The 3 Steps You Need to Take Right Away to Protect You and Your Family When You Get a Dementia Diagnosis

The 3 Steps You Need to Take Right Away to Protect You and Your Family When You Get a Dementia Diagnosis

Dementia Diagnosis

Key Takeaways | The 3 Steps You Need to Take Right Away to Protect You and Your Family When You Get a Dementia Diagnosis 

Ensure that your legal documents, such as a durable financial power of attorney and an advance directive for healthcare, are in order to protect you and your family in the event of a dementia diagnosis.

Make sure that all of your professionals—including financial advisors, doctors, and attorneys—are aware of the dementia diagnosis and are working together to meet your specific needs.

Explore the different care options available, such as in-home care, assisted living, and nursing homes; and consider how to pay for them through private pay, veterans benefits, long-term care insurance, or Medicaid.

Consider seeking the assistance of a long-term care navigation service to provide ongoing support and guidance throughout the dementia care journey.

Episode Notes:

In this episode, attorney Bill Miller discusses the three steps to take immediately when there’s a dementia diagnosis to protect you and your family. He emphasizes the importance of having the right legal documents in place, such as a durable financial power of attorney and an advance directive for healthcare. He also highlights the need for professionals—including financial advisors, doctors, and attorneys—to be on the same page and understand the specific needs of individuals with dementia.

Additionally, he explores the various care options available and how to pay for them, including in-home care, assisted living, and nursing homes. Finally, he introduces the long-term care navigation service offered by his firm to support families on their dementia care journey.

Notable Moments:

(00:00) Introduction and Disclaimer

(13:50) Step 2: Coordinating Professionals for a Comprehensive Dementia Care Plan

(26:33) Conclusion and Importance of Seeking Legal Assistance

 

 

 

 

 

 

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What Is a Special Needs Trust?

What Is a Special Needs Trust?

Special Needs Trust

Key Takeaways | What Is a Special Needs Trust?

Special needs trusts are designed to protect the benefits of someone who is disabled and on Supplemental Security Income or Medicaid.

There are two types of special needs trusts: first-party and third-party.

First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.

Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person.

The Alabama family trust is a pooled special needs trust that can be used for both first-party and third-party situations.

Episode Notes:

In this episode, attorney Bill Miller discusses special needs trusts—also known as supplemental needs trusts—which are designed to protect the benefits of someone who is disabled and on Supplemental Security Income or Medicaid. He explains the two types of special needs trusts: first-party and third-party. First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.

Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person. Bill Miller also mentions the Alabama family trust, a pooled special needs trust that can be used for both first-party and third-party situations.

Notable Moments:

(00:00) Introduction to Special Needs Trusts

(08:15) First-Party Special Needs Trusts

 

 

 

 

 

 

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Probate vs. Non-Probate Assets

Probate vs. Non-Probate Assets

Probate vs. Non-Probate Assets

Key Takeaways | Probate vs. Non-Probate Assets

Probate assets are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership.

The probate process can be time-consuming and expensive, often taking a minimum of nine months to complete.

Having a will does not necessarily avoid probate if there are assets that are solely owned and not covered by other legal transfer methods.

Avoiding probate can be achieved through beneficiary designations, joint ownership, or the use of trusts.

Episode Notes:

In this episode, attorney Bill Miller discusses the difference between probate and non-probate assets. Probate assets are those that are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership. Bill also highlights the probate process, including the responsibilities of the personal representative and the time-consuming nature of probate. He emphasizes the importance of having a will and the potential consequences of dying without one.

Bill explores the benefits of avoiding probate and provides various methods to achieve this, such as beneficiary designations, joint ownership, and trusts. He concludes by discussing the considerations in choosing between probate and non-probate plans, and the impact on business assets.

Notable Moments:

(00:00) Introduction and Disclaimer

(01:00) Understanding Probate and Non-Probate Assets

(05:27) Non-Probate Assets

(06:32) Probating a Will

(08:49) Difficulties of Estate Administration Without a Will

(10:15) Consequences of Dying Without a Will

(11:27) Challenges of Probate Process

(15:14) Methods to Avoid Probate

(18:11) Importance of Beneficiary Designations

(20:34) Choosing Between Probate and Non-Probate Plans

(21:35) Avoiding Probate for Business Assets

 

 

 

 

 

 

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The Importance of Long-Term Care Planning

The Importance of Long-Term Care Planning

The Importance of Long-Term Care Planning

Key Takeaways | The Importance of Long-Term Care Planning

Long-term care costs are the number one threat to your home and life savings.

It is important to protect your spouse and family from the financial burden of long-term care.

Avoid making mistakes in long-term care planning that could prevent you from getting the care you need.

Consider asset protection strategies, such as a five-year protection plan, to qualify for Medicaid and protect your assets.

Start long-term care planning early and explore long-term care insurance options.

