Five elder advocacy groups are calling on Congress to eliminate Medicaid estate recovery after a congressional advisory commission concluded the practice recoups a tiny percentage of Medicaid spending while contributing to generational poverty and inequity.
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.
Medicaid Recipients Have a Little More Time to Spend Down Their Stimulus Money Read More »
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.
IRS Announces That Face Masks and Related Purchases Are Tax Deductible Read More »
People often want to know how long they should keep bank statements and other financial records. There are different rules depending on the kind and purpose of the record, but five years is probably a good rule of thumb, says Chris Bray of Rheinhardt & Bray, PC. For income tax purposes, three years is
How Long Should You Keep Financial Records? Read More »
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?
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.
Latest John Oliver Rant Details Failings of Our Long-Term Care System Read More »
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.
How an Irrevocable Life Insurance Trust Can Be Used to Avoid the Estate Tax Read More »
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.
Senators Propose Sweeping Changes to the Taxation of Estates and Inherited Gains Read More »
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future.
Why an Irrevocable Trust May Be Superior to Gifting Read More »
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?