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Orange City Estate Planning Blog

Watch Your Language: Grantor

The grantor is the person who creates a trust. No matter what type of trust you have, the grantor is always in charge because they set the trust’s terms. [Read More]

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Watch Your Language: Snapshot Date

When you first submit a Medicaid application for nursing facility care (and Elderly Waiver, in Iowa), DHS takes a “snapshot” of your financial status as of the date you first moved into the nursing home. This is called the “snapshot date.” [Read More]

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Watch Your Language: Resource

The third test in the Medicaid application process considers whether the applicant has too many resources. But what is a resource?[Read More]

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Watch Your Language: Income

The Medicaid definition of “income” comes from federal law and reads as follows: Income is “[a]nything a person receives either in cash or in kind that can be used to meet the person’s basic needs of food, clothing, or shelter.” [Read More]

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The Medicaid Planning Hoax: 3 Myths

Nursing homes are incentivized by the state to perpetuate the hoax because the daily nursing home rate paid by the state is lower than the private pay rate. Lawyers who don’t know anything about the Medicaid regulations are telling people they have no options for planning for Medicaid eligibility. How do you overcome misinformation or a lack of information? You get educated. Here are three myths, rooted in the Medicaid Planning Hoax, that are all wet. [Read More]

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The Proper Approach to Trust Administration

There is a certain amount of responsibility that goes along with wills or trust administration in Iowa. For this reason, it is vital to choose someone very trustworthy to take on this important role. While some individuals will likely see it as an honor to be chosen, it can also be quite a burden, so it is highly recommended that the potential trustee be contacted in advance and asked if he or she is willing and able to take on the role.[Read More]

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High Five: 5 Ways to Pay for the Nursing Home

Nursing home care is expensive, and it’s not going to get better any time soon. With the 2014 average cost of nursing home care reaching $169 per day in Iowa, 70% of people reaching age 65 this year can expect to pay about $123,370-$141,115 (or more!) for their end of life care. The question becomes, how do you pay for an expense that huge? [Read More]

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