Are you trying to figure out how to pay for the care of a loved one?
Is he or she at home and no longer able to manage on their own, or have a cognitive impairment, dementia, Alzheimer’s disease? Does the illness, impairment, or disability limit their ability to manage on their own?
Is your loved one in the hospital and not able to go home on their own yet, because he or she can’t care for herself or himself? Do they need to go to an assisted living home for a while to get better? Do you need to find in home care for them while they recuperate?
Has his or her wellness deteriorated to the point that he or she needs skilled nursing care?
How are you going to pay for this care at home, in an assisted living home, or in a nursing home?
Is there enough money saved that your loved one can pay for their own care?
Does your loved one have long term care insurance?
Is your loved one married? Is it important to protect their assets, so all of the assets are not spent on the first spouse’s illness? Does your loved one want to protect their assets so that there are assets for their surviving spouse?
Does your loved one have significant assets that they want to protect?
Are you trying to figure out if your loved one would qualify for Medicaid or needs a Miller’s Qualifying Income trust?
I have counseled family members for years on Medicaid eligibility, the possible necessity of a Miller’s Qualifying Income trusts, and protecting assets often.
We discuss Medicaid because it will pay for long term care. Most medical insurance will cover accidents and illnesses but does not cover long term care. For example, if a loved one has dementia, Alzheimer’s disease, or a disability that limits what they can do and how well they are able to live on their own, they made need long term care in their home, in an assisted living home, or a nursing home.
Medicaid is a federal program administered by each state, which has income and asset restrictions on eligibility. If your loved one’s monthly income is above the allowable income limit, then they are not eligible for Medicaid. But Alaska allows the creation of a Miller’s Qualifying Income trust, which will make the Medicaid applicant eligible for Medicaid. Miller’s Qualifying Income trusts are only used if the monthly income is above the allowable limit.
If you would like to know more about asset protection, Medicaid eligibility and Miller’s Qualifying Income trusts, please call me, Constance A. Aschenbrenner, at the Law Office of Constance A. Aschenbrenner (907)334-9200.