There are some serious drawbacks to many options for giving gifts to grandchildren. Either there are no tax or estate planning advantages, or you have no control of the funds (or lose control after a certain point), or the money could affect a grandchild’s...
Do you have a friend or loved one who receives Social Security and is unable to manage her payments? If so, you can request that the Social Security Administration (SSA), the government agency that disburses Social Security, name you as the representative payee for...
Question: My mother is living in an assisted living facility and receiving Medicaid. If she receives an inheritance, can I pay three months in advance to the assisted living facility without jeopardizing Medicaid benefits? Answer: It may be possible, but it is...
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan. Depending on the level of...
The Minimum Monthly Maintenance Needs Allowance (MMMNA) is a spousal impoverishment rule affecting one’s eligibility for Medicaid benefits. It allows a married Medicaid nursing home applicant or HCBS Medicaid Waiver applicant to transfer a portion, or in some...
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 benefits. However, it comes at a cost. It is important to understand the details before agreeing to the payment. If you have waited beyond...
It depends on the state rules around retroactive benefits. Some states allow Medicaid recipients to receive retroactive benefits for up to three months before the date of the application. Other states have limited retroactive benefits. To find out the rules in your...
The Social Security Administration (SSA) advises you to apply for retirement benefits three months before you want your benefits to begin. And even if you have no plans to receive retirement benefits, you should still sign-up for Medicare three months before age 65. ...
Although people are willing to voluntarily care for a parent or loved one without any promise of compensation, entering into a caregiver contract (also called personal service or personal care agreement) with a family member can have many benefits. It rewards the...
Rejecting an attorney’s assessment of a Medicaid applicant’s competence, a Connecticut appeals court holds that because the applicant’s estate did not prove he was incompetent and unable to withdraw funds from his revocable trust, the trust was an available asset and...
Recent Comments