Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you.
How to Get Into a Nursing Home as a Medicaid Recipient
While Medicaid helps pay for nursing home care, being admitted to a nursing home as a Medicaid recipient is not always easy. There are several ways to navigate the process, depending on your situation.
Supreme Court Rules State Medicaid Programs Can Recoup a Larger Share of Injury Settlements
In a case involving a teen who was catastrophically injured, the U.S. Supreme Court has ruled that state Medicaid programs may be repaid from settlement funds for future medical expenses.
Stop Using Unsafe Portable Bed Rails Immediately, National Safety Commission Warns
An advisory issued in June warns people against using a series of adult portable bed rail models after at least three people were entangled in them and died of asphyxia.
Some Social Security Beneficiaries Can Get Retroactive Payments — But at a Cost
If you need a lot of cash on hand upon retirement, Social Security offers a lump-sum payment option that’s worth six months of retroactive benefits. However, it comes at a cost. It is important to understand the details before agreeing to the payment.
Using a Roth IRA as an Estate Planning Tool
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
Can My Family Inherit My Season Tickets?
Sports fans with season tickets may want their families to enjoy the tickets after they are gone, but passing on these tickets is not always simple.
Why Small Business Owners Need an Estate Plan
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone.
5 Rights That Trust Beneficiaries Have
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed.
Should You Prepare a Medicaid Application Yourself?
Navigating the Medicaid application process can be complicated, especially if you are applying for long-term care benefits. Having an attorney help you through the process can be extremely helpful.
Medicare Now Covers the Cost of COVID At-Home Tests
If you have Medicare, you can now receive up to eight free rapid at-home Covid-19 tests a month at participating pharmacies, no prescription required.
When to Leave a Nursing Home and Move Back Home
Leaving a nursing home to return home is a goal for many residents and their families, but it requires careful consideration. While returning home is a good move for some, it won’t work for everyone.
What to Do If Your Medicaid Application Is Denied
If you apply for long-term care assistance through Medicaid and your application is denied, the situation may seem hopeless. The good news is that you can appeal the decision.
Medicaid’s “Snapshot” Date and Its Crucial Impact on a Couple’s Financial Picture
When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. This “snapshot” date can have a major impact on a couple’s financial future.
Medicare Advantage Plans Often Wrongly Deny Necessary Care, Study Finds
In an alarming number of cases, private Medicare Advantage plans are denying coverage for medical services that would be covered under original Medicare, according to a federal investigation.
How to Protect the Identity of Your Deceased Loved Ones From Theft
We’ve all been warned about protecting ourselves from identity theft, but one group of victims can’t take action to defend themselves—the dead. There are steps that you can take to discourage identity thieves from targeting a deceased loved one.
What to Do About an Unwanted Inheritance
While an inheritance is usually desired, there are some circumstances in which it might be unwelcome. If you don’t want an inheritance, you must disclaim it.
When a Non-Grantor Trust Might Be Useful
One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be useful in certain circumstances.
What Will Happen When the Gift and Estate Tax Exemption Gets Cut in Half?
The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively affected when it decreases.
Things to Remember at Tax Time
Tax day is fast approaching and you want to make sure you’re taking advantage of all the deductions and credits you’re entitled to.
Court Rules Medicare Beneficiaries Can Appeal Switch to Hospital Observation Status
A federal court has ruled that hospitalized Medicare beneficiaries who were switched from inpatient to observation status can appeal the decision, making it easier for them to receive coverage for subsequent nursing home care.
When a Social Security Recipient Dies, Survivors May Be Eligible for Benefits
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children.
What Documents Are Required for a Medicaid Application?
Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care benefits. Before beginning the application process, it is helpful to understand what is required prove your eligibility.
Incentive Trusts: Ensuring That an Inheritance Will Be Well Spent
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage unproductive activities.
You Can Just Say No: Declining to Act as an Agent Under a Power of Attorney
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position.
How Much Should a Trustee Be Compensated?
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the complexity of the trust.
What Happens to a Medicaid Recipient If the Community Spouse Dies First?
