Administration: Court proceeding to appoint a fiduciary, known as an administrator, when the deceased individual did not leave a last will and testament and left assets that were not otherwise provided for. Bequeath: an interest in an estate passed by Will (as opposed to an intestate share). Intestacy: when a decedent does not have a …
Definition: A fiduciary relationship where one party, known as the “Grantor” (or “Creator” or “Settlor”), gives another party, known as the “Trustee” property to be held for the benefit of the Grantor or a third party, known as the “Beneficiary”. Living Trust: a trust that comes into existence during the Grantor’s lifetime. Testamentary Trust: a …
Medicare is the primary insurance of most senior citizens in the United States. There are no financial requirements or limitations associated with Medicare. Medicare is broken down into Par ts A, B, C and D. Medicare Part A: Primarily covers inpatient hospital services. However, in limited circumstances it also covers certain skilled home health services, …
Community Spouse Resource Allowance: the amount of assets the spouse of a nursing home applicant may maintain without having to do a spousal refusal. May also be used in certain instances in homecare applications. Excess Resources/Excess income: countable assets/income above the permissible Medicaid level. Lookback period: The period of time Medicaid will “lookback” from the …