How SECURE Act Changed Estate and Long Term Care Planning – Part 1
At the end of 2019 Congress passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act which made some significant changes to retirement accounts - some positive and some negative. I wrote about it a bit when the law was passed (See posts 1/5/20 and 1/13/20). In the year plus since
Another Word about QITs – Part 3
The past 2 weeks my blog posts have covered QITs. Last week I told you about a case in which the trustee initially transferred the correct amount to the QIT, the Medicaid recipient’s entire monthly Social Security, however, when that amount increased because of the cost of living adjustment, the trustee
Another Word About QITs – Part 2
In my post last week I revisited a Medicaid topic that I am frequently asked about - qualified income trusts. An applicant’s income that exceeds Medicaid’s strict monthly income cap ($2382 in 2021) must deposit some of that income into a QIT before then sending it where it must go according
Another Word about QITs
I last wrote about qualified income trusts (QITs)last September but I want to revisit the topic because of 2 recent applications in our office in which the trustee failed to follow the very specific requirements that the State of New Jersey has imposed. It has often happened that people call our
Divorce and Medicaid – Part 3
In last week’s second part of my post, I laid out some basic strategies for couples who, while still legally married and living together, view themselves as separated or divorced. Unfortunately in the eyes of Medicaid you aren’t divorced unless you’ve got the Judgment of Divorce to prove it. When I tell