by admin | Jun 13, 2019 | Gift Tax, Medicaid/Medicare
A common misconception is that you can utilize the IRS’s gift tax exclusion allowing gifts up to $15,000 per year, per person without invoking Medicaid’s transfer penalty period. This simply is not true. The $15,000 per person per year is an annual gift tax exclusion...
by admin | Jun 13, 2019 | Medicaid/Medicare, Trusts
In the modern world, humans are living longer than ever before. Generally, this is a very good thing. It means more time spent with loved ones and enjoying all the wonderful experiences life has to offer. However, age-related deterioration is a growing concern, and...
by admin | Jun 13, 2019 | Trusts
In a previous post we discussed the advantages and draw backs of Revocable Living Trusts. While there are many significant advantages to Revocable Living Trusts, there is one significant disadvantage – they do not protect assets against legitimate creditors. ...
by admin | Jun 13, 2019 | Medicaid/Medicare, Spousal Refusal
Medicaid is a means tested program requiring that the applicant meet certain income and resource levels. Medicaid will look at the applicant’s resources and income, as well as any legally responsible relative’s resources and income, when considering Medicaid...
by admin | Jun 12, 2019 | Trusts
There is a lot of talk around the issue of Trusts. “Do I need a Trust?” “Will a Trust preserve my assets?” “Can I sell a home that is held in Trust?” If your instincts tell you that you should seek more information about Trusts – keep reading. Let us try to get to...
