Long-term care insurance is a specialty type of insurance that helps pay for costs that are typically connected with long-term care. This can include items such as care given in a hospital, nursing home services, medical services provided in your home and treatment for dementia.

WGN’s recent article entitled “10 Crucial Things to Know about Long-Term Care“ looks at these important items.

1. The Biggest Financial Threat. The most significant threat to your financial nest egg is long-term care. About 70% of people over 65 will need some kind of long-term care during their life. The national average for home health care services is $16,743 per month. However, there are ways to manage this without buying a traditional long-term care insurance policy where “you use it or lose it.”
2. Long-Term Care Insurance is Really “Lifestyle” Insurance. It’s NOT nursing home insurance.
3. Reverse Mortgages. These have become a popular and accepted way of paying for expenses, including the cost of long-term care. Reverse mortgages are designed to keep seniors at home longer. A reverse mortgage can pay for in-home care, home repair, home modification and other needs.
4. Using Medicaid to Pay For Long-Term Care. This should be a last resort to pay for long-term care, but it also may be the only way to protect family assets. Medicaid will pay for long-term care, but certain criteria must be satisfied. If you have too many assets, you may not qualify. Talk to an elder law attorney to get qualified amd before applying for Medicaid.
5. Important Considerations When Selecting a Long-Term Care Plan. Four things to consider: (i) go with a company with an AM BEST rating of A+ or better; (ii) the assets of the insurance company should be in the billions; (iii) some long-term care insurers will allow for group discounts through employers, or “affinity” group discounts through a local organization; and (iv) the tax advantages for tax-qualified long-term care insurance plans. At the federal level, premiums for long-term care insurance fall into the “medical expense” category. On the state level, 26 states offer some form of deduction or tax credit for long-term care insurance premiums.
6. The Annuity-Based Long-Term Care & The Pension Protection Act. In 2006, this law was enacted to permit those with annuity contracts to have long-term care riders with special tax advantages. The Act allows the cash value of annuity contracts to be used to pay premiums on long-term care contracts.
7. Asset-Based Long-Term Care Solutions. The best planning approach for those who choose to self-insure is to “invest” some of their legacy assets so the assets can be worth as much as possible whenever they may be needed to pay for care. If unneeded, the money would then pass to the intended heirs, with no “use it or lose it” issues as with conventional long-term care insurance.
8. Long-Term Care Strategy Using IRA Money. Most people use their IRA to supplement retirement. However, sometimes waiting until age 72 when mandatory required minimum distribution rules apply, some people have instead opted to take a portion of their IRA and fund an IRA-based annuity which then systematically funds a 20-pay life insurance plan with long-term care features. This type of IRA-based long-term care policy is unique in the sense that it starts out as an IRA annuity policy, also known as a tax-qualified annuity, and then over a 20-year period makes equal distribution internally to the insurance carrier and funds the life insurance.
9. Important Documents for Long-Term Care Planning. Ask an experienced estate planning attorney about a power of attorney for health care and financial power of attorney, as well as an advance directive or living will.
10. Using Veterans Benefits to Pay For Long-Term Care. The VA offers a special pension: the Aid and Attendance (A&A) Benefit. This is a “pension benefit” and is not dependent upon service-related injuries for compensation.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “What Should I Know About Long-Term Care?” read also these additional articles: What Do Seniors Say About Aging in Place? and The Difference between Revocable and Irrevocable Trust and What Is Asset Protection Planning? and Do I Need a Prenup?

Reference: WGN (2022) “10 Crucial Things to Know about Long-Term Care“

About 50% of adults say that assistance for older adults should be funded by Medicare and Medicaid, according to an Associated Press-NORC Center poll.

MSN’s recent article entitled “Bipartisan support for policies to pay long-term care costs: Poll” says that 75% of adults surveyed say long-term care should be funded through Medicare Advantage or supplemental insurance programs. Close to two-thirds of respondents also said they’d support a government-administered insurance program, government funding for low-income people to receive long-term care at home and Social Security earnings credit or tax breaks for those providing long-term care to a senior.

Overall, 66% of respondents said they think it’s the federal government’s responsibility to make sure all people in the U.S. have health insurance coverage, with 73% of people aged 18-49 likely to support vs. 53% of those aged 50 and older.

Republican and Democratic responses were about the same, according to the poll.

