Planning for Life

MassHealth Planning and Real Estate

Posted by Harry S. Margolis on October 11, 2016

I. MassHealth Eligibility and the Family Home

A. Long-Term Care Planning

For all practical purposes, in the United States the only "insurance" plan for long-term institutional care is Medicaid (called “MassHealth” in Massachusetts). Medicare only pays for approximately 20 percent of nursing home care in the United States. Private insurance pays for even less. The result is that most people pay out of their own pockets for long-term care until they become eligible for MassHealth. While Medicare is an entitlement program, MassHealth is a form of welfare -- or at least that's how it began. So to be eligible, you must become "impoverished" under the program's guidelines.

Read More

Topics: long-term care planning, MassHealth

Using Annuities in MassHealth Planning for Nursing Home Residents

Posted by Harry S. Margolis on October 4, 2016

By Harry S. Margolis

Immediate annuities have long been used in long-term care planning as a means of transforming assets that are countable against the limits for MassHealth eligibility into an income stream that does not affect eligibility. This primarily benefits spouses of nursing home residents, but can be used for single nursing home residents as a form of “arbitrage,” in effect to pay the MassHealth rather than the private-pay rates charged by nursing homes. 

Read More

Topics: MassHealth planning, long-term care planning, MassHealth

How one couple prioritized conflicting estate planning goals

Posted by Harry S. Margolis on September 8, 2016

By Harry S. Margolis

My new clients were an older couple, the wife healthy and the husband, unfortunately, suffering from a progressive neurological disease which confined him to a wheelchair. He needed physical help at the start and end of each day and the level of help, and its cost, was likely to grow as his disease progressed. The couple had their main home in Massachusetts, plus a vacation home in New Hampshire. They had sufficient income and savings to cover their current living expenses, but they could be depleted if the husband needed extensive care over a long period of time. Much of their savings was in tax-deferred retirement accounts.

Read More

Topics: long-term care planning, Estate Planning

Are You Saving to Leave an Inheritance? Why?

Posted by Harry S. Margolis on August 29, 2016

By Harry S. Margolis

Do you hope to leave your children an inheritance? If so, what sacrifices are you willing to make to assure that you do so. Are you working longer or scrimping on spending for yourself? If so, why? Haven't you raised your children and perhaps paid expensive college tuitions? Shouldn't they be able to stand on their own two feet?

Read More

Topics: MassHealth planning, long-term care planning, Retirement Planning

At What Age Should You Do Long-Term Care Planning?

Posted by Harry S. Margolis on April 12, 2016

By Harry S. Margolis

Read More

Topics: long-term care planning, long-term care insurance, MassHealth

Another Trust Bites the Dust, or Why You Should Review Your Plan Periodically

Posted by Harry S. Margolis on April 5, 2016

By Harry S. Margolis

Read More

Topics: trusts, MassHealth planning, long-term care planning, MassHealth

The Top 10 Blog Posts of 2015

Posted by Harry S. Margolis on February 16, 2016

By Harry S. Margolis

While two of our blog posts on life estates and durable powers of attorney (see the links on the right) get far more traffic than all others (they must have gotten greenlighted by Google in some fashion), following are the most popular articles we posted in 2015.

Read More

Topics: MassHealth planning, long-term care planning, MassHealth, Estate Planning

8 More Ways to Protect Your Home from MassHealth Estate Recovery: Part 2

Posted by Harry S. Margolis on February 9, 2016

By Harry S. Margolis

In an earlier blog post, I discussed planning steps you can take to protect your home if sometime in the future you were to need MassHealth covered long-term care. The four steps I described all need to be taken at least five years before you apply for MassHealth. But what do you do if you can't wait five years, if you or a loved one already needs assistance or the writing is on the wall?

Read More

Topics: MassHealth planning, long-term care planning, MassHealth

Will You Need Long-Term Care?

Posted by Harry S. Margolis on February 2, 2016

By Harry S. Margolis

It would be a lot easier to plan for retirement and to decide whether to buy long-term care insurance if you knew how likely it is that you will need long-term care, as well as at what age and for how long. Unfortunately, there's no definite answer. On the other hand, some statistics do provide a bit of guidance.

Read More

Topics: long-term care planning

Court Says Irrevocable Trust Countable Due to “Use and Occupancy” Right

Posted by Elizabeth Stepakoff on January 22, 2016

By Sarah Foster

In a concerning new decision, Nadeau v. Thorn, a Superior Court judge finds that MassHealth correctly deemed the property in an irrevocable trust as a countable asset due to the fact that the irrevocable trust contained a right to “use and occupy” any property contained in the trust.

Read More

Topics: trusts, long-term care planning, MassHealth

Subscribe to New Blog Posts

Recent Posts

Most Popular Posts

Posts by Topic

see all