Real Estate Ownership
The deed that a client has needs careful review to know what their ownership interest is in the property. Their ownership interest and the timing of any transfer would have significant impact on long term care concerns.
Solely for the Benefit Trust
The Solely for the Benefit of Spousal Trust is an irrevocable trust that preserves the assets for
the Community Spouse and distributes them to him or her over their lifetime based on the
Medicaid life expectancy tables.
Planning for the Death of the Community Spouse
When planning for Medicaid, it is important not to overlook the possible death of the community
spouse (the spouse not in the nursing home) before the institutionalized spouse.
Medicaid Planning and Estate Planning
The need for an estate plan is always important, however, it can be especially valuable if long term care is needed for a loved one. This is especially true with the many changes in regard to Medicaid eligibility.
Long Term Care Planning
As your loved ones need more care, it is important to seek advice from an Elder Law attorney. The discussion begins with a determination as to the level of care the loved one requires.
Homestead
The Michigan Medicaid statute provides that the homestead and all adjoining land is a non-
countable asset if the value is currently below $713,000.00.
Estate Recovery
Michigan passed an estate recovery act that became effective September 30, 2007. The
Michigan Department of Community Health is attempting to recover for long-term care benefits
that Medicaid paid on behalf of a Medicaid beneficiary, who is 55 or older, from their “estate.”
Caring for Our Loved Ones
Caring for our loved ones as they age is difficult for many families and the best decision can be made after exploring all available options.
Care Contracts for the Elderly
Many families wish to obtain and provide the needed care for their families in their own homes. Without long term care insurance to assist with the cost of 24-hour care, this may not be an option for a loved one.
Baseline Date
The first step in Medicaid planning for couples is determining the “baseline
date.”