Money & Law

What is a Medicaid spend down? Elder law attorney Jim Koewler joins Suzanne Newman to answer this question, and shows how it differs if you're single or married. With a single person, if they want VA coverage, they have the same asset limits of $130K. If they want Medicaid long-term care coverage, they need to reduce assets to $2K, or their state's level, which is very different from the VA level. How you do that is through a spend down.

What do you do when you or a senior loved one needs care now — a crisis situation — and they have some money available? In this situation, one option is to choose to private pay for the care. This segment focuses on financial eligibility for married couples to receive VA pension benefits and Medicaid. If you're married, to get Medicaid you have to spend your assets down below $2,000 (Federal and Ohio levels; amounts vary by state).

This hour is about how to appoint people to represent you in situations where you're unable to act for yourself – a who's who of people who should be involved in your estate plan. This segment focuses on Revocable Trusts — Grantors are initial trustees, Successor Trustee, HIPAA Release.

Learn how to appoint people to represent you in situations where you're unable to act for yourself. This segment focuses on after you pass away. You can choose between a will-based estate plan or a trust-based estate plan.

Learn how to appoint people to represent you in situations where you're unable to act for yourself – a who's who of people who should be involved in your estate plan. This segment focuses on living wills. One person does the job – pick one person.

This hour presents a who's who of people who should be involved in your estate plan, and how to choose people to have power of attorney – specifically, the personality traits they should have. For Powers of Attorney (General and Health Care), you need to choose an Agent, First successor agent, Second successor agent, and Others.

Here is a guide to help people who are worried about long term care costs in the future. There are three basic strategies: do nothing, buy insurance, or give away assets. When giving away assets, there are two approaches: direct gifts, and an irrevocable trust. This segment focuses on direct gifts. A PowerPoint presentation accompanies this segment — watch this segment on YouTube’s Answers For Elders channel.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm provides us with a guide to help people who are worried about long term care costs in the future. There are three basic strategies: do nothing, buy insurance, or give away assets. In this segment, Jim goes in further detail about buying insurance. There are two approaches: the "traditional" long term care insurance, and having long term care insurance tied to an asset investment.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm looks at the criteria used to compare planning strategies. There are three basic strategies: do nothing, buy insurance, or give away assets. The criteria Jim uses compare those methods are: the cost to implement the strategy, the risk to your money, how convenient is it to carry out the strategy, how much control does it give you over money, and the likelihood that it will protect your assets.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm provides us with a guide to help those who are worried about long term care costs in the future. He talks about how older senior loved ones can protect their life savings and plan for the costs of long term care. Goals are to avoid becoming a burden to our children, leaving a financial legacy, military benefits, earning a feeling of accomplishment and preserving your identity.