In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation. The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January 1, 2023. Increases to Contribution Limits for Retirement Plans in the New Year Beginning in 2023, [...]
In Mississippi, Medicaid is a government-funded health insurance program that provides coverage for low-income individuals and families. It is administered by the Mississippi Division of Medicaid and is jointly funded by the federal government and the state. One question that often arises in relation to Medicaid is whether the program will pay for nursing home [...]
An intentionally defective grantor trust (IDGT) is a type of trust that is designed to avoid certain tax liabilities while still allowing the grantor to retain certain benefits or control over the trust's assets. Despite its name, an IDGT is not actually defective in the same way as a defective grantor trust, as it is [...]
After a Medicaid recipient dies, the state must attempt to recoup from his or her estate whatever benefits it paid for the recipient's care. This is called "estate recovery." For most Medicaid recipients, their house is the only asset available, but there are steps you can take to protect your home. Life Estates For many [...]
Recent findings show an information gap among Medicaid recipients regarding the need to re-enroll for benefits after the COVID-19 Public Health Emergency (PHE) ends. Medicaid recipients are inconsistently informed about the end of the PHE and its effect on their health insurance benefits in terms of the amount of information they have and where they [...]
While Medicaid helps pay for nursing home care, being admitted to a nursing home as a Medicaid recipient is not always easy. There are several ways to navigate the process, depending on your situation. With the median cost of a nursing home room being more than $250 a day, most families need help paying for [...]
Your named beneficiaries will likely have to go through probate to receive your real property after your death if it is only in your name and not held in trust. Although transferring property into trust can ensure your family does not have to wait for a judge to validate your will before distributing your assets, [...]
Federal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate [...]
Some seniors don’t expect to remarry after a divorce or the death of a spouse. However, life is full of surprises. You could meet someone at any age, even during your retirement years. Many older adults bring various assets and debts into a new relationship. They might also have children from a previous marriage, one [...]
When creating a trust with a Clinton, MS, trust lawyer, it is important to understand the specific roles involved. The grantor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the last [...]