About the same number of Republicans and Democrats favor nontaxable funds to pay for long-term care insurance—about 70%. The largest party difference was about the option for low-income people to receive government-funded, long-term care in their homes. Roughly 84% of Democrats supported this, compared to 55% of Republicans.

Overall public satisfaction with the U.S. healthcare system is low. Just 12% think the government is handling healthcare very or extremely well. When asked about healthcare specifics, 74% of adults said the U.S. handles prescription medication costs or mental healthcare “not too/not at all well,” and 70% said the same about mental healthcare.

The survey found that whites had a more negative view of the U.S. healthcare system compared to black and Hispanic adult respondents. When looking at healthcare for older adults, 56% of white adults think it is not too/not at all handled well, with 49% of Hispanic adults and 44% of black adults responding the same.

The poll consisted of 1,505 interviews between July 28 and August 1, with a 3.6% margin of error.

Under current law, MediCARE will only pay for the first 100 days of long term care.  After that, to pay for long term care, you need to either (a) have long term care insurance, (b) private pay out of your own funds (which will run at least $6,500 per month up to $9,000 per month in Louisiana); or (c) qualify for MediCAID Long Term Care benefits.  MediCAID is different from MediCARE.  MediCAID is a means based program intended for the poor, so to qualify and avoid losing your assets to nursing home poverty, it is best to get your plan in order well before you need to go into the nursing home.  I can help save at least half your assets even with a MediCAID crisis plan, but it is better to save all of your assets rather than merely half.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “What Do People Think About Government-Paid Long-Term Care?” read also these additional articles: The Difference between Revocable and Irrevocable Trust and What Is Asset Protection Planning? and Do I Need a Prenup? and Can a 529 Plan Help with Estate Planning?

Reference: MSN (Sep. 12, 2022) “Bipartisan support for policies to pay long-term care costs: Poll”

A living trust can be revocable or irrevocable, says Yahoo Finance’s recent article entitled “Revocable vs. Irrevocable Trusts: Which Is Better?” And not everyone needs a trust. For some, a will may be enough. However, if you have substantial assets you plan to pass on to family members or to charity, a trust can make this much easier. Keep in mind that both revocable trusts and irrevocable trusts avoid probate for the assets that are transferred to them.

A revocable trust is a trust that can be changed or terminated at any time during the lifetime of the grantor (i.e., the person making the trust). This means you could:

• Add or remove beneficiaries at any time
• Transfer new assets into the trust or remove ones that are in it
• Change the terms of the trust concerning how assets should be managed or distributed to beneficiaries; and
• Terminate or end the trust completely.

When you die, a revocable trust automatically becomes irrevocable and no further changes can be made to its terms. An irrevocable trust is permanent. If you create an irrevocable trust during your lifetime, any assets you transfer to the trust must stay in the trust. You can’t add or remove beneficiaries.  But you may be able to change certain terms of the trust, as long as they are purely “administrative” terms.  In other words, changing the successor trustees.  But  changing the beneficiaries may not be allowed under Louisiana law.

The big advantage of choosing a revocable trust is flexibility. A revocable trust allows you to make changes, and an irrevocable trust doesn’t. Revocable trusts can also allow your heirs to avoid probate when you die. However, a revocable trust doesn’t offer the same type of protection against creditors as an irrevocable trust. If you’re sued, creditors could still try to attach trust assets to satisfy a judgment. The assets in a revocable trust are part of your taxable estate and subject to federal estate taxes when you die.

An irrevocable trust has a big advantage: it can allow you to become qualified for long-term care benefits.  Plus, it can protect your assets from creditors, and in certain cases, irrevocable trusts can also help in managing estate tax obligations. The assets are owned by the trust (not you), so estate taxes can be avoided.

When it comes to most irrevocable trusts, you can act as your own trustee.  However, acting as your own trustee for some irrevocable trusts that are established for estate tax avoidance purposes is not suggested.

Speak with an experienced estate planning or probate attorney to see if a revocable or an irrevocable trust is best or whether you even need a trust at all.

I wrote a more detailed blog post entilted “What is the Main Purpose of a Trust” which can be obtained here: https://vicknairlawfirm.com/what-is-the-main-purpose-of-a-trust/

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “The Difference between Revocable and Irrevocable Trust” read also these additional articles: What Is Asset Protection Planning? and Do I Need a Prenup? and Can a 529 Plan Help with Estate Planning? and Can You Prevent Family Fights over Inheritance?

