Medicaid Planning and Veterans benefits

If a spouse is entering a nursing home, A Medicaid qualifying annuity can help protect the assets of the at home spouse.

Veterans benefits can help assist in the cost of assisted living or home care.

Understanding the Basic Types of Planned Giving

A longtime insurance and senior benefits consultant, Charles Balanoff serves as president at ElderCare Advantage in Groveland, Massachusetts. Charles Balanoff and his team engage with individuals in designing optimal strategies for handling the high costs associated with long term health care. He is also experienced in planned giving approaches that combine philanthropic support of charities and nonprofits with estate planning goals.

Planned giving involves the use of a variety of asset types, from real estate to artwork, and can present certain tax benefits, as well as income returned to donors. The most basic type is the outright gift, which involves simply arranging a transfer to the organization of choice. A bequest is a way of contributing the charitable gift through an estate channel. The advantage of this approach is that the gift asset is accessible throughout the donor’s lifetime, should the need arise.

In return for gifts of securities or cash, charitable gift annuities provide donors with the tangible benefit of fixed payments throughout their lifetimes. The integrity of the payments is typically protected through the creation of a designated reserve within the means of funding. An alternative way of increasing income through the gifting process is the charitable remainder unitrust, which can act as a hedge against inflation.