21 01, 2020

Medicaid Penalty for Transfers Less than Fair Market Value

By | 2020-01-21T15:37:30-06:00 January 21st, 2020|0 Comments

For Louisiana families who cannot offset long-term care costs with their income, Medicaid often becomes necessary. Once a family depletes assets below a certain level, the person needing long-term care becomes eligible for Medicaid.  Typically, families deplete their resources by simply spending out of pocket for their initial long-term care costs. Once the depletion is complete, Medicaid then foots the bill for the bulk of the long-term care costs. However, more savvy families will deplete their resources in other ways where resources shift into a Trust and remain preserved. Medicaid pays the long-term care bill while the assets remain in [...]

20 01, 2020

2020 Louisiana Long-Term Care Medicaid Asset Eligibility Limits

By | 2020-01-20T13:52:58-06:00 January 20th, 2020|0 Comments

Medicaid Planning helps many Louisiana families achieve asset protection against long-term care costs. This strategy often utilizes Trusts which hold assets in excess of preset Medicaid eligibility Limits. When the Trust owns assets, those assets don't count against the planner's eligibility for Medicaid coverage of long-term care expenses. Medicaid covers most of an applicant's long-term care expenses as long as the assets held outside the trust fall below the aforementioned limits. So what are these Medicaid limits in Louisiana. For single persons, the asset limit is always $2,000.00. This number remains unchanged. This means a single person seeking medicaid for [...]

14 01, 2020

Naming Alternate Beneficiaries for Children Without Descendants

By | 2020-01-14T16:52:01-06:00 January 14th, 2020|0 Comments

As Louisiana residents enter their twilight years, it’s no surprise that many begin to think about planning for their legacy. When determining how their estate should be divided upon their demise, the decision is fairly straight forward for most. Divide the estate equally among the children. But what most people do not consider is who to name as alternative heirs or legatees. This happens because many don't want to imagine the unthinkable. What happens if one of my children predeceases me? The answer is again, easy for most. Naming the descendants or future descendants of your children as “back-up” heirs [...]

8 11, 2019

Estate Planning – a MUST HAVE for Unmarried Couples

By | 2019-11-08T15:01:20-06:00 November 8th, 2019|0 Comments

Over the years, I've met many Louisiana couples who are not married for one reason or another. It amazes me how often these couples have no form of estate planning in place. These couples clearly care for one another and don’t want to make life more complicated for one another in the future.  By not taking the simple step of creating an estate plan they set each other up for a nightmare. In the event either partner dies or becomes incapacitated, the other partner has no legal rights when it comes to the assets, medical decisions, and burial decisions for [...]