Reference: Yahoo Finance (Sep. 10, 2022) “Revocable vs. Irrevocable Trusts: Which Is Better?”

People usually make gifts for three reasons—because they enjoy giving gifts, because they want to protect assets, or minimize tax liability. However, gifting in one’s elder years can have expensive and unintended consequences, as reported in the article “IRS standards for gifting differ from Medicaid” from The News-Enterprise.

The IRS gift tax becomes expensive, if gifts are large. However, each individual has a lifetime gift exemption and, as of this writing, it is $12.06 million, which is historically high. A married couple may make a gift of $24.12 million. Most people don’t get anywhere near these levels. Those who do are advised to do estate and tax planning to protect their assets.

The current lifetime gift tax exemption is scheduled to drop to $5.49 million per person after 2025, unless Congress extends the higher exemption, which seems unlikely.

The IRS also allows an annual exemption. For 2022, the annual exemption is $16,000 per person. Anyone can gift up to $16,000 per person and to multiple people, without reducing their lifetime exemption.

People often confuse the IRS annual exclusion with Medicaid requirements for eligibility. IRS gift tax rules are totally different from Medicaid rules.

Medicaid does not offer an annual gift exclusion. Medicaid penalizes any gift made within 60 months before applying to Medicaid, unless there has been a specific exception.

For Medicaid purposes, gifts include outright gifts to individuals, selling property for less than fair market value, transferring assets to a trust, or giving away partial interests.

The Veterans Administration may also penalize gifts made within 36 months before applying for certain VA programs based on eligibility.

Gifting can have serious capital gains tax consequences. Gifts of real estate property to another person are given with the giver’s tax basis. When real property is inherited, the property is received with a new basis of fair market value.

For gifting high value assets, the difference in tax basis can lead to either a big tax bill or big tax savings. Let’s say someone paid $50,000 for land 40 years ago, and today the land is worth $650,000. The appreciation of the property is $600,000. If the property is gifted while the owner is alive, the recipient has a $50,000 tax basis. When the recipient sells the property, they will have to pay a capital gains tax based on the difference.  In other words, the recipient will have $600,000 of taxable capital gain income, something that could have easily been avoided with proper tax planning.

If the property was inherited, or held in a certain way to obtain the “step up” in tax basis, the tax would be either nothing or next to nothing.

You can have your cake and eat it too. A good estate, tax, and asset protection plan is available if you seek out a competent Board Certified Estate Planning and Administration Specialist and Board Certified Tax Law Specialsit.  Medicaid planning is complicated and requires the experience and knowledge of an elder law attorney. What worked for your neighbor may not work for you, as we don’t always know all the details of someone else’s situation.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “Will Making a Gift Conflict with Medicaid?” read also these additional articles: Does a Beneficiary have to Pay Taxes on 401(k)? and The Risks of Creating Your Own Estate Plan and Is A Medicaid Planner Right for Me? and Alert: Scam Targeting Medicare Recipients

Reference: The News-Enterprise (Aug. 6, 2022) “IRS standards for gifting differ from Medicaid”

A Medicaid Planner is a term that encompasses many different types of professionals who may be able to assist you or a loved one with qualifying for Medicaid benefits. Not every Medicaid Planner may be appropriate for your individual needs or situation.

Although Medicaid is a federal program, it is run on a state-by-state basis. This means every state has its own rules and requirements. If you are considering working with a Medicaid Planner, it is important you work with someone who is familiar with your state’s particular requirements to Qualify for Institutional Long-Term Care, which is a needs-based program.

Here is a list of the different types of Medicaid planners:

Elder Law Attorneys — Elder law attorneys are licensed to practice law in a specific state, so they are knowledgeable about their state’s individual Medicaid eligibility requirements. They can help individuals or families protect their assets with a particular type of trust intended to get you qualified. These types of trusts are permitted in Louisiana. If you live in a state other than Louisiana, an elder law attorney can help you explore alternatives to reorganize assets or income so that you can qualify for Medicaid in the future.

Elder law attorneys can also help you appeal a Medicaid denial or adverse Medicaid determination. In addition, where issues become contested with skilled nursing or long-term care facilities, an elder law attorney may be able to help you navigate these issues.

