Many public benefit programs, including SSI and MassHealth, typically include, without limitation, an asset limit test. An individual with excess assets typically cannot give away assets in order to establish eligibility without the imposition of a disqualification period. Federal law contains some exceptions to the transfer of asset rules.
Care planning is a topic that many people simply wish to avoid. No one really wants to think about what would happen if they become incapacitated or can no longer live by themselves. However, not planning for incapacity ahead of time can present quite an issue for your family to deal with, especially when your loved ones don't know your wishes.
Families will often make financial gifts for specific purposes, such as to help a child with debt, pay for a grandchild's tuition, help a family member place a down payment to purchase a home, utilize the annual gift tax exclusion, or celebrate major family milestones. So, when would these gifts not be considered gifts?
It's been over a year since legislation was passed in Massachusetts to put a stop to - or at least slow down - the perpetual increase in insurance costs for long-term care. The new regulations are meant to provide protection to people who are purchasing long-term care insurance policies or keeping their current policies in effect.
Obesity is a problem affecting millions of people in the United States. According to researchers, the effects of obesity on seniors are substantial, including an increased risk of heart disease, certain cancers, high blood pressure, high cholesterol and depression, as well as other serious health conditions. However, obesity may also be linked to diminished mental capabilities, according to researchers with "HealthDay News." While the actual results were not available, the researchers said that thinking skills and memory function were lower in 60- to 70-year-olds who had high body mass indexes.
Advocates for elder care in Massachusetts say that the rules for dementia and Alzheimer's care units in nursing home facilities have been delayed because of the state's Department of Health. Last year, the state's legislators finally approved legislation that would ensure the development of dementia and Alzheimer's care standards in nursing homes that were licensed by the state.
Most people aren't very good at planning for their demise or long-term care. It's just not something anyone likes to think about, let alone take action about. A new pilot study in the Journal of Pain and Symptom Management may help older people and their families work through the care planning process.
According to one financial expert, the cost of long-term care poses the greatest risk to a person's financial plans. Most people haven't made any plans for long-term care, and it can impact virtually every area of our lives, including those of our families. Anyone who is over the age of 50 needs to make plans for their estate, and those plans need to include long-term care, tax planning and other important matters. Here are some facts why this is so important.
Discussions about end-of-life decisions are often put off simply because it is a topic that is uncomfortable for everyone involved. No one likes to talk about death, but when it comes to advance-care directives, the focus should be on how you or a loved one wants to live. It is about knowing one's wishes when it comes to important decisions such as resuscitation efforts, artificial nutrition and hydration and who will have the authority to speak for the patient.
No one really likes to think about getting older, but it really is inevitable. As we age, though, there are many decisions that need to made regarding our estate, including care planning. Long term care planning is only one piece of the puzzle, and it shouldn't be put off until it is needed.