As the populations is aging, there are a multitude of issues that families and caregivers face. Elder Law is a newer area of law that has developed to help navigate the many challenges that caregivers face.
Our firm has over forty years of experience and is familiar with the many challenges that are there. In addition to personal challenges that families face, there are financial challenges as well.
Review the assets and exemptions to determine if there are government benefits available. If the applicant’s assets and/or income is too high, then there are options on what to do to make the benefits available.
If the Applicant’s assets are low enough, the applicant may still be ineligible because their income is too high. For the year 2016, if an individual’s gross income is more than $2199.00 per month, then they will be denied benefits unless a Qualified Income Trust (QIT) is established.
This can be a confusing and frustrating concept for caregivers.
- Homestead Real Property valued at less than $552,000.00
- An Automobile
- Life Insurance with face value less than $2500.00
- Up to $2,500.00 in funds designated for Burial Expenses
- An IRA paying the Required Minimum Distribution (RMD)
- Income Producing Real Estate
- For Single Person – Assets worth less than $2,000.00
- For Married Couple – Assets worth less than $119,200.00 and Income less than $2,199.00 per month
Review this document for a more detailed explanation of a QIT. ASSETS and EXEMPTIONS to Determine Long Term Care Eligibility for 2016 Exempt Assets
If your assets exceed these amounts, then you need to consult with a professional to determine what your options are for long term care coverage.