{"id":31369,"date":"2018-11-15T12:51:05","date_gmt":"2018-11-15T17:51:05","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=31369"},"modified":"2018-11-15T15:58:36","modified_gmt":"2018-11-15T20:58:36","slug":"business-report-fear-factors-in-elder-care-planning","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/","title":{"rendered":"Business Report: Fear Factors In Elder Care Planning"},"content":{"rendered":"<figure id=\"attachment_31370\" aria-describedby=\"caption-attachment-31370\" style=\"width: 196px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-31370\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/11\/herzog-column-verni-c-196x300.jpg\" alt=\"\" width=\"196\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/11\/herzog-column-verni-c-196x300.jpg 196w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/11\/herzog-column-verni-c-668x1024.jpg 668w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/11\/herzog-column-verni-c.jpg 724w\" sizes=\"(max-width: 196px) 100vw, 196px\" \/><figcaption id=\"caption-attachment-31370\" class=\"wp-caption-text\">Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.<\/figcaption><\/figure>\n<p>By Debra Verni, Esq.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The fear of many elderly individuals &#8212; perhaps even yourself or someone in your family &#8212; is that nursing home costs will consume their life savings\u00a0before they can be passed to their heirs. This concern is real and has spawned elder care planning strategies designed to minimize the damage.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Background: Medicaid is a\u00a0health care assistance\u00a0program for elderly, blind, and disabled\u00a0people in financial need. It covers nursing home costs, but it\u2019s not easy to qualify for assistance. Generally speaking, an individual may own only a few assets\u2014a car, certain personal belongings, a small amount of savings\u2014and have a minimal income stream. The exact amounts are established by individual states. Since these standards are often unattainable, the assets of a nursing home resident may be exhausted by\u00a0fees before becoming eligible for Medicaid.<\/p>\n<p>Therefore, one typical objective of elder care planning is to \u201cspend down\u201d below the state Medicaid limits to qualify for assistance.<\/p>\n<p>Traditionally, this has been accomplished through direct gifts made to other family members or by transferring assets to a trust that provides minimal payouts. However, there\u2019s yet another hurdle: The Medicaid \u201clook-back rules.\u201d<span class=\"Apple-converted-space\">\u00a0<\/span><!--more--><\/p>\n<p>Under the look-back rules, assets transferred within 60 months of the date of the relative\u2019s application still count towards determining Medicaid eligibility.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Despite this pessimistic outlook, planning opportunities exist, you may be able to\u00a0take advantage of\u00a0certain exceptions to the strict rules for Medicaid assistance. For example, in certain cases, nursing home applicants do not have to sell their homes to qualify for Medicaid and transferring assets to certain people, such as a disabled child, does not trigger a period of Medicaid ineligibility.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>It is generally recommended that people\u00a0begin elder care planning for assets while they\u2019re still healthy. This is an area of where profess<\/p>\n<p>Verni is a principal at the Herzog Law Firm in Saratoga Springs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Debra Verni, Esq.\u00a0 The fear of many elderly individuals &#8212; perhaps even yourself or someone in your family &#8212; is that nursing home costs will consume their life savings\u00a0before they can be passed to their heirs. This concern is real and has spawned elder care planning strategies designed to minimize the damage.\u00a0 Background: Medicaid [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":31370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Fear Factors In Elder Care Planning - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Fear Factors In Elder Care Planning - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Debra Verni, Esq.\u00a0 The fear of many elderly individuals &#8212; perhaps even yourself or someone in your family &#8212; is that nursing home costs will consume their life savings\u00a0before they can be passed to their heirs. This concern is real and has spawned elder care planning strategies designed to minimize the damage.\u00a0 Background: Medicaid [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2018-11-15T17:51:05+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2018-11-15T20:58:36+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/11\/herzog-column-verni-c.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"724\" \/>\r\n\t<meta property=\"og:image:height\" content=\"1110\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/\",\"name\":\"Business Report: Fear Factors In Elder Care Planning - Glens Falls Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\"},\"datePublished\":\"2018-11-15T17:51:05+00:00\",\"dateModified\":\"2018-11-15T20:58:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business Report: Fear Factors In Elder Care Planning\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\",\"name\":\"Glens Falls Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\",\"name\":\"Jake Van Ness\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"caption\":\"Jake Van Ness\"},\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/author\/jakev\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Business Report: Fear Factors In Elder Care Planning - Glens Falls Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/11\/business-report-fear-factors-in-elder-care-planning\/","og_locale":"en_US","og_type":"article","og_title":"Business Report: Fear Factors In Elder Care Planning - Glens Falls Business Journal","og_description":"By Debra Verni, Esq.\u00a0 The fear of many elderly individuals &#8212; perhaps even yourself or someone in your family &#8212; is that nursing home costs will consume their life savings\u00a0before they can be passed to their heirs. 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