How Scrutinizing is Medicaid Really? Part 1
I had a conversation with a client recently about avoiding potential Medicaid penalties if and when she is ready to file a Medicaid application. She asked me a question I get often. “Is there an amount I can gift that is small enough that would not trigger a Medicaid penalty, say for
Alternatives to 1st Party SNTs – Part 2
In my blog post last week I wrote about 1st party special needs trusts, which are helpful in maintaining Medicaid benefits for someone who may receive an unexpected inheritance or the proceeds of a personal injury settlement. 1st party SNTs, however, can only be funded when the beneficiary is under age
Alternatives to 1st Party Special Needs Trusts – Part 1
I have written previously in this blog about situations that call for a 1st party special needs trust. For example, we receive calls from personal injury attorneys who have achieved settlements for their clients who are on Medicaid. In other cases clients on Medicaid receive an inheritance from a family member which
What Makes an Annuity Medicaid Compliant – Part 3
In last week’s post, I explained how a Medicaid compliant annuity (MCA)works in a married couple situation. This week we’ll see how it can be helpful in the case of a single Medicaid applicant. An MCA can be useful in preserving some assets when there is no chance of waiting out a
What Makes an Annuity Medicaid Compliant? (Part 2)
In last week’s post I explained what makes an annuity a Medicaid compliant annuity (MCA). This week I’ll explain how MCAs are helpful in qualifying for Medicaid. If you are a frequent reader of this blog you know that Medicaid is a needs based benefit with an asset limitation and also income
What Makes an Annuity Medicaid Compliant?
We have recently received a number of calls inquiring about Medicaid compliant annuities. Similar to QITs which I wrote about here a couple of months ago, there is much misunderstanding of what is and is not a Medicaid compliant annuity (MCA) and when it can be used. First, let’s clearly define an
Biden Tax Plan Begins to Take Shape – Part 2
In my post last week, I reviewed what we know so far about President Biden’s proposed tax law changes. One change would increase the tax rate on capital gains, which currently is taxed at a lower rate than regular income. Another change relates to the provision that wipes out the capital gains tax for
Biden Tax Plan Begins to Take Shape – Part 1
President Biden in his speech to Congress last week gave us some details on the tax bill he will attempt to get passed. While it’s very early in the process, and what ultimately becomes law often varies greatly thru the back and forth negotiation process in Congress, let’s take a look at
Don’t Forget About the Elective Share – Part 2
Last week I wrote about Jim’s call to our office. His dad died leaving everything to Jim, including the task of taking care of his mom who had been living at home needing nursing home level care. Jim had found a nursing facility who would take her in. It would cost him $100,000
Don’t Forget About the Elective Share
Jim’s dad had recently died leaving him to care for his mom. His dad knew that Jim would need to place his mom in a facility. She could not longer be cared for at home. He wanted to provide for that care but he also wanted to leave Jim an inheritance. Dad went to an