If your loved one is single and would like MassHealth to pay her nursing home bill, then the basic rules are these: (1) She medically requires nursing home level care, (2) she has no more than $2,000 in “countable” assets (that’s money in the bank, retirement accounts, life insurance, etc.), and (3) she has...
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Consider Using a Pooled Trust with MassHealth Nursing Home Planning
If a single person wants MassHealth assistance with paying for nursing home care, but has more than the $2,000 in assets that MassHealth will permit her to keep, one option is to transfer the excess assets to a pooled trust.
A pooled trust is a trust managed by a non-profit for the benefit of disabled...
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My Dad Died Owning Stocks – What a Pain That Was!
If you have ever had to deal with stocks that you inherited, then you know what a pain it can be to change ownership over to your name.
You probably had to:
Figure out which stock transfer agent was managing those shares (ex. Computershare),
Figure out which forms that transfer agent needed you to fill out,
Go to...
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Senator Elizabeth Warren Files a Bill to Raise the SSI Resource Limit
Another reason to love Senator Warren. As you likely know, an SSI recipient can have only $2,000 in her bank account. It’s an absurdly small amount to keep on hand. It can barely cover any emergencies (like car repairs) and causes a lot of anxiety among SSI recipients and their families as they perform...
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Veterans: Are You Getting Older, Need Care, and Want to Stay at Home?
Good news! The VA has several programs designed to assist elderly and/or disabled veterans who want to stay at home for as long as possible. Listed below are some of these programs. They each have different eligibility tests regarding income and assets, minimum age, level of disability, service-connected rating, and geography....
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Aid & Attendance
Most of my clients need a little extra help around the house but aren’t sure how to pay for it. When we look at their savings and project how long those funds will work for them, the bottom line is usually this: If the client had just a little more cushion, they could stay...
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Beware of the Binding Arbitration Agreement in the Nursing Home Admission Packet
Imagine that you’re being admitted into a nursing home. You are having trouble making decisions and managing your affairs at this point. Luckily, you planned ahead and have a Health Care Proxy in place. Your agent fills out the reams of paper that seem necessary for your admission, including a binding Agreement to Arbitrate....
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Which Hospital Must an Ambulance Take You To – Can You Demand a Specific Hospital?
The answer is – it depends.
If there is an emergency and you are unable to express your wishes, even if you have advanced medical directives or a health care proxy in place, the Emergency Medical Technicians or Paramedics responding to the call are obligated to stabilize you and transport you to the nearest appropriate...
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Heard at the Office: “I Don’t Need a Power of Attorney, My Spouse Can Manage My Finances for Me.”
That would be the simplest approach, but unfortunately, this is not the case. For any accounts that are joint with your spouse (usually bank accounts, like savings, checking, and CD’s), then yes, even if you are in the hospital or develop dementia, your spouse can manage those accounts.
But what about accounts...
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Heard at the Office: “Can’t My Spouse Automatically Speak for Me at the Hospital?”
Under the law, no. In real life, sometimes.
Many people think that they don’t need to sign a Health Care Proxy because they assume that the law permits their spouse to speak for them in medical emergencies. The law actually says quite the opposite. Only you or someone you have...
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