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At the start of the Covid-19 pandemic, the Social Security Administration (SSA) closed all 1,200 of its field offices to in-person appointments, as well as suspended numerous other services. One distressing result is that the number of new Supplemental Security...
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. Long-term care can be very expensive, especially...
While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. A will is a legally-binding statement directing who will receive your property at your...
Massachusetts’ highest court holds that a Medicaid applicant retaining a life estate in a house placed in a “nominee trust” does not make the house a countable asset for Medicaid eligibility purposes. Guilfoil v. Secretary of the Executive Office of Health and Human...
Prices of new long-term care insurance policies for 2021 have have been posted in the annual report from the American Association for Long-Term Care Insurance, an industry group. The price increases appy to new, not current policies. Comparing the 2021 prices with...
This is something of a gray area. Any gift is a transfer of assets that must be reported on an application for Medicaid benefits and can cause a period of ineligibility. If the gifts you’re describing are small, they would cause only a few weeks of ineligibility. This...
Usually the purpose of an income-only trust in Medicaid planning is to protect the property in the trust either from having to be spent down to qualify for Medicaid in the first place or from the state’s estate recovery claim after the death of the Medicaid...
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...
A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the...
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