With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding estate taxes.
Vermont senator Bernie Sanders 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.
The COVID-19 pandemic has been particularly devastating for nursing homes and their residents. Aside from the tragically disproportionate loss of life, care for surviving residents has been delayed or interrupted due to infection, facility lockdowns or other health system disruptions. In such cases, Medicare beneficiaries who qualified for skilled nursing facility (SNF) coverage may be eligible …
The amount of Social Security benefits a surviving spouse receives depends, in part, on when their deceased spouse began claiming benefits. However, husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income. Because women typically live longer …
New York was the only state that didn’t have a look-back period for Medicaid home care, but that is now changing. New York Medicaid applicants will no longer be eligible for home care if they gave away assets within 30 months of applying. Medicaid, unlike Medicare, is a means-based program, which means that you are …
New York Imposes Restrictions on Medicaid Eligibility for Home Care Read More »
While Medicare would cover a coronavirus vaccine approved through normal channels, if the Food and Drug Administration approves the vaccine through an emergency use authorization (EUA), Medicare will not cover it unless the government acts. As we previously reported, the CARES Act provides that if a COVID-19 vaccine becomes available, Medicare is required to cover this vaccine …
Medicare May Not Cover the Coronavirus Vaccine After All Read More »
The coronavirus pandemic is having a profound effect on the current U.S. economy, and it may have a detrimental effect on Social Security’s long-term financial situation. High unemployment rates mean Social Security shortfalls could begin earlier than projected. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees …
How Will the Coronavirus Pandemic Affect Social Security? Read More »
If you plan to move states, can you take your Medicare or Medicaid plans with you? The answer depends on whether you have original Medicare, Medicare Advantage, or Medicaid. Medicare If you have original Medicare (Plans A and B), you can move anywhere in the country and you should still be covered. Medicare is a …
Can You Transfer Your Medicare and Medicaid Plans When You Move to Another State? Read More »
Medicaid law imposes a penalty period if you transferred assets within five years of applying, but what if the transfers had nothing to do with Medicaid? It is difficult to do, but if you can prove you made the transfers for a purpose other than to qualify for Medicaid, you can avoid a penalty. You …
Proving That a Transfer Was Not Made in Order to Qualify for Medicaid Read More »
Talking about estate planning is a difficult, emotional topic but it’s essential for every family. Unless you’re certain your parents have an up-to-date will and a wider plan for what should happen in the event of their passing, you shouldn’t assume everything will be taken care of. According to a 2017 survey, less than half of …
8 Tips for Having ‘The Talk’ with Elderly Parents Read More »
