Medicare is a federal program that provides medical coverage to certain individuals – those over age 65, younger folks with disabilities, and people with End Stage Renal Disease. This coverage is critical to get those populations needed care.
The Five-Star Quality Rating System was created in 2008 by the Centers for Medicare and Medicaid Services (“CMS”). The website became popular for people looking for a quick summary of a nursing home’s alleged quality of care.
A big deal for lawyers and accountants who deal with IRAs and retirement plans. A big deal for anyone with an IRA or a 401K plan. Clarity for the SECURE Act changes is on the way.
With many trusts, the role of trustee is filled by a family member. As a non-professional trustee, most persons nominated have very little idea of what is expected of them or the liability they take on by agreeing to act as trustee. We provide this list of duties to give potential and current trustees an idea.
When we meet with clients, some often believe they know exactly what they want and have no need to review with the attorney or think about it. We always review the options in planning for incapacity. And we always meet twice with the client. The law disfavors a procedure where the attorney strolls in and says, “Hi, I’m your lawyer, sign here!” If there is evidence of diminished capacity or if the client is quite elderly...
My friend Amos Goodall, a Certified Elder Law Attorney, wrote an interesting article for the National Elder Law Foundation that I think is worth repeating in a modified version.
Nationwide, guardians oversee an estimated 1.3 million adults and $50 billion of their assets, citing Brenda Uekert, principal court research consultant at the National Center for State Courts.
Don’t pass on reading this thinking you are too savvy to be a victim of some kind of financial abuse-- a growing issue for seniors. Ask your friends. I suspect you will quickly hear of a “near miss” if not a real victim.
A reverse mortgage is an option for individuals 62 years or older who need cash and may not be able to get a standard loan or line of credit. A reverse mortgage allows a person to use the equity in his or her home and receive loan payments on a specified schedule. The borrower does not have to repay the loan as long as he or she remains in the home and is able to maintain it. However, as soon as the house is sold, the borrower dies, or leaves the home for an extended period of time, the loan balance is due.
As you all know, our office specializes in Public Benefits law, primarily long-term care Medicaid. The general public and many commentators have serious misconceptions about Medicaid planning. Many think it simply a matter of spending down money or paying nursing homes or buying prepaid funeral contracts or even just purchasing certain types of annuities.
When someone retires at “full retirement age” and applies for their retirement benefit, they are entitled to a monthly Social Security benefit called a “primary insurance amount”. For persons born from 1943 to 1954, their “full retirement age” is 66. But if that person waits to claim their retirement benefit until age 70, they get a higher benefit that goes up in increments beyond the “primary insurance amount” up to age 70.
In our Estate Planning and Elder Law practice, we have clients with small businesses. Clients often engage in both selling their businesses as they wind down and buying businesses. Transferring businesses to family members is a major part of long-term care planning; especially for Medicaid qualification. Occasionally it may make sense for an elderly client to purchase a business.
Last July we wrote about some changes in IRA distribution law known as the SECURE Act. One change makes designating a Qualified Disability Trust a beneficiary of an IRA instead of an individual efficient for both tax and public benefit purposes. This newsletter explores the use of such trusts and confusion about them.
Previously we looked at the timelines for Medicaid Planning, the Medicaid Asset Protection Trust (MAPT) and how the MAPT protects assets for someone who may need long term care Medicaid. Today we will look at how the MAPT protects its beneficiaries, typically our children.
Previously we looked at the timelines for Medicaid Planning and the Medicaid Asset Protection Trust (MAPT). We will look at how the MAPT works and its advantages in protecting assets and qualifying one for long term care Medicaid.
This is the first of several parts discussing Medicaid planning. It is no secret the cost of long-term care in America is the greatest threat to the economic well-being of most Americans. There are only three ways to pay for long-term care: Private long-term care insurance; private resources; and after you have spent all your money and are broke; Medicaid.
What do Wilson Pickett, Bobby Goldsboro, Marvin Gay, and Carole King all have in common? Other than being popular singers?
They all said it’s too late! But is it?
Social Security payments are determined by a number of factors: the amount of money you earn and amount you pay into the Social Security system, the age at which you begin taking benefits, marital status, how long you work, disability status and other factors. There are a number of ways to increase what you receive from Social Security. Not all of these methods will be applicable to everyone or even practical but consider them nonetheless.
Since 1993, every state must establish a program to recover Medicaid expenditures from the estates of recipients. 42 U.S.C. § 1396p(b)(1)(B). This is known as “estate recovery.” In theory states can impose liens to personal or real property 42 U.S.C. § 1396p(a) or seek to recover from the Medicaid recipient's decedent's estate. 42 U.S.C. § 1396p(b)(1)(A).
5 Upcoming Webcast on 3 Intriguing Topics –Register Today!