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Millionaires in Mississippi

Mississippi is a state known for its rich history and cultural heritage, but did you know that it is also home to a significant number of millionaires? According to data from the Internal Revenue Service, there are over 10,000 individuals in Mississippi who earn over $1 million in annual income. For these high net worth […]

Mississippi: Is Long-Term Care Insurance the Only Way?

Long-term care planning is an important aspect of overall financial and healthcare planning for many individuals and families. As we age, the likelihood of needing long-term care, such as nursing home care, increases. While no one wants to think about the possibility of needing extended care, it is essential to plan for it in case […]

Would a Personal Asset Trust Benefit Me?

A personal asset trust is a legal arrangement that allows you to transfer ownership of your personal assets to a trust, which is managed by a trustee. This can be a useful way to protect your assets and ensure that they are distributed according to your wishes after you die. In Mississippi, personal asset trusts […]

IRS: You Can Contribute More to Retirement Starting in 2023

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, […]

Wait! Will Medicaid Cover My Nursing Home Care?

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 […]

How Does an Intentionally Defective Grantor Trust Work?

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 […]

Protecting Your Home from Medicaid Estate Recovery

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 […]

Medicaid Renewals Resuming: The Information Gap

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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 […]

How to Get Into a Nursing Home as a Medicaid Recipient

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 […]

TOD Beneficiary: What You Should Know | Morton Elder Care Firm

No Comments Blog, Estate Planning, Probate

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, […]

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