How to Self-Insure for Long Term Care (Part 1)
It seems that every year we receive more calls from our clients who have long term care insurance but are struggling with the decision about whether to keep it in the face of rising premiums. The story I wrote about the past two weeks is an example of someone
Do You Know What’s in Your Long Term Care Insurance Policy? (Part 2)
Last week we were talking about Bob and his dad, Jim. Jim had always told Bob that he had long term care insurance to cover the cost of his care. However, now Bob was discovering that the policy isn’t what Jim represented it to be. As I explained last
Do You Know What’s in Your Long Term Care Insurance Policy? (Part 1)
Bob’s dad, Jim can no longer stay in his home alone. His dementia is advancing and Bob is now ready to move Jim to an assisted living facility. Jim had always told Bob not to worry about how to pay for care if he needs it because he has
Dangers of the Due on Transfer Clause (Part 2)
Last week I was telling you about George’s problem. He had transferred his home to a trust to protect it but then received a letter from the bank referring to something called the due on transfer clause. A transfer of title without permission could trigger the bank’s entitlement to
Dangers of the Due on Transfer Clause
To follow up on the same topic of the past two weeks, transferring the home, recently we received a call from George regarding the transfer of his home to a trust. He received a letter from the bank holding his mortgage, stating something about the due on transfer clause.
Thinking about transferring your home to your children? (Part 2)
Last week I told you about Jamie’s mistake. Mom and Dad transferred their home to Jamie 7 years ago to protect it from Medicaid’s spend down requirements. While the transfer was outside of Medicaid’s 5 year look back, now that Mom was planning to move in with Jamie the
Thinking About Transferring Your Home to Your Children?
Jamie called because her dad was in need of Medicaid. He was now in a nursing home and Mom was living at home. They had about $120,000 of countable assets. I asked about the home and Jamie told me her parents had transferred it to her 7 years earlier.
More Than Just Power of Attorney
More often than not, the calls we receive in our office concerning a long term care crisis are made by one or more of the adult children of the senior in failing health. We ask whether there is a power of attorney in place which will legally permit a
Second Marriage – Happily Ever After? (Part 2)
Last week I was telling you about George and Mary. Mary has dementia and may soon need nursing home care. George had gone to an elder law attorney who told him that once Mary spent down her assets she’d qualify for Medicaid. That advice came at a time when
Second Marriage – Happily Ever After?
George called me because his wife, Mary wasn’t doing well. She has dementia and he is facing the prospect of needing long term care for her, possibly in a nursing home, although he would like to do everything possible to keep her at home. As the conversation always does,