Medicaid Planning – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is Medicaid Planning? Medicaid Planning is the process of strategically arranging one’s finances and assets in order to qualify for Medicaid benefits. Medicaid is a government-funded program that provides healthcare coverage to low-income individuals and families. By engaging in Medicaid Planning, individuals can protect their assets and still qualify for Medicaid coverage when needed. … Read more

Trusts – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is a Trust? A trust is a legal arrangement in which one party, known as the trustor or settlor, transfers assets to another party, known as the trustee, to hold and manage for the benefit of a third party, known as the beneficiary. Trusts are commonly used in estate planning to ensure that assets … Read more

Continuing Care Retirement Communities (CCRC) – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What are Continuing Care Retirement Communities (CCRC)? Continuing Care Retirement Communities (CCRC), also known as Life Plan Communities, are residential communities designed for older adults who want to live independently but also have access to a continuum of care services as they age. These communities offer a range of housing options, from independent living apartments … Read more

Elderly Housing Assistance – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is Elderly Housing Assistance? Elderly Housing Assistance refers to programs and services designed to help senior citizens find affordable and suitable housing options. These programs aim to provide older adults with safe, comfortable, and accessible living arrangements that meet their specific needs and preferences. Elderly Housing Assistance can include financial assistance, housing subsidies, supportive … Read more

Elder Financial Exploitation – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is Elder Financial Exploitation? Elder financial exploitation refers to the illegal or improper use of an elderly person’s funds, property, or assets for someone else’s benefit. This type of abuse can take many forms, including theft, fraud, scams, coercion, or undue influence. Elder financial exploitation often targets vulnerable older adults who may be isolated, … Read more

Financial Exploitation Reporting – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is financial exploitation reporting? Financial exploitation reporting refers to the process of reporting suspected or confirmed cases of financial abuse or exploitation of vulnerable individuals, particularly the elderly. This type of abuse can take many forms, including theft, fraud, coercion, or misuse of funds or assets. Reporting financial exploitation is crucial in protecting the … Read more

Asset Protection – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is Asset Protection? Asset protection refers to the legal strategies and techniques used to safeguard an individual’s assets from potential threats such as lawsuits, creditors, and other financial risks. The goal of asset protection is to shield assets from being seized or depleted in the event of unforeseen circumstances, ensuring that individuals can preserve … Read more

Healthcare Proxy – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is a Healthcare Proxy? A healthcare proxy, also known as a healthcare power of attorney or medical power of attorney, is a legal document that allows an individual to appoint someone else to make medical decisions on their behalf in the event that they are unable to do so themselves. This person, known as … Read more

Spousal Impoverishment Protection – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is Spousal Impoverishment Protection? Spousal Impoverishment Protection refers to a set of Medicaid rules that aim to prevent one spouse from becoming financially destitute while the other spouse receives long-term care services. These rules were established to protect the financial well-being of the spouse who remains in the community (referred to as the “community … Read more

Age Discrimination – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary

What is age discrimination? Age discrimination refers to treating an individual unfairly or unfavorably based on their age. This type of discrimination can occur in various settings, including the workplace, housing, healthcare, and financial planning. Age discrimination can affect individuals of all ages, but it is most commonly associated with older adults who are often … Read more