Do I Need Require a POA For Assets And Healthcare Decisions?
Video Summary
Do I need power of attorney for assets and a healthcare decision? Well, those, I usually do that in two different forms. First, let’s talk about healthcare decisions. That’s called a healthcare surrogate form. And whenever I prepare that, it has what they call a HIPAA waiver whereby you authorize someone to make, to be able to receive your medical information and authorize the medical providers to talk, to whoever you designate. It also then provides you designate someone to make healthcare decisions for you if you are unable to do so. And so that’s a healthcare surrogate, which is specifically designed to designate someone or several people to be able to make healthcare decisions for you. A durable power of attorney is one usually used to take care of your business, such as your banking, being able to buy and sell assets. And so that is why you would sign a durable power of attorney, to appoint an agent to be able to take care of your business. I know many powers of attorney do also authorize the make certain medical decisions, but the healthcare surrogate form is specifically designed for that. But the power of attorney can authorize the setup of what they call a Miller trust in order to help qualify you for Medicaid. And so it has to do more with your business rather than for your healthcare decisions. So, yes, I think you should have both of those, so that you have someone to be able to make those healthcare decisions for you on the one hand, and then on the same person or someone else be able to make business decisions for you. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Medicaid Planning, Videos
If I Go To A Nursing Home, Will They Take My House?
Video Summary
If I go to a nursing home, will they take my house? The answer is no. Nursing homes usually are charged for their services. This is usually after you go to the hospital, you go to rehab, and then it’s determined that you need skilled nursing care. The cost of the nursing home, it runs about $8,000 or more per month. In the event that you cannot afford the $8,000 a month, you would need to apply for Medicaid or have your power of attorney or agent apply for a nursing home for you. There are two tests to obtain Medicaid so that the state would pay for your stay. One is an income test and the other is an asset test. And the asset test exempts your home from the determination. And also your home is exempt from the payment of creditors’ claims including, Medicaid reimbursement, as well as any judgments of any nursing homes that are involved. So the answer to your question, answer to the question is no. The nursing home will not take your home. They cannot take your home, nor can any creditor. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Medicaid Planning, Videos
Once You Are Eligible For Florida Medicare Can You Live In Any Assisted Living Facility?
Video Summary
Once you are eligible for Florida Medicaid, can you live in an assisted living facility? The answer is yes, you can. As far as qualifying for Medicaid, you must meet certain criteria, which is an asset test and also an income test. You cannot rent out your, if you own a home and then you’re going to move to an assisted living facility, you can’t rent out your home or sell the home. You can also obtain Medicaid assistance as far as going into an assisted living facility. Although there is a wait list , I don’t know, a year or 18 months or whatever, and you should contact an elder law lawyer. The question all had the were also had words in here about Medicare, which it doesn’t matter if you can live anywhere you want to with Medicare, that does not prohibit you from where you live or what you in anything as far as your economic, income or your assets, as far as receiving Medicare is concerned. So if you have any questions about this, you can give me a call at (727) 847-2288.
- Published in Medicaid Planning, Videos
How Much Money Can You Make and Still Get Medicaid In Florida?
Video Summary
How much money can you make and still qualify for Medicaid in Florida ,as of January, 2021, the amount comes to $2,382. And this has to do with whenever you’re attempting to qualify for a skilled nursing care, or other Medicaid benefits. There’s a Florida house, a two-part test. And as far as qualifying, not only do you have to meet the income guidelines, you also have to meet the asset guidelines. And one of the big assets that is not considered in the Medicaid formula is your home. If you own a home, that’s not counted as an asset, as far as qualifying for Medicaid. If your income exceeds the $2,380, there is a what they call a Miller trust. It can be set up, so that, say your income is $3,000 and your nursing home bill is 8,000. You can set up a Miller trust and still qualify for Medicaid by having your income paid into the Miller trust and that thereby qualify. So, if you’re looking to qualify for Medicaid, if you give me a call at (727) 847-2288, I’d be glad to direct you or discuss with you your situation. I look forward to your call at (727) 847-2288
- Published in Medicaid Planning, Videos
How Do I Protect My Assets From Medicaid in Florida?
Video Summary
How do I protect my assets from Medicaid in Florida? You’re not really protecting them from Medicaid. What you’re doing is, you must qualify for Medicaid in Florida, and that may require you to spend down or use your assets to pay for your own care until they reach a certain threshold. There are two guide. There’s an asset test and income test for married persons, which is quite generous. However, if you’re a single person, the qualify for Medicaid, the amount that you can have is truly a small amount. I think it’s about $5,000. However, one big benefit that we have in Florida is your home. If you have homestead exemption on your home, then that does not qualify as an asset and does not have to be sold or used, the money from it for your care or to qualify for Medicaid. The property can’t be rented, however, it’s not considered, an asset as far as qualifying for Medicaid. So that is a huge benefit. Also, there are certain trusts that you can set up called a Miller trust to help qualify you. So if you need to do some Medicaid planning to try to preserve some of your assets for your heirs, give me a call at (727) 847- 2288.
- Published in Medicaid Planning, Videos