Medicaid Planning: Beware of Non-Lawyers Offering Advice

2021 Medicare Premiums

In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a Read More …

Bill Reintroduced to Greatly Expand Eligibility for ABLE Accounts

ABLE account no longer disabled

More than six million people whose disabilities arose later in life will be able to open ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law. In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Read More …

Saying Medicaid Estate Recovery Keeps Families in Poverty, Groups Call to Abolish It

Talking ABout Estate Planning to Parents

To qualify for Medicaid coverage of long-term care, you must satisfy very complicated financial eligibility rules—rules that often can be traps for the unwary. One of the most significant traps is Medicaid’s right to recover its expenses from your estate Read More …

Industry Group Reports 2021 Premiums for New Long-Term Care Insurance Policies

Estate Planning Forms

Prices of new long-term care insurance policies for 2021 have have been posted in the annual report from the American Association for Long-Term Care Insurance, an industry group. The price increases apply to new, not current policies.  Comparing the 2021 prices with 2020 Read More …

Who Should Buy Long-Term Care Insurance?

paying for long-term care

Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options. Long-term care – care in a nursing home or Read More …

Senators Propose Sweeping Changes to the Taxation of Estates and Inherited Gains

Inheritance Tax Changes

Vermont senator Bernie Sanders (D) has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy. Taken Read More …

Medicaid Recipients Have More Time to Spend Down Stimulus Check

Medicaid Spend Stimulus

The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time. Stimulus Checks Excluded From Medicaid’s Resource Limits for 12 Months In March Read More …

ABLE Account Could be a Great Place for Your $1,400 Stimulus Payment

ABLE Account for your Stimulus Check

President Biden has signed the $1.9 trillion American Rescue Plan into law. Among its benefits are $1,400 checks that are already landing in the bank accounts or mailboxes of most Americans to help them weather the economic downturn caused by Read More …

Advanced Planning for Long-Term Care Can Protect Assets from Medicaid

Long Term Care Medicaid

When most people think of long-term care or the “need to stay in a home,” they think of it has a worst-case scenario as we approach end of life that entails losing one’s independence and personal autonomy. Although that may Read More …

Does Medicaid Cover Nursing Home Care?

Medicaid Covers Nursing Homes in Ohio

For better and for worse, Medicaid is the primary method of paying for long-term care and nursing homes in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics. What is Medicaid? Medicaid is a Read More …

Will the New Administration Change Estate Tax or Stepped-Up Basis Rule?

Avoid Estate Tax with Local Estate Planning Attorney

While it remains unclear exactly what tax changes President Biden’s administration will usher in, a new administration usually means that tax code changes are coming.  Two possibilities are that the new administration will propose lowering the estate tax exemption and Read More …

Theft from Special Needs Trust. Consider Using a Professional Trustee.

Special Needs Trust Attorney Keeps Theft from Happening

A New Jersey man has been charged with stealing $330,000 from the special needs trust (SNT) of a man living in a long-term care facility.  The case highlights the importance of having a professional trustee manage a special needs trust. Read More …