Most senior couples have lived in their home or on their farm for years and have completely paid for this property. Their goal is to pass the home down to the next generation – their children. In addition, the home is usually the couple’s most valuable asset. Consider this all too common situation: Husband suffers a stroke and his doctor says he needs nursing home care. Wife's concern is finding the money to pay for that care. She fears losing the family home/farm that has been in the family for years. The couple does not have enough savings to pay for the nursing home for very long, and they worry that if husband applies for Medicaid benefits the state will take the home place.

Do I have to be already living in an assisted living community before I apply?
 No, it is not necessary to be living in assisted living in order to apply for VA benefits; however, if you are in need of personal assistance, the entire cost of assisted living helps to qualify you for benefits, but you must be a current resident to submit these expenses as a deduction off income.

Medicaid is an incredibly valuable benefits program that helps pay for care seniors needs when they live in a nursing home and assisted living facility. Medicaid can also pay for some in-home care services. However, the financial criteria for qualifying for these benefits is very complicated and there is a great deal of misinformation about the program and many misconceptions about Medicaid benefits. This article will attempt, briefly, to address some common myths about this misunderstood benefit. Do not consider this article a substitute for legal advice -- always consult a qualified board certified elder law attorney regarding your own situation before taking action so you can be sure you are making good decisions with regard to how to plan for long-term care costs.

Siblings do not always receive equal shares of a parent's estate. Sometimes the inequality is intentional and sometimes it is accidental. Regardless of how it happens, it can cause arguments among the children. However, there are some steps parents can take to promote family harmony.

Although you can begin receiving Social Security benefits anytime after age 62, the longer you wait, the higher the benefit you will receive. But many people need money right away and cannot afford to delay. If you are married, there is a strategy that may allow you to claim some benefits immediately and then claim more benefits later.

Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones, and such accounts are sometimes referred to as "the common person's estate plan." But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to a bank account can affect Medicaid planning as well as expose your account to the loved one's creditors.

“May you live in interesting times,” was an old curse veiled as a compliment. Well, we are certainly all living in interesting times right now! Markets and home values are crashing, economic uncertainty abounds, and government spending is unchecked. All about us, businesses are failing. Many seniors are very concerned right now about their futures, with good reason.

The past several months the bad news has been constant. Listen to the news media and it is all doom and gloom. Financial institutions collapsing or merging. The stock market is sharply down and so are individual portfolios. Housing values have tanked erasing a huge amount of home equity for homeowners. Unemployment is up which means tax revenue is down and government programs are being slashed. Yet Congress approved more than $700 billion in payments to bail outs. Some of these monies are directed at Wall Street. Congress then approved billions more to bail out the auto industry. We are now hearing that our budget deficit is in the trillions and counting. Idaho’s economy is not immune to these national trends. State budget cutbacks are here and increasing.

A topic receiving current news coverage is the failure or potential failure of some banking institutions. You may be wondering whether your own savings and investments are at risk. Many seniors who lived through the Great Depression saw the failure of the banking system and the stock market, and are acutely aware of the risks of investing.

One important issue we often face is how to help clients who may need an important VA benefit available to wartime veterans who may be facing substantial medical and care expenses. A veteran who is confined to their home or needs an assisted living facility care may qualify for a special monthly pension. Secretary Nicholson of the Department of Veterans Affairs, recently reported that the VA is reaching out to veterans and spouses to alert them to an under used benefit called “Aid and Attendance” (A and A). It has been reported by the VA that thousands of Idaho veterans may not be receiving the VA disability benefits they are entitled to. One of the VA’s best-kept secrets, which is an excellent potential source of funds for long-term care (either at home or in an assisted living facility) are veteran’s benefits for a non-service connected disability. Most VA benefits and pensions are based on a disability which was incurred during a veteran’s wartime service. This particular benefit, A and A, is available for individuals who are disabled due to the issues of old age, such as Alzheimer’s, Parkinson’s, multiple sclerosis, and other physical disabilities. For those veterans (and widows or widowerers) who are eligible, these benefits can be a blessing for the disabled individual who is not yet ready for a nursing home. This benefit can be as high as $1,842.00 per month for a married veteran, tax-free! This is over $22,000/year. This money can potentially be used for home healthcare or assisted living facilities. We were shocked to learn that thousands of Idaho veterans may be missing out on this valuable benefit which they have a legal right to receive. The benefit is not generally used for the cost of nursing home benefits.