For many Massachusetts residents, their home represents their most valuable asset and a legacy they hope to pass on to future generations. However, when applying for Massachusetts’ Medicaid program (MassHealth) to cover long-term care costs, many are surprised to learn that their home may be at risk due to a potential MassHealth’s lien or estate...
On September 6, 2024, Governor Maura Healy signed into law H5033 (An Act to Improve Quality and Oversight of Long-Term Care) known as the Long Term Care bill. The legislation related to the bill has been long advocated by numerous groups, including the Massachusetts Chapter of the National Academy of Elder Law Attorneys (MassNAELA). Some...
More frequently, we are hearing clients talk about wanting to plan ahead for all aspects of their aging, including planning for their final funeral wishes. While not necessarily a “fun” way to spend one’s time, planning for end of life can have many benefits. One of the strategies often used is to prepay for funeral...
A point of discussion we often have with our clients concerns the issue of long term care. On most days, we receive questions such as, “How do I protect my assets?” and “How do I make sure that I get the care I need as I age?”. Thinking about long-term care costs is a wise...
Although it may sound like something you use when texting your friends, an ILIT is actually an irrevocable life insurance trust. An ILIT is a type of trust that is funded during your lifetime by a term or permanent life insurance policy and pays out proceeds of the policy upon the insured’s death. Since it’s irrevocable, the...
Medicaid (called “MassHealth” in Massachusetts) can help pay for long term care either at home or in a nursing home. If you think MassHealth’s assistance will be needed in your or your loved one’s future, it’s always best to plan in advance. Five Year Look-back If you apply for MassHealth benefits, the state has the...
Protecting assets from long term care facilities, like nursing homes, is often a top priority for most people when sitting down to meet with their estate planning or elder law attorney. When a married couple comes in looking to protect assets when one spouse is applying for MassHealth benefits, a Will with testamentary Supplemental Needs...
In a previous article, we explored the benefits of reserving a life estate to protect your home from the high cost of nursing home care. (You can read the full article here) Reserving a life estate is a common planning technique where the home is deeded to a loved one, typically your adult child(ren), and...
Your home is often your most important asset. Many families want to protect this asset from the high cost of nursing home care. When nursing home care is not imminent, a common planning technique is to deed the home to a loved one, typically your adult child(ren), and reserve a life estate for yourself. This...
It all sounds too good to be true. The nursing home offers to prepare and submit your Medicaid Application (called MassHealth in Massachusetts) to get your loved one qualified, free of charge. Good deal, right? Well, you may want to think twice before accepting this offer. Moving a loved one into a nursing home Moving...
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