As most of you know, I am committed to helping elders live at home for as long as possible. My last two articles have focused on MassHealth programs that help elders accomplish this goal. You can find these articles here. Now I’d like to discuss another option: PACE (Program...
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Two More MassHealth Programs that Help Elders Avoid Moving to a Nursing Home
As you know by now, my goal is to help elders stay at home for as long as possible. For most people, their own financial resources are not enough, and we supplement those with MassHealth (or sometimes the VA). Under the MassHealth umbrella, there are several programs that can...
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Choosing a Trustee for Your Irrevocable Trust
As I discussed in a recent article, irrevocable trusts are highly effective tools for protecting assets from the cost of long-term care. That’s because assets in an irrevocable trust are not available to the grantor (the person whose assets are in the trust). Instead, the assets are controlled by...
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Why Would Someone Want an “Irrevocable” Trust?
An irrevocable trust can’t be modified or terminated except under certain very limited circumstances. This type of trust requires the grantor (the person for whom the trust is created) to transfer assets into the trust and give up his or her rights of ownership to those assets. So why would anyone want...
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What’s So Special About a Special Needs Trust?
If you have a child with special needs, you’re undoubtedly concerned about how your loved one will be cared for when you are no longer able to provide adequate care yourself. A special needs trust may provide an answer… and some much-needed peace of mind.A special needs trust allows you to provide...
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Home for the Holidays Part II: Planning Strategies to Pay for In-Home Long-Term Care
Last time I discussed MassHealth programs that can help elders who need long-term care live at home for as long as possible. Now I’d like to describe some other long-term care planning strategies that can make home care affordable for elders and their loved ones. I’ll also provide links to past articles...
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Home for the Holidays Part I: MassHealth and Paying for In-Home Long-Term Care
Nothing reminds us about the importance of “home” like the holidays. While the vast majority of elders who need long-term care would prefer to live at home for as long as possible, many feel that they can’t afford in-home care. In this article I will discuss options for financial assistance from MassHealth...
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Eligibility for Assistance from MassHealth to Pay for Long-Term Care
Given the high cost of long-term care, it’s not surprising that Medicaid (known as MassHealth in Massachusetts) is now the largest provider of funds for nursing home care in the United States. As I discussed in a previous article, MassHealth can also pay for home care, assisted living,...
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Protecting Your Life Savings Against the Cost of Long-Term Care: Irrevocable Trusts
Trusts are among the most powerful tools in the estate planner’s toolbox. The benefits of a trust include probate avoidance, greater privacy, and expedition of estate settlement. They can also establish specific parameters for the use of your assets during your lifetime and after you pass away, allowing greater customization of your...
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Options Available for Professional In-Home Care
The vast majority of elders needing assistance with daily living prefer to remain at home rather than move to an assisted living residence or a nursing home. Helping my clients accomplish this goal is one of the cornerstones of my practice. In the past, I’ve written about the resources available in Massachusetts to...
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