If things stayed the same, keeping up with the law would be a breeze. Unfortunately, tax and Medicaid laws seem to change on a daily basis. Over the past year, there have been a number of developments. In this article, I’ll offer some of the highlights. As a result of the 2017 tax package, the […]
MEDICAID PLANNING
Gifts to Qualify for Medicaid In 2024, the rules adopted by the Deficit Reduction Act of 2005 still apply. Those rules are designed to restrict one’s ability to make gifts in order to qualify for nursing home Medicaid benefits. These new rules apply to any gift made on or after February 8, 2006, and within […]
PAYING FOR NURSING CARE – PROTECTING ASSETS
Contemplating a stay in a nursing home is certainly an unpleasant thought. On top of needing the care, you have the financial concern of having to pay the bill. Unless you have purchased private long-term care insurance, you may be faced with depleting the family’s resources in order to pay the nursing home costs. Once […]
PAYING FOR NURSING CARE – PROTECTING INCOME
In a related article, I review Medicaid “resource assessment” rules that allow you to protect certain assets when your spouse enters a nursing home. These rules are designed to make sure that the spouse in the community is not rendered penniless by having to deplete all of the couple’s resources to pay for a nursing […]
SOCIAL SECURITY BENEFITS GET A BIG BOOST IN 2024
Since inflation was still with us over the past year, Social Security benefits will jump 3.2% in 2024. Benefit recipients will see the raise beginning with the checks to be issued the first week of January 2024. Unfortunately, this increase will be offset by a rise in the Medicare Part B premium that is automatically […]
