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7 Myths of Estate Planning & Long Term Care

Myth #1 In order to satisfy my legal obligation, you must leave at least $1 to each of your children. Fact: To avoid conflict and to avoid having your will or trust contested it’s best to leave a statement in your documents saying you are intentionally excluding the individual from being the heir to your estate. Please consult your attorney for more details.

Myth #2 If you sign everything over to your heirs and you need to go into a nursing facility you can go on Medicaid immediately. Fact: North Carolina Medicaid has at least four long term care programs. If you or your loved one goes into an assisted living facility or memory care unit Medicaid has strict limitations on income. If you aren’t below those limits your care won’t be paid by Medicaid even if you have no assets. Contact me if you need more information.

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A.D.A.P.T. Providing Guidance and Direction

Imagine you are finally going on a well-deserved vacation. You have been looking forward to it for a long time. You start your trip on a beautiful sunny day. You aren’t driving so you eventually doze off. After a while you wake up not knowing how long you have slept. The sky is no longer sunny. It is dark. It seems to be getting darker by the minute. Nothing looks familiar. Your driver seems disoriented. You wonder if there is enough fuel in the tank to get to the next service station. You are afraid. You aren’t sure where you are or how to get back to where you wanted to be. The thoughts of a wonderful vacation have vanished. You are in the middle of nowhere with no way to get back. You fight back tears. You try not to panic!

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Free Long Term Care Insurance For Vets?

Are you a veteran, the spouse of a veteran, or have a friends or relatives that are veterans? I have some great news for you! The United States Government is providing long term care benefits for veterans and their spouses. The money can be used for nursing home, assisted living care or even for at home care or adult daycare services. The benefit amount for veterans is almost $ 2,200 per month and the spouse of a veteran  Homeless Vet Flag 3may be eligible for about $ 1,100 per month. Each year the amount is adjusted upward for inflation. There is no deductible period before the benefits start paying (other than the time it takes the government to process and approve the paperwork). Once the benefits start paying there is no maximum number of years it will pay.
Does it sound too good to be true? It really isn’t. Of course there are some basic qualifications that must be met, but they aren’t difficult to meet. Here are the basics. First, the vet must have serviced in the military for a minimum of 90 days. During those 90 days there had to be a war or military conflict going on in some part of the world for at least 1 day. Please notice, I did not say the particular veteran had to have served in the war or conflict, only that there had to be one taking place during the time the vet served. The last basic qualification is that the veteran must have had a discharge that was NOT dishonorable. An honorable or medical discharge will work fine. The veteran does NOT have to have a service related disability, nor does the cause of the long term care need to have been associated with any military related disability.

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Two Extremes Of Long Term Care

DSC01055One of the biggest threat to a person’s financial security after age 65 is the possibility of having to pay for long term care. However, the financial threat isn’t the primary reason an individuals should plan for the possibility. There are two more compelling reasons to plan ahead than the financial aspect. It is our opinion that the most important reason to plan is to maintain the independence of the individual and to give them as many choices as possible. The second priority is to protect one’s family from being forced into unpleasant decision they shouldn’t have to make. These top two priorities seem abstract until the need arises. At that time the financial preparations will dictate how much freedom the individual has and how many choices their family will have. In this article we will explore the two extremes of pay for long term healthcare.

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