As you may have noticed, within the new site there is an Ask Dale section. This section is provided to allow elder law attorneys and individuals a place to obtain answers on the various questions related to Medicaid Compliant Annuities, crisis Medicaid planning, or other related topics.
Within the questions I received throughout this prior week from the Ask Dale section, the most popular was inquiries on the Gifting/Short-Term Medicaid Compliant Annuity planning technique, more com ...
A private letter from the Internal Revenue Service explains that meals and lodging costs for an assisted living stay may be deducted as medical expenses if the individual is in the facility for qualifying medical reasons. The letter explains the types of conditions that would meet the standards in order to qualify these costs as tax deductible.
Below is a copy of the IRS private letter dated December 18, 2008:
DEPARTMENT OF THE TREASURY
INTERNAL REVENUE SERVICE
...
Charles, a 64 year old male residing in Green Bay, Wisconsin, is single and owns a Long-Term Care Insurance policy. Charles earns $50,000 per year and owns a tax-qualified Long-Term Care Insurance policy with a $3,700 annual premium. In 2009, Charles will have $2,400 in medical expenses not covered by his health insurance.
If Charles itemizes his deductions, he may deduct his unreimbursed medical expenses, but only to the extent that those expenses exceed 7.5 percent of his adj ...
According to the Philadelphia Business Journal, J.G. Wentworth, a financial services firm specializing in purchasing structured settlements, annuities and life insurance policies, filed for Chapter 11 bankruptcy protection on Tuesday, May 19th, 2009.
J.G. Wentworth has already laid off 120 of its 200 employees and closed its Las Vegas office. The Philadelphia Business Journal reports that the company's remaining operating units will continue to conduct business without interruption ...
Assume that Roger Smith, a WWII veteran, is moving into an assisted living facility so that he can get some help with his meals, dressing, and taking his medications. The assisted living facility that he is about to enter charges $2,750.00 per month, an amount which includes all of his meals. As for the medication and dressing services, Roger expects to pay $250.00 per month. Roger's total out-of-pocket monthly medical expenses, including the assisted living charges, doctor's v ...
