While Medicaid pays for 59% of long-term elder care in the US (its largest category of spending by far), when the program was created it was intended as a “payer of last resort” — a form of insurance that takes over for poor seniors or, as is often the case, senior citizens made poor by their long-term care. With the average cost of a nursing home in New York reaching $128,000 per year, twice the cost of college, Medicaid is an inevitable fact of life for even successful retirees with what seemed like perfect estate planning.

Due to its need-based mandate, Medicaid has notoriously stringent criteria for eligibility, including hard limits on income (zero – any incoming payments must go directly to Medicaid), assets (no more than $14,200 in cash or investments), and gifts, both given and received. These rules became stricter after the Deficit Reduction Act of 2006 (which also made bankruptcy a more difficult, painful process) and will likely be tightened again in the next few years through the currently proposed health care reform.

One major change that caused losses of billions of dollars thought to be safe was the restriction on annuities to the lifetime of the annuitant (the originator of the asset), preventing them from being a way to safeguard an estate, since any remaining balance would now go directly to the government. Even more vexing are the rules surrounding the newly expanded lookback period, a span of up to five years before applying for Medicaid where all spending is scrutinized with the theory that any unnecessary spending in those years should have been directed toward future nursing-home care.

Plan Ahead

It’s never too early to think about Medicaid. It may be possible to “pre-execute” a substantial portion of the estate at a much earlier age than you might expect — possibly as soon as 61. Using trusts and annuities, you can move assets into your children’s names, where Medicaid can’t look for them. The downside here is that these “gifts” are taxable at a rate even higher than ordinary income… and are taxable twice if they need to give you back some of it for additional expenses you didn’t foresee. Also, you take the risk that your family members will spend the money as if it were an inheritance, and it won’t be available if or when you need it. And if you end up in long-term care sooner than expected, they will be obligated to pay back more than they received — the entire pre-tax value of the gift.

Move

Another way to maximize the remaining estate is to move, counterintuitively, to a more expensive property. While many seniors downsize with the intention of saving money, upsizing has its advantages too. Medicaid allows you to keep your residence up to a set limit of $543,000 ($814,000 in and near some major cities) as long as you owned the home for at least five years, and it is the final place you live before the assisted-living facility. And as long as you don’t sell the house, it, or the proceeds from its sale, becomes part of the estate.

Share

If you are married, assets for the exclusive benefit of your spouse are also exempt. This one won’t help your heirs, but it will ensure that your spouse is taken care of during and after your illness. Assets are generally considered to be shared between married couples, and count against your eligibility, however, it’s possible to create a special type of “Medicaid annuity” and protect assets that otherwise would have had to go toward your own care. These annuities are restricted to the actuarial life expectancy of the spouse not in the nursing home, and in case of an early death do NOT become part of the estate, but rather are forfeited to the Medicaid.

While these options become more and more restrictive the longer you wait, it’s possible to save more than one might initially expect. Make sure you start planning early, and consult a financial advisor specializing in Medicaid and long-term care to protect the funds for your care and your inheritance!

The shipping industry is quite complex, much to the surprise of many Americans. Most people who order items online just view it as a simple process by which they receive their products. However, this is a process in which shippers need serious help tracking overweight shipping, specialty freight, expedited trucking, and all other forms of shipments. One of the newest forms of technology comes by way of aerospace logistics services.

Aerospace logistics services are the new form of technology by which shipment companies can track their shipments. This is incredibly important because right now the LTL market is booming. LTL is a shortened version of less-than-truckload and is valued to be at $35 billion.

The amount of cargo that was shipped and moved b

The new year is in full swing. Have you donated to charity lately?

If it’s been a while since you’ve dug around in your home for unwanted items, never fear. Charitable clothing donations are still one of the best ways to help out your community and do some good for the planet. While offering up furniture and old toys is a useful endeavor, veterans clothing donations hold the unique distinction of being able to penetrate multiple levels of society. It can clean up the environment, save you money on your taxes and provide countless people with useful items.

Here are the five things your clothes donations will do this year.

Clean Up Landfills And Encourage Cleaner Air

Technology has been making continuous advancements as of late. It appears that up-and-coming software has been steadily becoming better with each and every year, advancing the businesses they support by reducing the amount of man hours needed, all the while producing technically flawless data. For those working within management positions, they know how important these advancements are, as they better the workforce as a whole, ensuring that all of the company’s bases are covered. Further, for those keeping an eye on the company’s accounts, it is important that every investment and arrangement is providing the best outcome that it can.

Broker systems and broker software, often referred to

Hazmat Certification: What You Need to Know

If you are someone (or know someone) who works with potentially hazardous materials, consider the benefits of hazmat certification. When it comes to dangerous materials, an injury is the biggest concern as exposure to such elements can cause serious injury, or even worse, death. Thus, if you work with such materials, sign up for a hazmat certification course as soon as possible to protect yourself from injury. Keep reading below for additional information pertaining to hazmat certification.

1. Keep in mind that 3 billion tons of hazardous materials are shipped every year so there is a lot of potential for injuries.

Custom banners, display boards for sale…keeping up with the value of your signage can seem like a lost cause right from the beginning with so many options available.

That doesn’t mean it isn’t worth the effort. Your signs are some of the most affordable and useful marketing tools you have at your disposal, covering multiple bases while keeping your budget smart. They’re useful for directing customers to your place of business. They communicate multiple elements at a glance. They can even start giving you your money back. Being able to achieve all these traits and more, however, requires a little old-fashioned knowledge right alongside the more dynamic, new additions.

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