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Medicaid Planning
Whenever a caregiver agreement is utilized in a Florida Medicaid or VA Planning case, there are always questions regarding income taxes. When, and to what extent, does the care recipient get to deduct the payment or payments? When, and to what extent, does the caregiver child have to recognize taxable compensation or income?
Section 61(a) of the Internal Revenue Code ("IRC") defines "gross income" as compensation for services... Thus, it is clear that when a caregiver child ...
It is a well known fact that most seniors who are receiving Medicaid benefits do not receive the best dental care, and many receive none at all. But did you know that poor dental care can lead to heart disease, and other health conditions, resulting in an untimely death?
According to my dentist, a person's mouth has almost 700 different types of bacteria living in it. Some of the bacteria are good, but some are bad. The combination of bacteria helps in breaking down food par ...
In a typical Medicaid case involving a promissory note, the facts are clear. The Medicaid applicant transfers an asset to a family member, in exchange for a promissory note. In order for the promissory note to qualify as a viable Medicaid planning tool - which is intended to reduce or eliminate a spend-down amount, it must meet the requirements outlined in the Deficit Reduction Act (the "DRA").
The DRA states that if a promissory note is to be treated as a fully compensated transf ...
As a result of the Deficit Reduction Act of 2005 ("DRA") a community spouse can easily qualify an institutionalized spouse for Medicaid benefits by utilizing a Medicaid Compliant Annuity ("MCA"). The purpose of the MCA is to eliminate excess countable resources - the spend-down amount. In designing the MCA, the only issue facing the community spouse is for how long he or she should schedule the monthly payments - the income stream. Why is that an issue?
Under DRA, in order f ...
The Center for Medicare and Medicaid Services has recently announced that the Community Spouse Resource Allowances and Monthly Maintenance Needs Allowances will not be increasing in 2010. This relates to the fact that the consumer price index upon which the spousal impoverishment standards are based did not increase. As such, for 2010, the Maximum Community Spouse Resource Allowance will remain at $109,560.00, and the Maximum Monthly Maintenance Needs Allowance will remain at $2,739. ...
In that there is little guidance in the General Counsel's opinions or Court of Veterans Appeals decisions to rely on the use of an Intentionally Defective Irrevocable Grantor Trust ("IDIGT") as an appropriate VA spend-down tool, it is my opinion that if a qualified veteran or the surviving spouse of a qualified veteran retains the right to monthly income from an IDIGT then the assets contained within the IDIGT are in danger of being counted by the VA. Assets in excess of the "nominal ass ...
After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home health care agencies, assisted living facilities, and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
Long-term care insurance ("LTCI") provides the financial leverage necessary to overcom ...
At Krause Financial Services we specialize in Crisis Medicaid Planning and Veterans Benefits Planning.
Obtain all of your Medicaid and VA compliant insurance products in one convenient place. You no longer have to waste your time searching for insurance companies and insurance agents that claim to offer the products and services you need.
When clients plan to pay for long-term care services, they have certain options, including: private pay, VA benefits, Medicaid, or a combination thereof. As would be expected, private pay is the preferred method, in that cash is king and those with cash are in the catbird's seat. They can choose from 24 hour home health care to assisted living to a single room in a nursing home.
But who has sufficient cash to meet the objective? Very few! For most, unless they purchase ...
When the Deficit Reduction Act of 2005 ("DRA") was signed into law on February 8, 2006, by President Bush, the intent of the legislation was to reign in national spending. Part of the DRA included eligibility criteria for Medicaid benefits. States were required to be in compliance with the provisions of DRA as a pre-condition to receiving federal Medicaid funds. The US Department of Health & Human Services, Centers for Medicare & Medicaid Services ("CMS"), provides gu ...
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