Financial Planners — Financial planners can provide a broad range of advice and planning, but by law they cannot draft legal documents. They can help you put together a long-term care plan, discuss and evaluate investment options, and provide other financial advice. However, not every financial planner understands the intricacies of Medicaid or the particular care requirements that a person may have.

Care Managers — Elder care managers are more focused on care planning and coordination, such as resolving issues you may face if you need community or skilled nursing home care, as opposed to handling financial planning or legal matters. Because they are more familiar with day-to-day care issues, they often can serve as very knowledgeable resources on local programs and alternatives to Medicaid.

Counselors — Medicaid counselors are typically volunteers who offer limited services, like assisting with the application process, at no cost. They usually cannot advise a person on how to qualify for Medicaid. They also cannot provide legal or financial advice.

Insurance Agents and Commission-Based Medicaid Planners — These professionals also have a limited ability to assist with Medicaid planning. Only some products they can sell are Medicaid-compliant. For example, only specific insurance policies, such as prepaid burial insurance and certain annuities, are not “counted” in the Medicaid asset limit applicable in your state. These professionals can help sell you one of these options and will receive commissions paid by the insurance company.
Not every type of Medicaid Planner may be suitable for your situation. For those with significant assets or income, a legal professional combined with a financial professional may make the most sense. Others, whose resources are limited, would benefit by a good medicaid “pre-plan” drafted by an elder law attorney.

For more information on Medicaid planning, BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “Is A Medicaid Planner Right for Me?” read also these additional articles: Alert: Scam Targeting Medicare Recipients and CMS Issues Updated Guidance Intended to Improve Quality of Nursing Home Care and What Happens If Couple Divorce and Own Business? and Can Some Foods Help Prevent Alzheimer’s?

Today, more than 1.4 million individuals live in Medicare- and Medicaid-certified nursing homes across the United States. As part of an effort seeking to improve the health and safety of nursing home residents nationwide, the Centers for Medicare and Medicaid Services (CMS) released updated guidance in June for the state agencies that are responsible for surveying long-term care facilities and investigating complaints. An overview of the guidance is at the CMS.gov website entitled Updated Guidance for Nursing Home Resident Health and Safety.

The wide range of updates include the following:

• Nursing homes must provide data on their staffing, which the CMS will use in a research study aimed in part at establishing minimum staffing level requirements for these facilities.
• LTC facilities will be required to employ at least one part-time, on-site infection preventionist who meets the needs of the facility and oversees an effective infection prevention and control program.
• Nursing home surveyors across states will need to investigate complaints and reports of abuse in a timely and consistent manner. A 2019 Government Accountability Office report had previously found that information on abuse was not readily available and that the processes through which incidents of abuse were reported to law enforcement varied widely by state.
• The revisions provide clarifications on various requirements related to nursing homes’ discharge of residents, compliance with arbitration agreements, and the procedures they follow to manage complaints and report incidents.
• Updated mental health guidance targets the inappropriate use of unnecessary medications, such as antipsychotics.
• The CMS also outlines recommendations for nursing homes on limiting occupancy per room to two individuals to help prevent infection while also offering an enhanced level of comfort and privacy for residents. It also urges operators to allow for a greater number of single-occupancy rooms.

Nursing home surveyors will begin to apply the new guidelines in October 2022.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “CMS Issues Updated Guidance Intended to Improve Quality of Nursing Home Care” read also these additional articles: What Happens If Couple Divorce and Own Business? and Can Some Foods Help Prevent Alzheimer’s? and Wayward Senior Tracked by Bluetooth Technology and What is the First Sign of Dementia?

Many families help their disabled loved ones with whatever resources they have, if they can, but this must be done carefully to protect eligibility for government aid, reports a recent article titled “Here’s how ABLE accounts, special needs trust differ…and how they can work together” from CNBC. An ABLE account—named for the Achieving a Better Life Experience Act—can be paired with Special Needs Trusts to improve the quality of life for the disabled family member.

How do Special Needs Trusts work?

The two types of Special Needs Trusts are known as First-Party Special Needs Trusts and Third Party Special Needs Trusts.

A First Party Trust is created with the disabled individual’s own funds and is used to shelter any income, earned or inherited, to maintain their eligibility for Medicaid, which has both income and asset limits. Any distributions from the First Party Trust must be approved by the trustee. After the death of the disabled individual, Medicaid will make a claim against any funds in the First Party Trust to the extent of funds expended by Medicaid on behalf of the disabled individual.

