Comments for Michigan Elder Law & Estate Planning

Comment on The Basics of Medicaid Qualification by FAQ: Is my annuity protected from the cost of nursing home care? « Michigan Elder Law & Estate Planning

Wed, 17 Sep 2008 16:17:09 +0000

[...] By itself, an annuity is either an asset, in which case it will be subject to the asset test for Medicaid qualification or an income stream, in which case it will be subject to the [...] ]]>

Comment on Medicaid Checklist by Current Scam Affecting Lapeer County Citizens « Michigan Elder Law & Estate Planning

Wed, 23 Jul 2008 15:28:17 +0000

[...] Medicaid Checklist [...] ]]>

Comment on Learning to Juggle with Your Property by Jerrold Bartholomew

Jerrold Bartholomew — Wed, 02 Jul 2008 04:13:09 +0000

Mr. Peters,

Thank you for your thoughtful comments. In response to your first question, yes, placing your assets in a properly structured irrevocable trust will begin the lookback period. With respect to the second, it appears to me that you are concerned with a situation with one spouse in the nursing home and a non-institutionalized spouse. In a case like that, I would generally advise a different type of irrevocable trust that will allow immediate qualification. This trust is called a solely for the benefit of trust, and while it does not protect assets in the event that the second spouse would need nursing home care, it does allow for assets to be protected from the cost of one spouse’s long term care needs.

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Comment on Learning to Juggle with Your Property by john peters

john peters — Sat, 28 Jun 2008 13:31:37 +0000

Question #1. Once your assets are put into an irrevocable trust, are they then sheltered from medicaid for purposes of the 5 year look back period? That is, if this trust was established 4 years ago, would you have 1 year left of the look back period? Or if we did the trust today, and all assets (excluding house, car, burial plots and the $104,400) are in the irrevocable trust, does the look back period begin tomorrow and none of my assets will be touched for purposes of applying for Medicaid moving forward and will not impact the date that I can go on Medicaid?

Thanks,

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Comment on Medicaid Checklist by Medicaid Applications Scrutinized More Than Ever « Michigan Elder Law & Estate Planning

Tue, 13 May 2008 13:50:18 +0000

[...] Medicaid Checklist [...] ]]>

Comment on The Basics of Medicaid Qualification by Retirement Assets and Medicaid Planning « Michigan Elder Law & Estate Planning

Retirement Assets and Medicaid Planning « Michigan Elder Law & Estate Planning — Tue, 08 Apr 2008 01:23:10 +0000

[...] depending on the couple’s assets before one entered the nursing home. For more details, see The Basics of Medicaid Qualification, [...] ]]>

Comment on Constant Change in Medicaid Eligibility Rules by Elderly Often Financial Victims « Michigan Elder Law & Estate Planning

Elderly Often Financial Victims « Michigan Elder Law & Estate Planning — Sat, 22 Mar 2008 20:19:47 +0000

[...] is not to say that annuities, often pitched as minimal risk investments, are an easy solution. See here for more information on complications with [...] ]]>

Comment on The Basics of Medicaid Qualification by Problems with Small Insurance Policies « Michigan Elder Law & Estate Planning

Problems with Small Insurance Policies « Michigan Elder Law & Estate Planning — Sat, 22 Mar 2008 02:28:34 +0000

[...] ever will. To understand why small insurance policies can be a problem, one must remember that Medicaid eligibility requires passing an asset test. For single persons (and married couples who are both in a nursing home) this means that the [...] ]]>

Comment on Rapid Changes in Medicaid Law Require Constant Vigilance by Estate Recovery « Michigan Elder Law

Estate Recovery « Michigan Elder Law — Tue, 11 Mar 2008 03:22:40 +0000

[...] Right now it is possible to title a home so that it will transfer without probate, avoid estate recovery, and not be considered a divested and subject to penalty. But there are several concerns here. First of all, it is important to understand that this only works under existing law. But Michigan’s estate recovery law is not yet finalized and subject to change. It remains to be seen whether the state will try to take other assets and it is possible that such changes could be retroactive. [...] ]]>

Comment on Free Durable Power of Attorney by Free Durable Power of Attorney: Second Thoughts « Michigan Elder Law

Free Durable Power of Attorney: Second Thoughts « Michigan Elder Law — Tue, 11 Mar 2008 01:18:39 +0000

[...] Goldman has raised some interesting points regarding the free durable power of attorney posted here and free durable power of attorneys generally. The first issue is whether free documents are in fact [...] ]]>