When My Dad Applies for Medicaid, Will His New Wife’s Assets Be Counted Even Though They Have Kept Their Assets Separate?
Under the Medicaid rules, when one member of a married couple applies for benefits their combined assets and income must be reported to determine the eligibility of the nursing home spouse. However, there is an exception that is often used in cases of late, short-term...
Should Your Agent, Trustee, Successor Trustee Also Be a Beneficiary?
Written By: Evie Curtis – Development Director, Assured Trust Company It happened again. The conversation that starts with, “BUT, it’s my inheritance.” My reply, “BUT, it’s not your money. It belongs to Mom, Dad, Aunt, Uncle ….” It is the time when families have that...
Nursing Home Did Not Prove That Transfers from Resident to Agent Under a POA Were Fraudulent
An Ohio appeals court rules that a nursing home failed to prove that assets transferred from a nursing home resident to her agent under a power of attorney were fraudulent transfers because the agent testified credibly that she was acting according to the resident’s...
State Bans on Mandatory Hospitalization Requirements Do Not Apply to LTC Policies Already in Effect
The Sixth Circuit holds that long-term care policies purchased by residents of Ohio and Florida remained in force continuously from their effective dates, so they were not affected by both states’ subsequent ban on long-term care policies requiring a hospital stay...
The Attorney’s Role in Medicaid Planning
Do you need an attorney for even "simple" Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be "yes." The social worker at your mother's nursing home assigned to assist in preparing a Medicaid application for your mother...
In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years
The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This...
8 Tips for Having ‘The Talk’ with Aging Parents
During the holidays, most are blessed to spend time with loved ones...including and especially an aging parent. While this is a time for celebration, it is also a chance to really see how your aging loved one is doing. How is his/her memory? Are they able to take care...
Better Than No Loaf: Medicaid Planning Using “Half a Loaf” Strategies
While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. Three so-called "half a loaf" approaches allow a Medicaid applicant to give...
COVID Vaccination Information Added to Medicare’s Nursing Home Compare Site
Individuals who are researching nursing homes can now see staff and resident vaccination rates along with other quality and safety measure information at Medicare’s Nursing Home Compare website. The official Medicare website includes a nursing home rating...
Medicaid’s Attempt to Ensure the Healthy Spouse Has Enough Income: The MMMNA
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. Although...
What Is the Best Way to Use the Equity from My House to Pay for My Care?
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....
What Is a Directed Trust and What Are Its Benefits?
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...
Scrivener’s Error and Limited Power of Appointment Do Not Make Property Available to State to Recoup Medicaid Benefits
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...
Medicare Open Enrollment Time Is Coming: Is Your Plan Still Working for You?
Every year Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them. During Medicare's Open Enrollment Period, which runs from October 15 to December 7, beneficiaries can freely...
Medicare’s Limited Nursing Home Coverage
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 met before the...