BLOG

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...

Comments (0) Visits (103)

More...

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...

Comments (0) Visits (683)

More...

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          ...

Comments (10) Visits (494)

More...

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...

Comments (0) Visits (445)

More...

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...

Comments (2) Visits (611)

More...

What Transfers Will Medicaid Allow Without Penalty?

10/10/2014 12:08 PM

Under 42 U.S.C. Section 1396p(c)(1)(A), a penalty will be imposed when a Medicaid applicant or spouse “disposes of assets for less than fair market value.” Share this simple 3-minute video with your clients to explain a few of the transfers that don’t create a Medicaid divestment penalty period. Click here for the printer-friendly version.

Comments (2) Visits (176)

More...

Wagner v. McCarthy: Penalized Spousal Annuities Win Injunction

10/09/2014 10:43 AM

Ohio has long been a state where using spousal annuities in Medicaid planning was done in extreme caution.  In some cases the annuities were considered countable resources, even though they contained all the necessary provisions of the Deficit Reduction Act of 2005.  In other cases, the transfer above the community spouse resource allowance into the...

Comments (0) Visits (352)

More...

Annuity Beneficiary: Why Would you Name the Institutionalized Spouse Before the State?

10/01/2014 10:23 AM

As of today, there are 16 states that will allow a community spouse’s annuity to name the institutionalized spouse as a beneficiary before the state Medicaid agency.  But, why would you ever want to do that?  Wouldn’t the inheritance impede the institutionalized spouse’s Medicaid eligibility?  Well yes.  It would.  And that’s OK.  Consider this example....

Comments (2) Visits (672)

More...

3 Items to Consider in Planning with IRAs

09/15/2014 4:12 PM

In some states an IRA is an exempt asset for the community spouse, or even both spouses.  For those states that count IRAs in determining Medicaid eligibility, where does this leave an IRA in your crisis Medicaid plan?  About 1 in 5 elder law attorneys have no idea that an IRA can easily be converted...

Comments (2) Visits (1416)

More...

What Transfers Will Medicaid Penalize You for Making?

09/12/2014 2:11 PM

Under 42 U.S.C. Section 1396p(c)(1)(A), a penalty will be imposed when a Medicaid applicant or spouse “disposes of assets for less than fair market value,” given certain exceptions. Watch this brief, three-minute video covering a few of the most common “transfers” that will result in periods of Medicaid ineligibility (e.g. divestment penalty periods). Click here...

Comments (0) Visits (308)

More...

Request a quote