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JANUARY 2025
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A New Year, a New Plan Medicaid Planning for Elder Care
As our parents and loved ones age, we want nothing more than to take care of their needs so they can enjoy retirement and do what makes them happy. However, life continually throws obstacles in our way, making things more difficult for everyone involved. A parent might grow ill, or their retirement savings diminish quicker than anticipated, putting their plans and goals into question. We’d love to be able to step away from work and our other responsibilities to care for them 24/7, but most of us can’t pull that off.
The reason it’s so important to prepare in advance for Medicaid is because Florida uses a five-year look-back period to prevent individuals from transferring assets at the last minute to qualify for Medicaid benefits. Medicaid will inspect all asset transfers and gifts made by the applicant during the five years prior to their Medicaid application. If you’re transferring assets and giving gifts at a cost way below market value, Medicaid may consider you ineligible. To qualify for Medicaid, you need to meet a few requirements. First, you will need to be a resident of the state of Florida to be eligible. That eligibility extends to U.S. nationals, citizens, permanent residents, and legal aliens residing in the state. Certain income and asset limits can prevent you from being eligible for Medicaid. In 2024, Institutional/Nursing Home Medicaid had an income limit of $2,829 for an individual and $5,658 for a married couple. That same program has an asset limit of $2,000 for an individual and $3,000 for a married couple. Depending on the program you’re applying for, you may have to meet other unique criteria. After reviewing the requirements for Medicaid, you may feel it’s impossible for you or a loved one to qualify, but tools are available to help you. Medicaid asset protection trusts, spousal transfers, ladybird deeds, and irrevocable funeral trusts are just a few tools to consider. The most important thing you can do to ensure you’re qualified is to work with an experienced elder law attorney knowledgeable about Medicaid planning. Our team is standing by and ready to answer questions or help you start the process.
When we realize we need external help to care for our aging loved ones properly, we may look at assisted living facilities or nursing homes, but these resources cost a significant amount of money. A report from Genworth in 2023 found that the monthly cost of a semi-private room in a Florida nursing home was $9,985. That cost goes up by almost $2,000 a month for a private room. Just seeing that price could fill you with anxiety, wondering how your loved ones could afford it without emptying their savings accounts. Thankfully, Medicaid can help offset costs without spending down all available assets. Since it’s the beginning of a new year, it’s an excellent time to familiarize yourself with Medicaid and make preparations to ensure you or a loved one can qualify when eligible and needed.
Helping others qualify for Medicaid means a lot to me, as my grandmother Betty did not have long-term care
insurance and had to spend down her assets. I will do everything in my power to ensure you and your family do not have to face a similar hardship. Call us today for a free consultation.
-Barry Siegel
1 561-955-8515
Shining the Light on Lighthouse Parenting
When you ask people without an estate plan why they haven’t created one, their answers usually fall into one of three categories: 1) They’ll tell you they don’t know where to start, 2) They don’t have enough assets or an heir to make it worth their while, or 3) They don’t want to think about the idea of death. Nobody wants to think about what will happen after they pass away, but that fear won’t prevent death from knocking on our door when it’s our time. We’d love to provide you with a secret phrase or exercise to ease your mind and erase fear completely, but that’s not the reality of the situation. Fear of our own mortality is entirely natural, and nearly everyone experiences it at some point. You may worry about what comes next or what will happen to your loved ones after you pass. While we can’t ease any fears about the afterlife, we do know the best way to ensure your loved ones can maintain their lifestyles and carry on with life after you’re gone is through estate planning. By creating an estate plan, you can determine how your assets will be divided amongst your loved ones, which will help prevent probate from derailing the grieving process. This is your opportunity to ensure your legacy is carried out as you see fit. Without it, state intestacy laws will dictate who gets what, which can cause fights and turmoil within your family. The last thing you want is for your death to add to any family infighting. We can help you become more comfortable with your mortality through conversations. Although many people fear death, what they should really fear is passing away without any sort of plan in place. An estate plan won’t prevent death or even delay it, but it will give you peace of mind and a better appreciation for life. If you have any questions about estate planning or need help, please call us! Don’t Let Fear of Death Keep You From Securing Your Family’s Future
Among the countless parenting styles out there, an approach called “lighthouse parenting” is a beacon for guiding children through life’s turbulent waters while giving them the space to navigate on their own. While it may sound ideal, is it the right parenting style for your kids? WHAT IS LIGHTHOUSE PARENTING? Coined by Dr. Ken Ginsburg, a professor of pediatrics at Children’s Hospital of Philadelphia, lighthouse parenting is a philosophy detailed in his book “Raising Kids to Thrive.” This approach emphasizes a balance of nurturing and communicating with children while allowing them the freedom to grow independently. Just as a lighthouse guides without steering the ship itself, lighthouse parents offer direction and ensure safety without overly controlling their children’s lives. IT ADVOCATES FOR A BALANCED APPROACH. Lighthouse parenting positions itself in the sweet spot on the parenting spectrum — not as overbearing as helicopter parenting nor as detached as free-range parenting. It focuses on being emotionally present and available, providing a safe space for children to bring up issues and learn from their experiences. This method involves: • Checking in Regularly: Ensuring open lines of communication. • Encouraging Autonomy: Allowing kids the freedom to make decisions and learn from the outcomes. • Promoting Resilience: Supporting children as they navigate challenges, helping them to develop coping skills and independence.
