Tax Deductibility of Long Term Care Expenses (Part 2)

In last week’s post I was talking about the tax deductibility of long term care expenses.  Some medical expenses can be deducted from gross income before calculating any tax due and owing.  Long term care expenses can be deductible if within the definition set out by the IRS.  (See last week’s post) Let’s now look […]

Read More

Tax Deductibility of Long Term Care Expenses – Part 1

When clients seek out our advice on preserving assets while being able to pay for long term care, we spend much time discussing government benefits such as Medicaid and the VA Aid and Attendance programs and ways to qualify for them. There is, however, another important aspect to consider. When using your own funds to […]

Read More

Protecting the Home – Part 2

A continuation of last week’s topic concerns protecting the home when applying for Medicaid.  I explained that John’s daughter, Amy should not have to sell her Dad’s home and spend down the proceeds before qualifying for Medicaid if Amy is living in the home and she intends to bring him back home from the nursing […]

Read More

Protecting the Home – Part 1

I received a call last week which again highlights the risk of handling a Medicaid application on your own. As I often say, the application may appear to be easy but you never know when you’ll run into an issue or problem. When that happens it is important to have someone who has knowledge of […]

Read More

Changing Demographics – Part 3

In last week’s post I explained the differences between domestic partnership, civil union and marriage when talking about the rights of same sex couples. So how does this impact the issues faced by aging LGBT seniors? Married vs. single has an impact on taxes. Different thresholds and rates apply to married couples and single individuals […]

Read More

Changing Demographics – Part 2

In last week’s post I began discussing some of the unique issues faced by seniors who are part of the LGBT community.  Only within the past 20 years or so has marriage been an option for same sex couples.  It is still an evolving area of the law as various states address or decline to […]

Read More

Changing Demographics – Part 1

In past blog posts I have written about the changes in the demographic makeup of our aging population and the issues they face.  The LGBT community encompasses lesbian, gay, bisexual and transgender individuals.  Historically, this community has experienced disapproval of and discrimination against its members although much has changed in the last half century. There […]

Read More

A Family Theft – Part 4

In this week’s post I give you the conclusion to Joe’s saga involving his sister Sophie’s Medicaid application.  As I explained in last week’s post, things didn’t go according to our expectation.  When we filed a civil lawsuit seeking to collect the amounts Mary took from Sophie I expected that she would ignore the lawsuit […]

Read More

A Family Theft – Part 3

Last year I wrote about a family theft and its implications for Medicaid eligibility (Blog posts on 9/24/18 and 10/1/18). To summarize, we needed to apply for Medicaid for Sophie, who could no longer live at home but now needed nursing home care. She had lived with her sister Mary, who handled her finances for […]

Read More

Right Way and the Wrong Way to Help Out Parents (Part 2)

       In last week’s post I was explaining the wrong way for children to chip in financially to help their parents. The wrong way can cause ineligibility periods for Medicaid and VA benefits. It can also eliminate the ability of the parents to repay the children when they do sell their house.   […]

Read More