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Avery v. Union County Division of Social Services: When Are Retirement Funds Exempt for Community Spouses?

12/18/2014 11:31 AM

Friend Avery entered a nursing home in July 1997 while his wife Rose continued to reside in the community.  The Averys applied for New Jersey Medicaid benefits shortly thereafter.  Mrs. Avery was still working and had a 401(k) and a profit sharing plan with a combined balance of nearly $100,000. The Union County Division of...

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Annuity Beneficiary Designations Don’t Get Second Chances

12/09/2014 5:34 PM

Anna Danna entered a Missouri nursing home in June 2012 while her husband Mitchell continued to reside at home.  Concerned about the high care costs, Mr. and Mrs. Danna applied for Medicaid benefits in August 2012 – referred to as MO HealthNet in Missouri.  The application was denied due to “countable resources exceed[ing] the limits”...

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The 10 Fundamental Laws of RMDs

12/05/2014 10:18 AM

After reaching age 70½ retirement account owners are generally required to start taking withdrawals from their IRA or other retirement plans.  These withdrawals are commonly referred to as required minimum distributions (RMDs), and like anything governed by the IRS, come with a great deal of rules and exceptions, to-wit: 1.  RMDs start at a particular time....

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Dale Krause Featured on Lawpreneur Radio

12/01/2014 11:49 AM

Founded by Miranda McCroskey, “Lawpreneur Radio” comes out of her entrepreneurial spirit, and her recognition that lawyers and successful business owners are not necessarily equivalent.  A successful colleague once told her that the lawyer entrepreneur’s, or “lawpreneur’s”, business was 80% business and 20% law.  This seemingly apt statistic might not create access for an academic legal eagle to go...

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Can a Penalty Period be Reversed or Eliminated?

11/21/2014 9:05 AM

Can a divestment penalty period be reversed or eliminated? The short answer is yes, according to 42 U.S.C. § 1396p(c)(2)(C)(iii). However, it’s not as clear-cut as you might imagine. Watch this three-minute video covering when a penalty period can be reversed and when a penalty period can be eliminated. We encourage you to share this...

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2015 Veterans Pension Benefit Rate Projections

11/18/2014 1:05 PM

More than one-fifth of the country receives some type of federal retirement benefit.  Those individuals are greatly affected by the cost of living adjustment (“COLA”), which we know mirrors the Consumer Price Index for All Urban Consumers. With a 1.7% COLA for 2015, 4 million disabled veterans, 2.5 million federal retirees and their survivors, and...

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Partial Cures: Assisted Living vs. Nursing Home

11/10/2014 11:50 AM

Using a partial cure is a planning technique only viable in an increasingly limited number of states.  Commonly referred to as a reverse half-a-loaf plan, the partial cure technique usually consists of the following steps, in a nutshell: Applicant gifts entire net worth Applicant applies for Medicaid Medicaid assigns penalty period in light of gift...

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2015 LTCI Tax Deductibility and Medicaid Figure Projections

11/05/2014 1:19 PM

The IRS has published the 2015 long-term care insurance premium deductibility limits, which saw an approximately 2% increase from the prior year.  These deductions are for eligible long-term care insurance premiums and can be included in medical care deductions to offset income taxes. Attained Age Before Close of Taxable Year          ...

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Koenig v. Dungey: Win for Spousal Medicaid Annuity Purchase

10/29/2014 1:37 PM

Earlier this month we discussed the many hurdles spousal Medicaid annuity planning in Ohio has overcame, with the most recent being the Wagner v. McCarthy injunction win.  Now even more recent is the matter of Koenig v. Dungey (Ohio Ct. App., 1st Dist., No. C-140111, Oct. 22, 2014). If you recall, the case initially began...

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12 Basic IRA Rules You Need to Know

10/27/2014 9:43 AM

Planning with IRAs is a common hurdle that elder care practitioners face – whether it is Medicaid planning or Veterans Benefits planning.  Unlike a checking or savings account, serious thought needs to be given prior to liquidation.  Familiarity with the 12 basic rules below may be helpful in avoiding planning options that inadvertently cause negative...

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