaid insurance if disabled, blind or at … [Read more...]
Filial Responsibility & Health Care Costs
Should children pay for the long term care of their parents? In the thirty states that have Filial Responsibility laws, they can be legally required to do so. Texas does not have these laws, but the issue is important for Texans whose parents live elsewhere or for Texas parents who might consider moving to another state. Filial Responsibility Laws allow the state, or a health care provider, to sue family members to recover money that was spent on a relative's medical care. Some of the laws take … [Read more...]
Filial Responsibility & Health Care Costs
Should children pay for the long term care of their parents? In the thirty states that have Filial Responsibility laws, they can be legally required to do so. Texas does not have these laws, but the issue is important for Texans whose parents live elsewhere or for Texas parents who might consider moving to another state. Filial Responsibility Laws allow the state, or a health care provider, to sue family members to recover money that was spent on a relative's medical care. Some of the laws take … [Read more...]
