All the assets, including the income of a person applying for Medicaid, are under consideration during the Long-Term Care Medicaid financial qualification process (a/k/a “Frosty”). Assets are classified initially as either protected or countable. Protected assets are NOT subject to the spend-down requirement. Countable assets ARE subject to the spend-down requirement. So, focus on keeping […]
A point of confusion for Elder Law clients engaged in the Medicaid application process is the entanglement of gift tax rules with the Medicaid gift rules. Most people are aware that an individual is allowed to make gifts up to $17,000 per person, per year, without incurring a gift tax on the transfer. This is […]
On the first day of Christmas, my true love established a Will with a Spousal Supplemental Needs Trust provision for me! Estate planning is a gesture of love for the benefit of one’s spouse and children. It is a process that puts in place a plan for who will settle your estate and for the […]
Well, it’s a new year. Maybe you are not a resolution type person. That consistency thing is tough. If you are a caregiver now or just becoming increasingly involved with your parents’ affairs, take an inventory of where key information is located. It won’t hurt to do the same for yourself. One and done, right? […]