Episode Notes:

In this episode, attorney Bill Miller discusses the importance of long-term care planning and the potential financial impact of long-term care costs. He shares personal experiences of families struggling to pay for long-term care and emphasizes the need to protect one’s home and life savings.

Bill explains the limited options for paying for long-term care, including Medicaid, long-term care insurance, and out-of-pocket payments. He also highlights the importance of having the right estate planning documents in place and the benefits of asset protection strategies. The episode concludes with a recommendation for early planning and an exploration on long-term care insurance options.

Notable Moments:

(00:00) Introduction and Disclaimer

(01:00) Personal Experience with Long-Term Care

(04:05) Protecting Spouse and Family

(05:26) Avoiding Mistakes in Long-Term Care Planning

(07:37) Statistics and Costs on Long-Term Care Needs

(09:08) Importance of Estate Planning Documents

(12:09) Asset Protection and Medicaid

(14:18) Medicaid Qualification and Asset Limits

(19:58) Five-Year Protection Plan

(22:45) Asset-Based Long-Term Care Insurance

(30:25) When to Start Long-Term Care Planning

(31:21) Conclusion and Call to Action

 

 

 

 

 

 

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Nursing Home Medicaid Qualifications

Nursing Home Medicaid Qualifications

Nursing Home Medicaid Qualifications

Key Takeaways | Nursing Home Medicaid Qualifications

Nursing home Medicaid is an important topic that often causes confusion.

Many individuals and families struggle to pay for nursing home care, leading to the depletion of their savings.

Medicaid is a means-tested program and requires individuals to meet certain income and asset qualifications.

Misconceptions about nursing homes and Medicaid can lead to misunderstandings about who pays for care.

The two major problems with Medicaid qualification are having too many assets or too much income, and the look-back period for asset transfers.

Medicaid determines the assets on the snapshot date, which is the first day of the month when someone enters a hospital or nursing home facility and doesn’t return home.

Assets that count towards Medicaid qualification include IRAs, real estate, investment accounts, savings accounts, and cash value life insurance.

Episode Notes:

In this episode, attorney Bill Miller breaks down the topic of nursing home Medicaid. He shares a case study of a couple dealing with dementia and the financial challenges they faced. Bill touches on the qualifications for Medicaid and addresses common misconceptions about nursing homes and Medicaid. He also highlights problems people encounter when applying for Medicaid, including the income and asset limitations that need to be considered.

The conversation continues with a discussion about the 60-month look-back period and strategies to speed up Medicaid qualification.

Notable Moments:

(00:00) Introduction

(01:01) Case Study: Retirement and Dementia

(02:28) Transition to Nursing Home

(03:27) Qualifying for Medicaid

(05:38) Misconceptions about Nursing Homes and Medicaid

(06:14) Problems with Medicaid Qualification

(08:36) Income and Asset Qualifications

(12:02) Snapshot Date for Asset Evaluation

(14:33) Problem Assets in Medicaid Qualification

(16:31) 60-Month Look-Back Period

(19:44) Strategies to Speed Up Medicaid Qualification

 

 

 

 

 

 

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Protecting Assets from the Costs of a Nursing Home Stay

Protecting Assets from the Costs of a Nursing Home Stay

Protecting Assets from the Nursing Home

Key Takeaways | Protecting Assets from the Costs of a Nursing Home Stay

Asset protection planning is crucial to avoid losing everything to nursing home costs.

There are a few ways to pay for long-term care: out-of-pocket, long-term care insurance, Medicare, and Medicaid.

Medicaid has asset and income limits for qualification, and a five-year look-back period for asset transfers.

Life estate deeds and irrevocable trusts are effective strategies for protecting assets.

Planning in advance is essential to ensure eligibility for Medicaid and protect assets.

Episode Notes:

In this episode, Bill Miller discusses asset protection planning in the context of long-term care and nursing home costs. Learn from personal experiences of families who didn’t have a plan in place and lost everything, as well as families who successfully protected their assets. Explore the different ways to pay for long-term care, including out-of-pocket, long-term care insurance, Medicare, and Medicaid. Bill delves into the asset and income limits for Medicaid qualification and the concept of spend down. He touches on the use of life estate deeds and irrevocable trusts for asset protection. Lastly, Bill emphasizes the importance of planning in advance and the five-year look-back period for Medicaid eligibility.

Notable Moments:

(00:00) Introduction and Personal Experience with Asset Protection Planning

(03:07) Asset Protection Case Studies

(05:26) Ways to Pay for Long-Term Care

(07:24) Medicaid and Asset Limits

(08:47) Income and Spousal Considerations

(10:23) Medicaid Spend Down

(11:27) Protecting Assets and Risks of Direct Gifting

(13:55) Irrevocable Trusts for Asset Protection

(24:28) The Five-Year Look-Back Period

 

 

 

 

 

 

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