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Articles

The Myth of the $10,000 Transfer

No Comments News & Updates

One of the major rules of Medicaid eligibility is the penalty for transferring assets. Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday. So it has imposed a penalty on people who transfer assets […]

Godfather of Soul may have Disinherited Son

No Comments News & Updates

James Brown, the "Godfather of Soul" apparently last updated his estate plan in prior to giving birth to his now five year old son, James Brown, Jr.  The will failed to provide for the child or the child’s mother, Brown’s long-term companion, CNN reports.   A dispute over Brown’s estate is almost a given under these […]

Spousal Impoverishment and Increasing the Minimum Monthly Needs Allowance

No Comments Elder Law

Qualification Basics In order to be eligible for Medicaid benefits a nursing home resident may have no more than $4,000 in "countable" assets. The spouse of a nursing home resident — called the ‘community spouse’ — is limited to assets up to $99,540 (in 2006) in "countable" assets.  This figure changes each year to reflect […]

Protecting the Home

One Comment has Elder Law

Nursing home residents do not have to sell their homes in order to qualify for Medicaid, as long as the nursing home resident intends to return home. Additionally, the house may be kept if the Medicaid applicant’s spouse or another dependent relative lives there.  However, after a Medicaid recipient dies, the state must attempt to […]

Medicaid 60 Month Rule

No Comments Elder Law

Congress has established a period of ineligibility for Medicaid for those who transfer assets. This period of ineligibility is determined by dividing the amount transferred by what Medicaid determines to be the average private pay cost of a nursing home in your state. However, state Medicaid officials will look only at transfers made within the […]

State May Not Recover Medicaid Payments from Estate of Spouse

No Comments Elder Law

A Tennessee appeals court rules that the state may not recover Medicaid payments from the estate of a community spouse who received assets from an institutionalized spouse who predeceased him, leaving no estate.In Re: The Estate of James Clifford Smith (Tenn. Ct. App.)

Medicaid Spending Decreases

No Comments News & Updates

For the first time since its creation in 1965, Medicaid spending actually declined in 2006, a recent USA Today article recently reported.  The drop in spending on the health care program for the poor is due in large part to aggressive program changes implemented by states, including the recently enacted Deficit Reduction Act of 2005.

Fifth Circuit Reverses Tax Court in McCord: Gifting Using Formula Clauses

No Comments News & Updates

This article examines the appeal of the McCord decision, in which the Fifth Circuit reversed the Tax Court decision and allowed formula value clauses. The decision allows you to tie the amount of the gift to the value of the underlying asset, such as an FLP interest. So, it could say, I give $1 million […]

Big Changes for Private Annuities

No Comments Retirement

The article examines the IRS’ recent issuance of proposed regulations cracking down on Private Annuity Trusts used for income tax avoidance. The article looks at why PATs are still a viable tool in estate planning.

Don’t Forget Guardian Selection

No Comments News & Updates

When people think about estate planning, they typically think of who will get   their possessions. Upon further thought, they recognize that the most important   decisions they make will be the identity of trusted decision makers like guardians,   executors, trustees, and agents. If the individual has a Will, an executor or personal representative […]

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