Roughly 90 percent of adults age 65 or older want to “age in place” in their homes and their communities. They like their communities and they like their doctors. They also like living near their friends and their family members. These social connections actually contribute to the health and wellbeing of older adults. Massachusetts offers…
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What You Should Know About Irrevocable Trusts and MassHealth
No one likes to think about aging or needing assisted living services. However, the lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people age 65 and older. Therefore, many older adults seek some form of long-term care either through home-health services or…
Continue reading…The Pros and Cons of a Life Estate Deed
A life estate deed in Massachusetts is a deed in which two or more people each have ownership of real property, but they have it for different periods of time. An example: Mary is 82 years old and lives in her home by herself. Mary signs the deed to her home over to her adult…
Continue reading…Your Home and MassHealth
Medicaid is called MassHealth in Massachusetts. It’s a joint federal/state assistance program designed to pay for health care for individuals that meet certain income and asset guidelines. To qualify for MassHealth your total resources and income must fall below some fairly stringent eligibility limits, and there are also restrictions on how you can transfer assets….
Continue reading…Making a Gift and MassHealth Eligibility
Clients often ask, “How much can I gift someone without incurring taxes?” While Massachusetts has no gift tax, there is a federal gift tax, albeit with a VERY high exemption. In 2020, the annual reporting requirement for gifts is $15,000 per donee. So, if you have three adult kids, you could give $15,000 or less…
Continue reading…States Trying to Figure Out How to Cover Late-In-Life Care Costs
As our population ages and people live longer, we’re finding that late-in-life-care costs can be incredibly expensive—at times wiping out a person’s life savings. According to an article in The Boston Globe, there’s an obvious strain on family finances and the Medicaid system. Massachusetts has responded by expanding the role that MassHealth plays (MassHealth is…
Continue reading…What are MassHealth, Medicaid, and Medicare?
MassHealth, Medicaid, and Medicare are all government programs for health care. But how do they differ and what do they cover? Medicare Medicare is a federal health insurance program for people 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Insurance companies…
Continue reading…You Must Be Organized When Applying for MassHealth
It’s estimated that 70% of people over the age of 65 will require some type of long-term care services during their lifetime. In the Boston area in 2018, the average cost for assisted living was $5,850/month and $12,710/month for nursing homes. Those are incredibly high costs. Some people turn to MassHealth for help. MassHealth (Medicaid…
Continue reading…What is the Medicaid/MassHealth Look-Back Period?
MassHealth (Medicaid in Massachusetts) is a joint federal/state program that assists individuals with payment of long-term care and other medical costs. MassHealth is designed to pay for long-term care once a person’s funds and assets are extremely limited. To be considered eligible for MassHealth, applicants must meet very strict guidelines in regard to their countable…
Continue reading…Who Will Care for Baby Boomers as They Age?
Family members have long provided caregiving for their aging loved ones, but estimates are indicating that there won’t be enough of them for the job in the near future. A recent Forbes article entitled “As Baby Boomers Move Into Old Age, Who Will Care For Us?” mentions that it’s estimated that 117 million Americans will…
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