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Tax Season is the Perfect Time to Review Your Estate Plan
Tax season is typically focused on reviewing the financial events of the past year, while estate planning is designed to prepare for the future. Although these areas may seem separate, they often overlap.
Once someone has been approved for Community Medicaid (home care benefits) or Chronic Medicaid (nursing home benefits) they will need to recertify with the local Department of Social Services each year. The recertification notice comes with an application that must be completed and sent in prior to the due date.
I am considering applying for Community Medicaid for my father, but I am not sure if my mother will accept a home health aide into her home. What, if anything, could Community Medicaid offer other than a home health aide?
As you may know, Medicare will pay for a patient to receive rehabilitation in a facility if they have a qualifying stay in a hospital: being admitted to the hospital for two nights.
If I don’t need money from my IRA, do I have to take distributions?
In my practice as an Elder Law attorney, clients often inquire about the benefits of gifting to reduce taxes or to qualify for Medicaid. As a senior with the unexpected need for long term care in the future, the consequences of gifting may have unexpected results.
Someone told me to avoid probate, so I have added my two children as joint owners on my accounts or put them “in trust for” my children. Does this protect my assets from Medicaid too?
Community Medicaid and Nursing Home (Chronic) Medicaid are two different programs that cover long term care. Community Medicaid will not pay for long term care in a nursing home. Community Medicaid is the program that covers care at home; such has a home health care aide.
The typical Medicaid trust is a grantor trust for income and estate tax purposes. The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control.
The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control. By spreading their income out, the earners were subject to the lower tax brackets.
I have three children. My son has been living with me for the past few years. I have heard that there is no reason for me to engage in any estate planning because if I require nursing home care, all of my assets can be transferred to my son. Is that correct?
