Tax Fraud or Medicaid Penalty? Part 2
Last week we were discussing Joe’s problem. His brother Jim had been using Dad’s account to buy and sell Jim’s investments, presumably because having Dad pay the tax instead of Jim was more beneficial. However, what happens when Dad applies for Medicaid? Medicaid will definitely question the $500,000 in assets transferred
If I Get Denied Medicaid, Then I’ll Come to You – Part 2
We were discussing Diane’s 90 year old mother, who had just entered a nursing home from the hospital. Diane called because she was anticipating the need for Medicaid and was concerned that the assets in a trust that had been established for her benefit would be countable under New Jersey’s
“If I get denied Medicaid then I’ll come see you”
Diane’s 90 year old mother had just entered a nursing home from the hospital. She was still on Medicare but that coverage would stop in 2 weeks. Diane called because she knew she would need Medicaid. “Mom has only about $30,000 in assets”, Diane told me. “But she has a trust
The Problem of the Do it Yourself Will (Part 2)
Last week we were discussing Mary’s call to me about her Uncle Joe’s unsuccessful attempt to execute a will he obtained on the internet. The will was not admitted to probate and Joe had no previous will. So what happens in that case? Without a will Uncle Joe’s estate passes according
The Problem of the Do it Yourself Will
“I can do the will myself. It’s pretty simple and I can get the form online.” I’ve heard that comment more than a few times in my career. Recently, however, I received a call from someone whose family member did just that and created a huge problem. Mary called concerning her
How Mom’s Estate Plan Did More Harm than Good (Part 2)
Last week we were discussing Sue’s call to our office. Her brother, John, is 65 and disabled, living in senior housing. He now needs aides to assist him and she told me his income is $1900. But, then she told me about the trust that Mom had set up for
How Mom’s Estate Plan Did More Harm than Good
Sue called concerning her brother, John, who is 65 and disabled. “He has cerebral palsy”, she told me, “and he is wheelchair bound. He lives in senior housing and needs aides to assist him. Someone told me he is eligible for Medicaid because he has nothing other than his Social
Is Hiding Assets in Mom’s Name a Good Idea? (Part 2)
Last week we talking about Jennifer’s problem, which she didn’t realize was a problem until she spoke with us. She had been hiding her assets in her mother’s name to keep them out of the reach of her husband, who she was thinking she might divorce. I told her that
Is Hiding Assets in Mom’s Name a Good Idea?
Jennifer told me that her mom’s health had been deteriorating over the past few years and that she would probably need home care soon, with nursing home level care a definite possibility in a few years, if not earlier. She then told me that her marriage was “on the rocks”
How is Co-Ownership Treated by Medicaid?
Joe was confused. He told me his mom had added his name as co-owner on her bank account more than 5 years ago, after he spoke with his friend, John who explained that by adding his name to the deed to his mother’s home, he had protected the home when