When one spouse is in a nursing home and applying for Medicaid, planning has to take into account the possibility that the spouse who is not in the nursing home (called the “community spouse”) may pass away first.
Worsening Nursing Home Staffing Crisis Taking a Devastating Toll on Residents, Their Families and Hospitals
Overwhelmed by the stress of long hours, low pay and exposure to the COVID-19 virus, nursing home workers are quitting in record numbers. The labor hemorrhage has turned what was already a chronic staffing problem into a full-blown crisis.
You Can Now Compare Nursing Homes on Staff Turnover Rates and Weekend Help
The Centers for Medicare and Medicaid Services announced that it will add data on staff turnover rates and weekend staffing levels to its Care Compare website, giving consumers another tool when choosing a nursing home.
When Can Someone Be Declared Legally Incompetent?
If a loved one is experiencing memory loss or suddenly making poor decisions, you may want the court to appoint a guardian, which requires a declaration of incompetence.
5 Estate Planning Tips for the Non-Traditional Family (Which Odds Are Includes Yours)
If your family contains opposite-gender parents in the first marriage for each and one or more kids, all healthy and thriving, your estate plan will probably be pretty straightforward. But if not, it’s not as simple and you have a lot of company.
Who Makes Health Care Decisions If You Can’t?
What happens if you become incapacitated and are unable to voice your opinion on your health care? If you don’t have a health care proxy or guardian in place, state law chooses who can make those decisions.
A Way to Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate.
Medicare Premiums to Increase Dramatically in 2022
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month.
IRS Issues Long-Term Care Premium Deductibility Limits for 2022, and They Look Pretty Familiar
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.
Closing of Social Security Field Offices Disrupted SSI Benefits for Thousands, Lawsuit Charges
When the SSA closed its offices at the onset of the COVID-19 pandemic, it failed to provide practical ways for the elderly and people with disabilities to demonstrate their eligibility or challenge its decisions, according to a class-action lawsuit.
What It Means to Need ‘Nursing Home Level of Care’ for Medicaid Eligibility
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.
Better Than No Loaf: Medicaid Planning Using “Half a Loaf” Strategies
While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets.
Decisions to Make for Your Power of Attorney
A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one.
Are There Special Tax Rules for a Gift or Inheritance from a Foreign National?
If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, you may need to report it.
The Benefits of Including an LLC as Part of Your Estate Plan
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes.
The 6 Biggest Estate Planning Mistakes
While you likely have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated, without proper planning your best intentions may not be enough.
Hiring a Caregiver: Should You Employ One Yourself or Go Through an Agency?
Many families will eventually have to hire a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency.
COVID Vaccination Information Added to Medicare’s Nursing Home Compare Site
Individuals who are researching nursing homes can now see staff and resident vaccination rates along with other quality and safety measure information at Medicare’s Nursing Home Compare website.
In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years
Rising inflation due to the ongoing coronavirus pandemic means that in 2022, Social Security benefits will go up 5.9 percent, the sharpest upsurge since 1983.
Do You Need a Lawyer to Write a Will?
You aren’t technically required to hire a lawyer to draft a will, but failing to do so could lead to costly problems for your family and other heirs.
Passing on Assets Outside of Probate: PODs and TODs
For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. POD and TOD accounts are one way to accomplish this.
How to Use Intrafamily Loans as Part of Your Estate Plan
When interest rates are low, intrafamily loans can be a good way to assist children with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the next generation.
Make Sure Your Estate Plan and Other Essential Documents Are Safe from Disasters
In the event you lose your house in a natural disaster or through another calamity, it is important that your estate planning and other important documents are beyond reach and easily retrievable.
It’s Medicare Open Enrollment Time: Is Your Plan Still Working for You?
Every year during Medicare’s Open Enrollment Period, which runs from October 15 to December 7, Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them.
Social Security Shortfalls Are Predicted to Begin a Year Earlier Due to the Pandemic
The Social Security trustees are projecting that the Social Security trust fund will be depleted in 2033 — one year earlier than the previous estimates. Once the fund is depleted, Social Security benefits will be reduced unless Congress takes action.
