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…

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…

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…

Navigating the complexities of government healthcare programs can be a daunting task, especially when it comes to applying for Medicaid. Medicaid is a vital program that provides healthcare coverage for individuals and families with limited income and resources. As many Omaha residents have likely heard from their neighbors that you don’t have to hire an attorney to help you apply for Medicaid.  However, our article, The Benefits of Hiring a Lawyer for Medicaid Applications outlines why working with the experienced Medicaid planning team of Legacy Design Strategies ensures that you have a smooth and successful application process.  In addition, our knowledgeable Nebraska attorneys will examine your entire financial situation to help you plan comprehensively for long-term care and protect your nest egg. Film Daily’s recent article “Do You Need a Lawyer to Apply for Medicaid?” looks at some of the Frequently Asked Questions about using a lawyer to apply for Medicaid and discusses the benefits of seeking legal assistance. Will hiring a lawyer guarantee my Medicaid application’s approval? Hiring a lawyer doesn’t guarantee approval of your Medicaid application. Still, a seasoned Omaha Medicaid lawyer can increase your chances of success by providing guidance, ensuring accurate documentation, and addressing any issues…

The sooner someone facing a dementia diagnosis begins plans for their future care and financial decisions, the better it will be for those they love, experts say.

Hiring a lawyer for Medicaid applications can offer several benefits.

With so many ways to claim benefits, especially if you are married or were divorced at some point in your life, small mistakes can add up to a big difference in the amount of Social Security benefits you receive, says a recent article, “11 Social Security Mistakes That Can Cost You a Fortune” from Nasdaq. Here's a list of some of the biggest Social Security mistakes people make: 1. Not Reviewing Your Earnings Statement Annually Not checking your earnings record during your working life can add up to significant losses. Even if you’re decades away from claiming, you should check your earnings record annually since this is what Social Security benefits are based on, not the amount of taxes you or your employer(s) paid. You can create or log into a mySocial Security online account to gain information related to estimates for retirement, disability, and survivors benefits you and your family may be eligible for. Common mistakes include employers recording incorrect earnings or earnings not showing up because you changed your name and the name change wasn’t processed correctly. Check your statement annually to avoid losing the right number of benefits because of earnings record mistakes. If you see an…

For many seniors, the thought of estate planning can seem daunting, the complex laws and myriad of decisions to be made can be overwhelming. But rest assured, with the help of an experienced Omaha Medicaid planning attorney, this process can be navigated smoothly, ensuring you can enjoy your golden years in peace and security. Why Estate Planning Matters As we age, our needs and circumstances change. What might have been an appropriate strategy in our 40s might not serve us well in our 70s or 80s. This is especially true when it comes to preparing for potential long-term care and healthcare costs, including those covered by Medicaid. In Nebraska, the annual costs of nursing home care can quickly drain your nest egg, leaving little for your heirs. That's why it's important to plan ahead with a solid estate plan.  Watch a brief masterclass by our owner and lead Omaha estate planning attorney, Andrew Sigerson: The Five Disastrous Mistakes that Drain Your Nest Egg to the Nursing Home. The Role of an Omaha Medicaid Planning Attorney Medicaid planning is a critical component of any comprehensive estate plan for seniors. It involves employing strategies to protect your assets while ensuring you're eligible…