In general terms, if a person has benefitted from a Qualified Partnership Plan Long Term Care Insurance policy, the person can keep extra amounts from Medicaid spend down that are equal to the benefits received from the Qualified Partnership Plan (QPP) Long Term Care Insurance policy.
Under Oregon law, upon reaching a certain age, a home owner can often defer real estate taxes.
There are limits to these deferrals.
As discussed in another article published on this web site, Long Term Care Qualified Partnership Plan (QPP) insurance policies can be one way to save extra resources from Medicaid.
Please see the earlier article for a more detailed discussion of this idea.
Long term care insurance can increase the amount of assets you can keep when you qualify for Medicaid.
Long term care insurance can also increase the amount you can protect from estate recovery after you die, if you have been on Medicaid.
Sometimes a person wants to draft a new will or trust, or make changes to their existing estate plan including their existing will or trust.
In most cases, this should not be a problem.
Sometimes people have a child that they want to help become established in a home.
In some cases, rather than giving the child a down payment, or the like, there is a desire to simply transfer a house that the parent already owns to the child.
Some people mistakenly believe that once a Power of Attorney has been signed, the person who signed the Power of Attorney is protected against undue influence.
This is, quite simply, wrong.
What should one do if a Power of Attorney is rejected?
What CAN one do if a Power of Attorney is rejected?
It is not uncommon for a Power of Attorney to be presented to an entity, and to have that entity reject the power of attorney.
Even though there can be tax benefits to deferring payouts from an IRA or a 401K, sometimes this benefit is a minor benefit when compared with the risks of having the asset distributed directly to someone who may have problems handling money.
For tax reasons, it is often wise to pass IRAs, 401Ks, and other tax deferred assets outside of probate, by making sure the beneficiary designations on these assets name actual individuals.