Online Survey Helps Older Adults Assess Their Financial Vulnerability
All older Americans are vulnerable to financial abuse, but there are circumstances that make someone more likely to be scammed. An online survey can help older adults assess their risk of being exploited based on how they make financial decisions.
Medicaid’s Attempt to Ensure the Healthy Spouse Has Enough Income: The MMMNA
When most of a couple’s income is in the name of the spouse who is receiving Medicaid, the spouse remaining in the community may wonder what he or she will live on. Medicaid has created some protections for the community spouse.
What Is a Fiduciary and What Are Its Obligations?
When you need someone else to care for money or property on your behalf, that person (or organization) is called a fiduciary.
Can a Marriage Be Annulled After One Spouse’s Death?
Marriage is supposed to be “until death do us part,” but after one spouse dies, is it possible to have the marriage annulled? It can be done, but only in certain circumstances.
New Tax Proposals Mean Some Should Review Their Estate Plans
A number of tax proposals being considered in Congress could significantly affect gifting and estate plans for people with with larger estates — over $3.5 million.
Don’t Just Hope for an Inheritance; Get It in Writing
It is important to get any agreements about inheritance in writing. Providing services to someone does not automatically entitle you to a portion of their estate.
You May Be Overestimating Your Social Security Benefits
Studies have found that workers overestimate how much they will receive in Social Security benefits when they retire. Having a good understanding of the realities can help you plan for retirement.
Ombudsmen: Front-Line Advocates for Nursing Home Residents
If you are experiencing problems with your nursing home that can’t be resolved within the nursing home, your next step is to contact the local ombudsman assigned to the nursing home.
How Do I File for a Guardianship?
In most states, anyone interested in the well-being of an individual who may be incapacitated – called the “proposed ward” — can request a guardianship for that person.
Medicaid’s Home Care Waivers Can Help You Avoid a Nursing Home, But the Line May Be Long
The federal government can grant “waivers” to states allowing them to expand Medicaid to include home and community-based services. The downside is that states can limit home care and the wait can be long.
How to Protect an IRA From Heirs’ Creditors
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited?
6 Things to Ask Before Agreeing to Be a Trustee
Being asked to serve as the trustee of the trust of a family member is a great honor. But being a trustee is also a heavy responsibility. Here are six questions to ask before saying “yes.”
Using a Minority Valuation Discount to Reduce Estate Taxes
While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and minority valuation discounts are one strategy.
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
Supreme Court to Hear Case That Could Increase the Bite That Medicaid Takes Out of Settlements
The U.S. Supreme Court has agreed to hear a case that has the potential to affect anyone who receives government assistance with their medical care following a disabling injury that results in a lawsuit.
Britney Spears Case Puts Renewed Focus on Guardianships and Less Restrictive Alternatives
Britney Spears’s struggle to regain control over her business and personal life shines a spotlight on legal guardianship and alternatives that involve less loss of control over one’s life.
How Much Money Can You Have and Still Qualify for Medicaid?
In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in “countable” assets (the figure may be somewhat higher in some states).
What Is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that this kind of care can be provided.
Why Everyone Should Have an Estate Plan
Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.
What Happens to Your Online Content When You Die?
More and more of the music, movies, and books we own exist only online, in digital form. What happens to these collections after the owner’s death? You may be surprised at the answer.
What Is a Directed Trust and What Are Its Benefits?
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may.
Passing Assets to Grandchildren Through a Generation-Skipping Trust
Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children.
How You Can End Up in Medicare’s Donut Hole, and How You Get Out
Medicare prescription drug plans can have a coverage gap—called the “donut hole”–which limits how much Medicare will pay for your drugs until you pay a certain amount out of pocket.
Thousands of Elderly and Disabled SSI Recipients Accused of Owning Property That Isn’t Theirs
Thousands of SSI recipients have been falsely accused of owning real estate because of the Social Security Administration’s reliance on a private database that is “riddled with errors,” according to a new report.
Dual Eligibility: How Qualifying for Both Medicare and Medicaid Can Help With Costs
Qualifying for Medicare hardly means free health care — there are still premiums and deductibles. However, people who qualify for both Medicare and Medicaid (called “dual eligibility”) receive help paying their out-of-pocket costs.
