When most of a couple’s income is in the name of the spouse who is receiving Medicaid, the spouse remaining in the community (i.e. the healthy spouse) may wonder what he or she will live on. Medicaid has created some protections for the community spouse....
First, it isn’t likely that the tax bill for selling your home would eat up half the proceeds. The top capital gains tax rate is 20 percent and that is just a tax on the capital gain, not all of the proceeds. In addition, you can exclude the first $250,000 of gain....
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. The benefit of a directed trust is it...
A Massachusetts land court rules that the state cannot recoup Medicaid benefits from a Medicaid recipient’s property, which was left in a life estate that had a scrivener’s error and included a limited power of appointment. Estate of Koutoukis v. Secretary of the...
Many people believe that Medicare covers nursing home stays. In fact Medicare’s coverage of nursing home care is quite limited. Medicare covers up to 100 days of “skilled nursing care” per illness, but there are a number of requirements that must be...
Federal law requires the state to attempt to recover the long-term care benefits from a Medicaid recipient’s estate after the recipient’s death. If steps aren’t taken to protect the Medicaid recipient’s house, it may need to be sold to settle...
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