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What Happens When a 529 Account Owner Dies?
New York’s 529 College Savings Program accounts are investment plans that enjoy tax-deferred growth. Withdrawals are income tax-free for qualified educational purposes associated with K-12 tuition, vocational school, college, or higher education.
My mother has Community Medicaid and she lives in her own home. Now the Managed Long Term Care provider, GuildNet, is leaving this area. What are my options? Will her hours of care be reduced? Should I be worried?
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.
