Gift Tax and Medicaid

Gift Tax and Medicaid

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...

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Understanding Pooled Trusts

Understanding Pooled 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...

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Is an Irrevocable Trust right for you?

Is an Irrevocable Trust right for you?

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.  So, is...

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New York “Spousal Refusal” and Medicaid

New York “Spousal Refusal” and Medicaid

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 eligibility.  Legally responsible relatives include spouses and parents or step parents of children under…

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Understanding a Revokable Trust.

Understanding a Revokable Trust.

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...

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Power Of Attorney – What you need to know

Power Of Attorney – What you need to know

A Power of Attorney is a document that authorizes the “agent” to represent or act in various legal matters on behalf of the “principal.”  The agent, previously called an attorney-in-fact, but after a recent change in the Power of Attorney laws, is now simply called...

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Senior Emergency Preparedness

Senior Emergency Preparedness

In an emergency, staying safe often depends on having some type of preparedness plan in place. This is particularly true for senior citizens. Whether a person is in a senior care facility or living independently at home, clear steps should be taken to prepare for...

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