Items of value owned by an individual. Liquid assets are those that can be quickly converted into cash (i.e. bank accounts, stocks, bonds, mutual funds). Assets also include real estate, personal property or any possessions owned by a person that can be used or made available to pay one's debts.
The amount of net countable assets an individual may own, or have available to them, and remain eligible for Medical Assistance. The asset limits vary depending on the type of assistance sought, but as a general rule you must be under $3,000 in assets to be qualified.
The person authorized to conduct financial transactions on behalf of another through a Power of Attorney document.
An individual, charity or estate that is designated to receive benefits or payments as a result of being named in a Will, Trust or other agreement such as a life insurance policy. A primary beneficiary is the first-named beneficiary. A contingent beneficiary receives the benefit upon a specified event, such as the death of the primary beneficiary.
The amount a policy owner would receive if a life insurance or annuity policy were cashed in.
A supplement, amendment or appendix to a Will.
An individual not residing in a long-term care facility nor receiving medical services, but is married to a long-term care spouse.
A person, official, or institution appointed by the court to perform financial decisions on behalf of a minor or incapacitated person.
An oral or written agreement to do or not to do a certain thing.
A written obligation by a seller to deliver the deed to real estate to the buyer upon completion of agreed upon conditions.
The monthly costs for caring for an individual in a skilled nursing facility
A person who is deceased
A legal document conveying title to property.
One or more persons who follow in direct descent from a person, such as children or grandchildren.
A Medical Assistance waiver program providing home and community-based services for individuals 65 or older needing nursing home level of care to enable them to stay in the community.
The sum total of all the real and personal property owned by an individual at the time of death. More specifically: All real property and things attached to it (houses, buildings, barns etc.); all personal property (including automobiles, bank accounts, stocks and bonds, cash, furniture, jewelry, art, collectables, retirement plan benefits etc.); all businesses and business interests (sole-proprietorships, partnerships, corporations, joint ventures, and the goodwill, inventory, tools and equipment, accounts receivable, and other business property etc.); powers of appointment (the right to direct who gets someone else's property); life insurance, pension benefits and pension plans, all debts and obligations owed to others.
A specific plan formulated for your individual situation. This plan is made in an effort to make the operation and eventual distribution of your estate as smooth as possible and to help insure your ultimate wishes are met.
The value assigned to real estate by the county for the purpose of imposing property taxes found on the annual property tax assessment statement.
A person named in a will to administer an estate. If one is not named in the will, the court will appoint an administrator.
A policy's death benefit at the time the policy is purchased.
The highest price that a willing buyer would pay and the lowest price a seller would accept.
The person conveying an interest in property or the creator of a trust.
A group living situation which has a fixed rate contract with a county to provide room and board for individuals receiving Medical Assistance.
A person appointed by the court to provide for the care, comfort and maintenance needs of a minor or an individual deemed to be incapacitated.
A document appointing someone to act on your behalf and setting forth your wishes regarding your medical care. A Health Care Directive allows you to name a health care agent who can act on your behalf to make medical decisions in the event that you are unable to speak for yourself. In making decisions for you, your agent follows your directions for care as outlined in your Health Care Directive. A Health Care Directive ceases to be effective at your death.
One who inherits or is entitled to succeed to the possession of property after the death of the owner. If no recipient is named or if there is not a Will, statutes of descent determine the transfer of title to property.
In addition to the Asset guidelines, there are also income guidelines that must be met in order to qualify for Medical Assistance, which vary depending on your situation. Additionally, the income guidelines determine how much, if any, an individual contributes towards their cost of care.
A trust that cannot be modified or discontinued after its creation by the Grantor or the Grantor's representative.
Ownership by two or more persons, each having an undivided interest with rights of survivorship.
A decision made by a court of law.
A legal claim against a property that must be paid off when the property is sold.
The owner of the property retains the right to use, occupy and receive all income of a property during one's life time. The beneficiary retains an absolute right to inherit, or the remainder interest.
A specified period of time, currently 5 years or 60 months, for evaluating transfers prior to the date a person applies for Medical Assistance.
A Minnesota Health Care Program administered at the county level providing coverage for low-income senior citizens, children and families, and people with disabilities. Known federally as Medicaid.
A program jointly funded by the federal government and the states that reimburses hospitals and physicians for providing care to qualifying people who cannot finance their own medical expenses.
A federal health insurance program for people who are age 65 or older, disabled, blind, or have permanent kidney failure.
A person who manages the financial affairs of another who is unable to do so themselves. This person may sometimes be referred to as the "Administrator" and/or "Executor" of the estate.
Any property that is not real property.
A beneficiary designation made on bank accounts etc., in order for the account to transfer directly to another individual at the death of the original owner.
Probate is the legal process to transfer title to your property after death. All of your personal property and assets are gathered and inventoried, any outstanding debts are paid and whatever remains is distributed to your heirs.
A power of attorney is a document authorizing an agent, your attorney-in-fact, to handle your finances if you are unable to do so yourself. When executing this document, you have the flexibility to designate duration of time, as well as any limitations and/or powers that your attorney-in-fact is granted. This document is revocable and ceases to be effective at your death.
A deed conveying without warranty whatever interest or title a grantor may have at the time the transfer is made.
Land and all property attached to the land, including anything of permanent nature (structures, trees, fences, minerals, etc.), all improvements and inherent rights thereof.
A Trust is an entity which owns assets for the benefit of a third person (beneficiary). A Revocable Living Trust is an effective way to provide lifetime and after-death control of assets. You are the Grantor of the trust (person putting the assets into the trust) and under most circumstances, you will be the Trustee (person who controls the assets in the trust). A revocable living trust does not constitute a gift, so there are no gift tax consequences in setting it up. A trust can save your estate from estate taxes when you die. It does not, however, alleviate your current income tax obligation. The Revocable Living Trust can be amended or revoked at any time.
The amount that a person's income exceeds the applicable Medical Assistance income standard. There are several types of spenddowns: monthly medical spenddown, 6-month medical spenddown, Long Term Care spenddown and a combination Long Term Care/Medical spenddown.
A form of property ownership in which each owner of real property has an undivided interest in the property and is able to sell their share without obtaining permission of the other owners.
Arrangement in which a grantor transfers property or money to a trustee with the intention that it be held, managed or administered by that trustee for the benefit of the beneficiaries.
The performance of executive duties as outlined within the trust document, including: collection and preservation of the decedent's assets; payment of debts and claims against the estate; payment of estate tax, and distribution of the balance of the estate to the beneficiaries.
A fiduciary who holds or controls property for the benefit of another.
Giving away, selling, conveying ownership or otherwise disposing of income or assets without receiving adequate compensation.
The amount of income exceeding the maintenance needs allowance that individuals must contribute toward the monthly cost of waiver services associated with Medical Assistance.
A legal document stating a person's wishes regarding the disposal of property after death.