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 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
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
Another Word About QITs – Part 4
In my February 22 post I wrote about QITs and specifically about a case involving an application being denied because the QIT was improperly funded. In that case my client established the QIT just before the pandemic and funded the QIT correctly in the first month but not in the several
Some Words About the Latest Stimulus Payment (Part 1)
This month Congress passed and President Biden signed into law a $1.9 trillion COVID 19 stimulus package. This new law includes, among other things, another immediate payment to millions of Americans in need. Like the first 2 stimulus payments (which were $1200 last year and $600 in January, 2021 for eligible persons),
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