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Can a Medicaid Divestment Penalty Period Start and Stop?

01/21/2015 4:24 PM

The short answer is no. [CMS transmittal dated July 27, 2006].  However, state interpretations may vary.  Watch this three-minute video, where we explore what happens once a penalty period commences and the applicant ceases to be eligible for other reasons. For a printer-friendly version click here: http://bit.ly/1xYcwNE NEXT EPISODE: WHAT IS A MILLER TRUST?

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Medicaid Annuity Breakthrough in South Dakota Case

01/21/2015 10:57 AM

In light of how much time has passed since the Deficit Reduction Act of 2005 (“DRA”), using annuities in Medicaid planning is not something most would think of as a new, ground-breaking, planning technique.  However, there are still several states where using annuities in planning simply is not popular.  While some of those states have...

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2015 Veterans Pension Benefit Rates: Official Update Released

01/13/2015 6:23 PM

After much anticipation and speculation, we’re pleased to announce that the Department of Veterans Affairs has finally released the official 2015 pension rates, to-wit: Single Veteran Basic Improved Pension $1,072 Housebound $1,310 Aid & Attendance $1,788 Standard 5% VA UME Deduction $53.60 Married Veteran Basic Improved Pension $1,404 Housebound $1,642 Aid & Attendance $2,120 Standard...

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5 Things You Need to Know About Medicaid Annuities

01/06/2015 4:56 PM

The Deficit Reduction Act of 2005 (“DRA”) has been around for nearly nine years. The planning techniques that were created as a result of the legislation have been in full swing for nearly the same time-frame.  The use of Medicaid annuities in planning is not new.  We all know the DRA requirements pertaining to annuities....

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Achieving a Better Life Experience: The ABLE Act of 2014

12/23/2014 5:39 PM

President Barack Obama signed the Achieving a Better Life Experience Act (“the ABLE Act”) into law on December 19, 2014.  The ABLE Act allows for people with disabilities to open tax-free savings accounts that are structured much like the 529 Education Savings Plans you see today. The passing of the ABLE Act is quite significant...

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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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