In contrast, the Third-Party Trust is funded by parents or others and are only for the disabled person’s needs (not the disabled person’s own funds). After the disabled person passes, the funds are allowed to go to someone else in the family (not Medicaid).  Obviously, a Third Party Trust is preferred to a First Party Trust.  That is why parents who have disabled persons on Medicaid should think twice about bequests directly to the disabled person.  Doning that will either (1) kick the disabled person off of Medicaid; or (2) Medicaid will allow the disabled person to stay on Medicaid at the cost of putting the disabled person’s property in a First Party Trust (over which Medicaid is the remainder beneficiary).

Special Needs Trusts (SNTs) may not be used for certain expenses paid for by government programs, including groceries, medical expenses covered by Medicaid and housing expenses, which are covered by Supplemental Security Income (SSI).

Expenses not covered by government programs can also be paid from ABLE Accounts. The ABLE account is a tax-advantaged saving account similar to the 529 accounts used for college savings. Funds may be used for expenses that maintain or improve the individual’s health, independence, or quality of life. Funds can be used for education, recreation, personal technology and more.  They are treated much like First Party Trusts in that Medicaid can clawback funds from the ABLE account after the death of the recipient.

There are requirements and limitations to the ABLE account. In 2022, only $16,000 may be contributed per year. Most parents leave more than this amount for their disabled children, so a different vehicle is needed for inheritance.

Here’s where it gets interesting: A trustee for a SNT can make a distribution to the ABLE account to help cover expenses not permitted to be paid from the Trust.

An estate planning attorney can help the family plan for the present and the future to use these and other strategic planning tools for a disabled individual.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “Is ABLE Account the Same as Special Needs Trust?” read also these additional articles: Pay Attention to Income Tax when Creating Estate Plans and How Changes to Portability of the Estate Tax Exemption May Impact You and What Healthy Snack Is Best for My Long-Term Health? and Who will Receive Naomi Judd’s Estate?

Reference: CNBC (June 30, 2022) “Here’s how ABLE accounts, special needs trust differ…and how they can work together”

To the estate planning attorney, the situation is known as “crisis planning.” It almost always involves two things happening at once: the immediate need for additional healthcare and for a family’s assets to be protected. The end goal of crisis planning is to protect assets for both spouses, while ensuring that the sick spouse receives the care they need, as explained in the article “Crisis planning for couples focuses on asset protection” from The News-Enterprise.

What is Medicaid Crisis Planning?

Crisis planning for married couples requires a three-step process. First, does the spouse in crisis have the documents in place to allow another person to act on their behalf? This includes a financial power of attorney and a healthcare power of attorney.

Powers of Attorney need to be checked to ensure that they include specific powers needed to take action on the person’s behalf. These documents are “state specific,” meaning each state has laws determining what the POA must contain and how it must be prepared. Crisis planning requires a POA providing a broad set of powers, so agents can access and change documents like deeds, bank and investment accounts.

Once the documents and POAs are in hand, the next step is to get a detailed breakdown of the couple’s financial position and the cost of care. This becomes easier if the couple is organized and has information readily available for each income stream and asset.

What Information Will the Agent Need?

The agent must find several different types of financial documents. Proof of income for each income stream is needed. The actual proof of income will show taxes withdrawn or other deductions taken from income, such as health insurance.

The agent will also need access to several months of statements for each account, including bank statements, investment accounts, retirement accounts and deeds and titles for property. Proof of other assets, including insurance policies, burial plot deeds and other assets must also be included.

Some types of income and assets are countable, and some are non-countable. However, the non-countable income and assets may need to be considered, so the estate planning attorney will need to have all the information.

Medicaid Resource Assessment Request

Step three is to determine eligibility for programs and make the necessary applications. This will depend on the type of care needed. However, a typical crisis case is for nursing home care, which almost always means Medicaid eligibility. All income and assets are reported to Medicaid through a Resource Assessment request. The Medicaid office creates a breakdown of what will be counted against the applicant.

The remaining amount is what must be “spent down” for a person to be eligible for Medicaid coverage.

The most common way to do this is through a Medicaid Annuity. This annuity takes the spend down amount and returns the full amount as income to the spouse at home, effectively preserving the couple’s assets.