PARENTS SET BOUNDARIES AND OFFER SUPPORT. Unlike authoritarian parenting, which might stifle a child’s sense of independence, lighthouse parenting encourages self-reliance through trust and minimal but firm boundaries. Parents provide the framework, trusting the kids to make good decisions. This method helps to build a robust support system where children know they have the safety net of their parents’ guidance when needed. KEEP THE LIGHT ON Adopting the lighthouse method involves unconditional love paired with expectations and boundaries. It’s about guiding children through the complexities of growing up without removing the essential experiences that teach them about life. Of course, no single parenting style is perfect for every child. How you reinforce lighthouse parenting depends entirely on your child’s needs and developmental trajectory. Ultimately, lighthouse parenting aims to prepare children to thrive independently, ensuring they know the way back to shore, no matter how far away they sail.
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Don’t Fall for It! 3 Common Scams Preying on Seniors and How to Stay Safe
Nobody ever plans to fall victim to a scam, but scammers succeed daily. They call and email nonstop, looking for someone who will respond and provide sensitive information or money. Over the years, scammers have perfected their craft, and technology has made it easier for them to part individuals with their hard-earned money. Too often, seniors are victims of these scams, but through awareness, you can protect yourself and your loved ones from falling for these shady tactics.
them, and they confirm it. Before long, they tell you about their dire situation and how they need money. However, they tell you not to inform their parents under any circumstance. While this could actually be your grandchild, it’s doubtful. You can protect yourself from this scam by hanging up the phone and calling your grandchild back with the contact info you have saved on your phone. There’s a strong chance they’ll answer and have no idea what you’re talking about. LOTTERIES You just received an email stating you won a lottery worth millions. You jump for joy before reading that you must send money to cover the taxes before they release your lottery winnings. Unfortunately, there is no
lottery; you’ll just give your money away to a scammer. If you didn’t opt-in to a lottery or contest, just flag these emails as spam. If you did enter something and they’re asking you to send money or provide sensitive information, it’s likely a scam. MEDICARE FRAUD Many seniors are on Medicare, and scammers will use this to their advantage. Scammers may call seniors to “confirm” information about their account, but they’re actually just trying to gather personal information from you. With the information they collect, they could steal your identity. Just like with the grandparent scam, hang up the phone and call Medicare directly. Never share personal information over the phone if you didn’t initiate the call.
Here are three scams that target seniors and how to protect yourself from making a dire mistake.
THE GRANDPARENT SCAM Imagine this scenario: You’re sitting at home when you receive a call from an unfamiliar number. You answer the phone, and the person on the other line says, “Can you guess who it is?” They sound close enough to one of your grandchildren, so you say it’s
Sudoku
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Inside This Issue
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Why Medicaid Planning Is Essential for Aging Loved Ones
Lighthouse Parenting: Illuminate the Path to Independence and Resilience
Why Facing Your Mortality Now Is Crucial for Your Family’s Future
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Senior Scams Exposed
Check Out Our Seminars!
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Tips for a Tidy Food Area
Transform Your Food Zone Secrets to a Spotless Pantry
REPURPOSE AND REVITALIZE If you need new ways to store items, look around the rest of your house before spending money at the store. Why purchase new containers when the glass jars you’d otherwise recycle would work just as well? After removing the labels, a good wash and rinse is often all it takes to make them as good as new. Do you have baskets or bins in your home you aren’t using to hold much? Empty and repurpose them to store more goodies at less cost. It’s incredible how often we burn through cash on new items when we already have plenty of things that could serve the same purpose. All you need is a little imagination!
Depending on how you organize your home, your pantry is either a tidy spot for storing snacks or a dungeon-like display of disorganization. If a walk-through of your current space would give Gordon Ramsay a kitchen nightmare, here are three ways to whip it into shape. PURGE AND POLISH Before you do anything else, empty out the contents of your pantry entirely. You heard that right — everything must go! Move all your items to another room, check all expiration dates, and dispose of everything that’s gone bad. Next, check the quality of your pantry shelves and replace any
that could pose a safety risk — or create a colossal mess — if they were to collapse. Next, wipe down and disinfect the entire area before filling it up again with the food items you decide to keep. DECREASE AND DECLUTTER Now that you’ve determined what stays and what goes, look for ways to rearrange your pantry further. For example, cereal boxes are space-killers, so why not pour their contents into containers that will preserve freshness longer and occupy less space? You’ll create extra room for small kitchen appliances that may get in your way.
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