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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.
When someone enters a nursing facility for long term placement, there are several ways the Chronic Medicaid program can treat the primary residence. Usually the primary residence is a “countable asset” for the Medicaid applicant and needs to be sold. However, there are some exempt transfer and planning techniques that can preserve the primary residence.
A common misconception is that spouses have full access to each other’s finances, but this is not the case. Retirement accounts, pensions, and other assets in one’s individual name cannot be accessed by a spouse unless that spouse has been authorized to do so under a valid Power of Attorney.
A revocable trust is not used in Medicaid planning. According to the Medicaid program, assets in a revocable trust are still considered available resources for eligibility purposes.
Gifting and Medicaid planning is commonly misunderstood. We often see clients who believe that the gifting rules for Medicaid are the same as the IRS gifting regulations.
Question: My mother is a widow and she lives with me. She has an IRA with $10,000 and about $2,000 in her checking account.
The Community Based Medicaid program assists applicants in paying for the cost of nursing home level care while remaining in their home. The Medicaid home care program can also pay for certain adult day care programs and needed medical supplies.
The Fiscal Year 2020-2021 Budget for New York State was signed in April 2020. Among other changes, the budget put into effect changes to the Social Services law which will impact eligibility for, and administration of, the Community Medicaid program.
The rules for applying to Community Medicaid in New York State to cover the cost of long-term care are undergoing an overhaul. Laws signed in April 2020 amend the application process for these services as well as other parts of the Medicaid program.
More than five million seniors in the United States have been diagnosed with Alzheimer’s disease. Caretaker spouses agonize over what will happen if they were to pass away leaving their husband or wife without someone to care for them.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed a couple of months ago is mostly known for the economic relief provided to individuals and businesses. However, the new law also suspends the requirement to take required minimum distributions (RMDs) for this year, even for inherited IRAs.