The Need for Medicaid Planning
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful planning can help ease the financial burden.
Finding the Right Hospital Bed Rental
If you are caring for a loved one at home, you may need to rent a hospital bed. Here are the ins and outs of hospital bed rentals.
Medicaid Recipients Have a Little More Time to Spend Down Their Stimulus Money
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.
IRS Announces That Face Masks and Related Purchases Are Tax Deductible
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.
Can an IRA Affect Medicaid Eligibility?
For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets. If you do not plan properly, IRAs can count as an available asset and affect Medicaid eligibility.
Can My Mom Take Out a Home Equity Loan on a House in Her Name Without Affecting My Dad’s Medicaid Benefits?
My dad is in a nursing home and qualified for Medicaid nearly three years ago. My mom still lives in their home in Pennsylvania. The deed was transferred into her name alone during Medicaid’s “spend down” period. She was planning to take out a home equity loan, but she has been told it might jeopardize my dad’s Medicaid eligibility. Is this true?
Latest John Oliver Rant Details Failings of Our Long-Term Care System
In a profanity-laced episode of his HBO show that is by turns hilarious and deeply disturbing, comedian John Oliver delivers one of his trademark rants, this one exposing the “abuse and neglect” that he contends are all-too-prevalent in our system of long-term care.
Medicaid’s Coverage of Nursing Home Care
For better and for worse, Medicaid is the primary method of paying for nursing home care in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics.
How the $1.9 Trillion COVID-19 Relief Bill Aids Seniors
President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways.
Can I Transfer My Grandmother’s Car to My Name Without Causing a Medicaid Penalty Period?
An elder law attorney suggested the purchase of a vehicle as a way to protect some of my grandma’s assets. While this would be excluded during the Medicaid spend-down, what can we do to prevent the car from being taken by estate recovery after she passes? I was told to do a title transfer from her name to mine after she is qualified for Medicaid. Is it really that simple?
Biden Administration Eases Recommended Restrictions on Nursing Home Visits
The Centers for Medicare and Medicaid Services has issued new guidance on whether families can visit loved ones in nursing homes. The guidance allows indoor visitation even when the resident has not been vaccinated.
Beware of Non-Lawyers Offering Medicaid Planning Advice
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.
What Are the House Ownership Options When Parents and Adult Children Live Together?
Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.
Long-Term Care Benefits for Veterans and Surviving Spouses
Long-term care costs can add up quickly. For veterans and the surviving spouses of veterans who need in-home care or are in a nursing home, help may be available.
Help Paying for Medicare
Medicare is not free; there are premiums and deductibles. If you don’t qualify for Medicaid and can’t afford a Medigap policy, you may be able to get help paying for the costs of Medicare.
What To Do With Your Stimulus Check if You Are in a Nursing Home
As the second round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the cash within a year if it puts them over Medicaid’s resource limit.
Using Estate Planning to Prepare for Medicaid
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations.
Your Medical Directive
Any complete estate plan should include a medical directive, which can encompass a number of different documents.
The Top Eight Mistakes People Make With Medicaid
Medicaid planning can be a difficult and confusing process. Getting assistance from a qualified attorney will help you avoid these common mistakes.
Congress Fixes Some, But Not All, Medicare Enrollment Problems
Tucked into the federal spending bill that passed at the end of December 2020 are some changes aimed at simplifying Medicare enrollment and addressing coverage gaps. But Congress chose not to deal with the biggest problem.
Annual Long-Term Care Survey Finds Steep Rise in Assisted Living Facility Costs Amid Pandemic
All Long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus pandemic.
What Is Critical Illness Insurance and Is It Worth Buying?
Many employers offer critical illness insurance as part of their benefit package. What is this insurance and is it worth purchasing? Before paying for a plan, you should read the fine print and consider alternatives.
Can You Visit Nursing Home Residents After They are Vaccinated?
COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may be able to visit, but precautions are still necessary.
The Attorney's Role in Medicaid Planning
Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.”
