Website: https://www.griboffestateplanning.com/
Email: [email protected] | Phone: (301) 339-8725 (preferred)
Amy Griboff is an attorney whose practice focuses on Elder Law. She is licensed to practice law in both Maryland and DC. Prior to becoming an attorney, she was an elementary school teacher. Like so many of us, it was a personal tragedy that changed her career trajectory.
Her mom died when Amy was in her 20s, and Amy was her mother's personal representative. Amy had to settle her mother's estate. At the same time, her grandmother was not able to make her own decisions. Her grandmother had appointed Amy's mother to be her representative. With her mother's death, this fell on Amy too.
Amy shares stories with us, highlighting where planning has helped. She also points out that the lack of planning has hurt families. A few of you may have already been through this. Some may never have experienced it. But it's an important discussion.
Medicare will not pay very much if you need long-term care. Although long-term care includes care in a nursing home, it is not limited to this. Americans are choosing to age in their own homes. It can be very expensive, especially if you require 24-hour care.
There are going to be some who can afford to pay for this care privately. If you have a child with a disability this may not be an option. Every dollar you spend on your own care is going to be a dollar you cannot leave to your child (unless you have a life insurance policy). Other options include using long-term care insurance or Medicaid.
Medicaid's asset limit isn't just for individuals with disabilities. It applies to those who want to use it to pay for long-term care as well. Not every state's limit is $2,000. You will want to make sure you know what your state's limits are.
Amy points out that even if Medicaid is paying for long-term care, it will NOT pay for everything. A few examples are hearing aids, dental work, and customized wheelchairs. It will also not cover anything you would like to do for fun.
Although we didn't cover it in this discussion, there is an additional benefit to having long-term care insurance. Certain policies will allow you to keep more assets and qualify for Medicaid. Talk to a licensed insurance agent to learn more.
Amy mentions a Pooled Special Needs Trust. Here's a link to a video I did explaining them:
https://youtu.be/GbhRgvMGMUY
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