Guide to Incapacity Planning in Nebraska: Protecting Yourself and Your Estate

Guide to Incapacity Planning in Nebraska: Protecting Yourself and Your Estate

Incapacity planning is a crucial aspect for Omaha residents of managing your estate and ensuring that your wishes are honored if you cannot make decisions for yourself. This article will examine the various components of incapacity planning, offering comprehensive advice for anyone looking to secure their future. What Is Incapacity Planning? Incapacity planning involves preparing legal documents and making decisions in advance should you become unable to manage your affairs due to illness, injury, or other reasons. This process ensures that your financial, health and personal preferences are respected and handled according to your wishes. Understanding the Basics Incapacity planning isn't just for the elderly; unexpected life events can happen at any age. It's about taking control of your future, regardless of what may happen. This planning includes choosing who will make decisions on your behalf and outlining your wishes for medical treatment and financial management. Read more in our article, What Estate Planning Documents are Used to Plan for Incapacity? The Importance of Early Planning The best time to plan is now. Waiting until you're incapacitated leaves your loved ones with difficult decisions and could lead to court involvement. Early planning ensures that your wishes are clear and legally…

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What’s the Difference Between Medicaid Planning and Estate Planning?

What’s the Difference Between Medicaid Planning and Estate Planning?

This article provides a guide into the critical distinctions between Medicaid planning and estate planning, two strategies that, while often intertwined, serve different purposes in the landscape of protecting one's assets and preparing for the expense of long-term care.  Understanding these differences is not just beneficial—it's essential for anyone looking to protect their assets, ensure access to necessary care, and leave a lasting legacy for their loved ones. What Is Medicaid Planning? Medicaid planning describes the service provided by experienced financial and estate professionals to those seeking to become eligible for Medicaid, a federal and state program designed to assist with the costs of healthcare and long-term care for those who could not otherwise afford it.  Medicaid planning involves employing financial and legal strategies to protect your assets while ensuring you qualify for Medicaid benefits if and when you need them. A financial or estate planning professional experienced with Medicaid can help navigate the complex rules surrounding Medicaid eligibility, ensuring that applicants can qualify for benefits without sacrificing all their assets. The goal of Medicaid planning is twofold, explains Paying for Senior Care's article, "Medicaid Planning: Pros & Cons, Costs and Strategies:" 1) to secure Medicaid coverage for long-term care needs, such…

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Using Living Trusts to Protect Your Business Assets

Using Living Trusts to Protect Your Business Assets

Business owners work hard to build their assets and establish their companies. Therefore, it’s essential to ensure that these assets are protected for the business’s continuity and the owner’s peace of mind. One way of safeguarding these assets is by utilizing a living trust. This article discusses how a living trust can protect your business assets. What Is a Living Trust? A living trust is a legal entity created to hold assets, often for the benefit of certain individuals. It’s called a “living” trust because it’s established while you’re alive, unlike a testamentary trust, which comes into effect upon your…

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Discussing Long-Term Care with an Aging Loved One

Discussing Long-Term Care with an Aging Loved One

With an estimated 70% of Americans needing long-term care after age 65, planning for long-term care is an integral part of an Omaha estate plan. It’s better to talk about long-term care and make a plan before the family is confronted with an emergency situation.  Kiplinger’s article, “What Gen X Needs to Know About Their Aging Parents' Finances,” says that caring for an aging loved one takes planning ahead and patience.   By using advance planning for your elderly loved one, the family will have more options to secure proper care, protect family wealth, and ensure that the community or surviving spouse will not become impoverished.  This article provides practical steps for adult children, spouses, or friends to begin long-term care planning with an aging loved one.  It's best to start these discussions while the elderly person is still living independently. How Do You Start the Conversation about Long-Term Care? Initiating a conversation about long-term care with a loved one can be challenging. It's important to approach the topic with sensitivity and understanding. Begin by expressing your concern for their well-being and future. Ensure that the conversation is inclusive, allowing your loved one to express their wishes and concerns. What to Expect…

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Why You Should Put Your House in a Trust

Why You Should Put Your House in a Trust

Putting a home into a trust has several benefits, from avoiding the lengthy probate process to providing potential tax advantages. This article discusses some of the intricacies of trusts and the importance of consulting with an experienced estate planning attorney. What Is a Trust and Why Is It Important? A trust is a legal arrangement where one person (the grantor) transfers ownership of their assets, like a house, to a trustee. The trustee holds and manages these assets on behalf of the named beneficiaries. One main benefit of putting property in a trust is to avoid probate, which can be…

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How a Medicaid Asset Protection Trust Helps with Long-Term Care

How a Medicaid Asset Protection Trust Helps with Long-Term Care

More than a few Omaha seniors who are retired or nearing retirement lose sleep worrying over being able to afford the expense of long-term care, including nursing home care, which can cost thousands monthly. The fallback option for many Americans is Medicaid notes a recent article, “Long-Term-Care planning using trusts,” from the Journal of Accountancy.  Medicaid is a joint federal-state program requiring spending down of assets. Some people plan to qualify for Medicaid even though they have asset levels as high as $2 million or more. Much of this may be the family’s primary residence, especially in locations with elevated real estate markets. How do Nebraska residents qualify for Medicaid? To be eligible financially for long-term care through Medicaid, a Nebraska resident must be at least 65 years old, have an income under $1,215, “countable” assets of no more than $4,000 per individual, and require nursing home facility level care.  Countable assets include things like cash, stocks, bonds, investments, IRAs, bank accounts (credit union, savings, and checking), and real estate that is not a primary residence, like vacation homes.  Some assets are not counted when calculating this total for Medicaid eligibility including a person's home, one motor vehicle, or property…

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Paying for Nursing Home Care in Omaha: Your Guide to Medicare, Medicaid, and More

Paying for Nursing Home Care in Omaha: Your Guide to Medicare, Medicaid, and More

Navigating the myriad of ways to pay for nursing home care can be overwhelming. But with a clear understanding of nursing home costs and the options available, it becomes manageable. If you're based in Omaha, Nebraska, and considering nursing home care for a loved one, this guide is tailor-made for you. Understanding Nursing Home Costs in Omaha Omaha's nursing home costs can be daunting. In 2021, a semi-private room in a nursing home averaged $7,452 per month, with private rooms at $7,779. Even assisted living facilities, which offer a lesser level of care than nursing homes, can run upwards of $4,000 a month. Most people who enter nursing homes start by paying for their care out-of-pocket by using their savings or accessing the equity from large assets like real estate.   It's clear that understanding these costs is crucial for anyone considering nursing home care in Omaha. What Are the Nursing Home Care Private Pay Options? Private pay remains a choice for those who either don’t qualify for Medicaid or prefer not to use it. This method involves tapping into personal assets or savings to pay for nursing home care. It provides more flexibility in terms of choosing the facility or…

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