You need to know a little about
Social Security/ VA/ Medicaid/ Investments and Banking.
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Social Security, do you know how to apply? What about survivor's benefits? Benefits from a former spouse? Do you know what SSI is and who qualifies? These are complex subjects. You can start getting answers at the Social Security web site.
Veteran's Benefits? To find out what they are and who qualifies, go to the VA benefits site. Check out Aid & Attendance pension. Qualification rules are diffeent from those used for medicaid. Do you know what Medicaid is? Medicaid is a joint federal and state government program that helps people with low income and assets pay for some or all of their health care bills. It covers medical care, like doctor visits and hospital costs, long term care services in nursing homes, and long term care services provided at home, such as visiting nurses and assistance with personal care. Medicaid pays the largest percent of long-term care expenditures in the US . Overall program rules for who can be eligible for Medicaid and what services are covered are based on federal requirements, but states have considerable leeway in how they operate their programs and sometimes a different name (MEDI-CAL). States are required to cover certain groups of individuals, but have the option to cover additional groups. Similarly, states are required to cover certain services, but have the option of covering additional services if they wish to do so. As a result, eligibility rules and services that are covered vary from state to state. To be eligible for Medicaid, you must have limited income and assets. The Financial Team: Your parents need to give you the names of all the players. Make sure they talk to you about the specifics of online investment accounts and safe deposit boxes and their bank accounts. Estate Taxes: In January 2015 the amount an individual can exclude from estate taxes, including gifts given during one's lifetime, is $ 5.43 million A married couple's exclusion is close to 11 million. Probably not a problem for very many (less than .12%). If it were a problem consider learning about an A B trust. Learn about an Irrevocable life insurance Trust to keep insurance proceeds out of your estate. |