In the realm of personal asset protection, safety deposit boxes have long been heralded as a bastion of security. However, a deeper investigation revealsthat these seemingly impenetrable vaults may not be the safeguard many believe them to be. This article delves into the reasons why relying on safety deposit boxes might not be a prudent strategy for safeguarding your valuables and legal documents. First and foremost, safety deposit boxes are not as accessible as one
When people think about Medicaid covering nursing home costs, they often assume Medicaid, once eligible, pays for everything. Unfortunately, that’s usually not true. Medicaid recipients are expected to contribute most of their income, such as Social Security and pensions, to their care; this monthly contribution to the nursing facility is called a “patient liability”. Here’s how it works:During the Medicaid application process, patient liability is calculated based on the applicant’s monthly income (Social Security, pensions,
If I had a nickel for every time a client told me that they had received bad information about how Nursing Home Medicaid works, I might have saved enough by now to afford one full day at a nursing home! As you consider your own, or a loved one’s, options while navigating through a long-term care and financial crisis, it is important to know the truth about some common Nursing Home Medicaid Myths. It is too late
The process of finding the right nursing home for a loved one can be daunting. Since the decision can be so overwhelming and is often made amid very stressful circumstances, many clients tell me they don’t even know where to begin. Here are the steps that I suggest for those faced with making this difficult decision: Define Your Criteria: Determine what factors are most important to you and your loved one. Consider aspects like location,
A durable power of attorney is a legal document that allows you to appoint another person, called an agent or attorney-in-fact, to act on your behalf in financial, legal, or health care matters. A durable power of attorney remains valid even if you become incapacitated under a durable power of attorney. There may be several distinct reasons why you may want to revoke your durable power of attorney, such as: • You no longer trust or