Crisis planning is stressful but does not have to be hopeless. By working with an experienced estate planning attorney and providing documentation as quickly as possible, health care needs can be met without the well spouse being impoverished.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “Medicaid Crisis Plans for Long Term Care Costs” read also these additional articles: Is Now a Good Time for a Roth Conversion? and What Does a Funeral Cost These Days? and Will Drinking Milk Prevent Dementia? and What are Mistakes to Avoid with Beneficiary Designations?

Reference: The News-Enterprise (July 23, 2022) “Crisis planning for couples focuses on asset protection”

Burial insurance—also called end-of-life insurance, final expense, or funeral insurance—is a whole life insurance policy that’s designed to pay for the costs of your burial. These costs may include a memorial service, cremation costs, a headstone for your grave or other expenses associated with end-of-life arrangements.

Bankrate’s recent article entitled “Burial insurance” explains that if you have your affairs in order, your family already knows what will happen when you die. You may have given instructions for how you’d like your body to be treated, as well as ideas for your memorial service or what you want written on a tombstone.

However, all of these things cost money. If you don’t want your family to be stuck paying those costs, you may want to consider a burial policy.

Because the payout for burial insurance is small compared to many regular life insurance policies, the premiums can also be quite affordable. The policies are easy to purchase and don’t require a medical exam. However, there may be a waiting period and the policy may offer only limited benefits in the first two years.

Burial insurance policies cover all the normal costs incurred by someone’s death, such as:

• Embalming
• A casket
• Flowers
• Cremation costs
• A burial plot
• The cost of transporting the body and/or remains
• A headstone; and
• Payment to clergy.

One type of burial policy, called a guaranteed issue life insurance policy, is available without any medical or health questions. It’s designed for those who are seriously ill and can’t get a policy any other way. Additionally, a burial policy is an exempt asset for purposes of Medicaid long term care.  In other words, the policy would not be counted as an “available resource” for Medicaid purposes.

If all the appropriate arrangements have been made, the process of filing a burial insurance claim should be fairly smooth.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “What Should I Know about Burial Insurance?” read also these additional articles: Does Potential IRS Change Have an Impact on Estate Plan? and Understanding the Issues of Elder Law and What are the Advantages of a Business Trust? and What Is the Best Asset Protection?

Reference: Bankrate (March 5, 2021) “Burial insurance”

The legal needs of many older Americans go beyond basic legal services. They are also all intertwined. In addition to understanding the legal issues and complications that older Americans face, elder law attorneys must also understand the surrounding personal concerns of their clients, such as health, financial and family issues, and how those affect their clients’ legal issues.

Recently Heard’s article entitled “What You Need to Know About Elder Law” explains that other specific areas of expertise include the following:

• End of life planning could extend to planning your health care support system as you age, signing a general power of attorney, establishing a medical power of attorney and other issues surrounding end of life care.
• Financial issues frequently entails questions about retirement and financial planning, housing financing, income and estate tax planning and gift tax issues.
• Long term care can include planning for asset protection, insurance for in-home care or assistance with activities of daily living, Medicaid long-term care planning, insurance, veterans’ benefits and other issues.
• Residents’ rights issues may include claims or complaints you bring while a patient in a nursing home or long term care facility.
• Workplace discrimination issues stem from the fact that older Americans sometimes face age and disability discrimination in the workplace.
• Interdiction (called Guardianship in states other than Louisiana) issues might include interdiction avoidance, planning wills and trusts, planning for the future of a special needs child, probate court and other issues surrounding minor or adult children.
• Landlord-tenant law may mean handling disputes with landlords, contesting an eviction, dealing with foreclosure issues, rent increases and more.
• Abuse, neglect, and fraud. These elder law attorneys specialize in cases where an older client is being victimized.

An elder law attorney can be a great partner for you as you plan out the legal and financial aspects of the next stage of your life-or the life of a loved one. Speak to one today.

BOOK A CALL with me, Ted Vicknair, Louisiana Board Certified Estate Planning and Administration Specialist, Louisiana Board Certified Tax Law Specialist, and Louisiana CPA to learn more about estate planning in Louisiana, incapacity planning, and Louisiana asset protection.

If you liked this article, “Understanding the Issues of Elder Law” read also these additional articles: What are the Advantages of a Business Trust? and What Is the Best Asset Protection? and What Happens If My Partner Dies and We’re Not Married? and What Does a Blended Family Need to Know about Finances?

Reference: Recently Heard (June 23, 2022) “What You Need to Know About Elder Law”