Page 27 - Senior Times South Central Michigan - April 2017 - 24-04

ask
THE ATTORNEY
Michael B. Walling, Attorney, Special to Senior Times
Senior Times - April 2017
Page 27
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NURSING HOME & FINANCES
QUESTION: My husband just went in the nursing home. I don’t think he will be able to come home. Everyone is telling me to get him on Medicaid and that I can keep my home and a car but I will have to spend all of our savings. Our home is worth about $120,000 and we have about $100,000 in savings. Is that right? We worked so hard to save that money! We had a trust done a few years ago; will that protect our money?
ANSWER: The trust won’t protect your money if it is a regular estate plan- ning trust. Those trusts are called a liv- ing trust and are revocable. However, the trust may help you keep your life sav- ings!
You are right that you can keep your home and a car. You can also keep all of your household goods. As for you savings, you can keep one-half of the amount you had when your husband first went into the long-term care for
a period of 30 days or longer, up to a
maximum of $120,900. This is called the “Snapshot” date. If your husband just went in the nursing home for the first time, then the Snapshot date we are looking for may be the first day he was admitted.
As you had a revocable trust done ahead of time, there may be a way to keep ALL of your savings. That is one of the many benefits of having a trust done. I would advise you to see an elder law attorney who specializes in protecting assets for persons in a nursing home.
Michael B. Walling is an Elder Law attorney with a Master of Laws degree. He manages The Elder Law Center and the law firm of Michael B. Walling, PLC. Mr. Walling is also a part-time Professor at Western Michigan University. Please send any questions you would like addressed to: The Elder Law Center, 4625 Beckley Road, Building 400, Suite 4003, Battle Creek, Michigan 49015. You may also call (269) 968-1101 to set up
a free initial consultation. This column
is intended for general information pur- poses only and should not be considered as legal advice to any particular person.
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SOCIAL SECURITY
Vonda VanTil, Special to Senior Times
REPRESENTATIVE PAYEE: HELP A LOVED ONE WITH SOCIAL SECURITY
According to the Census Bureau, there are nearly 57 million people living with disabilities in the United States. Thirty percent of American adults help provide care for a sick or disabled fam- ily member. Caregivers provide physical and emotional support for the people in their care. It’s a demanding job with its stresses and rewards, but it can also be a labor of love.
Social Security is committed to you throughout life’s journey, helping secure today and tomorrow for every American. This is especially true for people who need help managing their benefits. We work closely with caregivers through our representative payee program.
A representative payee is someone who receives and oversees the Social Security or Supplemental Security Income (SSI) benefits for anyone who cannot manage their benefits. This can be a child or an adult incapable of managing their own funds. You can learn more about our representative payee program at www.socialsecurity. gov/payee.
A representative payee is usually a trusted family member or friend of the beneficiary, but when friends or fam- ily are not able to serve as representa- tive payees, Social Security looks for qualified individuals or organizations to represent the beneficiary. You can learn about becoming a representative payee by watching our new series of videos on the duties of a representative payee at www.socialsecurity.gov/payee. It’s our hope that these videos will not only educate individuals about the roles and responsibilities of being a representa- tive payee, but also provide further insight, broaden community awareness, and provide key resources to deal with the growing incidents of elder abuse, neglect, and financial exploitation.
Caregivers are valuable and irreplace- able assets to our great nation. Please join us in celebrating them for all they do for those who cannot do for them- selves.
Vonda VanTil is the Public Affairs Specialist for West Michigan. You
can write her c/o Social Security Administration, 3045 Knapp NE, Grand Rapids, MI, 49525 or via email at vonda.vantil@ssa.gov.
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THE ELDER
LAW CENTER
Helping Seniors Preserve Their Lives
Asset Protection Planning for Persons in a Nursing Home or Entering a Nursing Home Powers of Attorney • Wills • Trusts • Probate
Don't Lose Everything You Have To the Nursing Home
I can help you save up to 100% of your assets.
Michael B. Walling, J.D., LL.M.
Let me help you properly draft and fund a trust before you or your spouse enter a nursing home; it could save you over $50,000!
MICHAEL B. WALLING
Elder Law Attorney
Author of "Ask the Attorney"
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