Losing a spouse is undoubtedly a devastating event that brings emotional, practical, and legal challenges. In addition to dealing with grief and loss, individuals must also navigate the legal and financial implications that arise when a spouse passes away. Understanding these implications is crucial to ensure that the surviving spouse and their …
Archives for July 2024
Reverse Mortgages as a Valuable Planning Tool
Reverse mortgages can be a valuable financial tool for seniors, providing them with numerous benefits and opportunities. One should explore the reasons why reverse mortgages are good for seniors, focusing on their ability to provide financial stability, independence, and the potential for increased quality of life. One of the most significant …
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The Importance of Advanced Planning for Seniors in Health Care Crisis
As individuals age, the likelihood of facing health care crises increases. Seniors, in particular, are vulnerable to unexpected medical emergencies or chronic conditions that require immediate attention. To ensure their well-being and maintain control over their healthcare decisions, it is crucial for seniors to engage in advanced planning. We …
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How Life Insurance Policies Affect Medicaid Eligibility
Dear Attorney: I am so confused. My husband was just placed in a nursing home and will need Medicaid. Some of my friends are telling me that my husband and I can’t have life insurance policies. Is this true? ANSWER: While term life insurance policies do not count as assets for Medicaid eligibility, the value of whole life policies, (the …
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Will Medicaid Require Funds in a Spouse’s IRA to Be Spent Down?
Dear Atty. Tully, My sister-in-law has a considerable amount in her IRA. Her husband is in a nursing home. Her main concern is that the state will take away her funds from the IRA if her husband applies for Medicaid. The IRA is only in her name. Can the state attach her money in the IRA? Answer: Without proper planning the state could …
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