Question: Are payments to third parties subject to Medicaid’s five-year look-back rule? If I purchase item(s) for my child, but make the check out to a third party (i.e., check paid to retailer for appliances, to firm for landscaping services, to roofing company for new roof, etc.), are these also subject to the five-year rule,…
Question: I have two annuities. If my wife or I need to go into a nursing home, would we have to cash in the annuities to apply toward nursing home expenses? I have been told that, because the annuities are considered insurance policies, we would not need to cash them in for nursing home expenses….
While the 2017 federal tax cut means most estates won’t be subject to the federal estate tax in 2018 and 2019, state estate tax is a different matter. Some states are not going along with the increase in the federal estate tax exemption. In 2017, Republicans in Congress and President Trump doubled the federal estate…
We’ve all heard the advice “It pays to shop around,” but this has never been more true than with the current market for long-term care insurance. According to the latest industry figures, the spread between the lowest and highest cost for virtually identical coverage was as high as 243 percent. “This is the largest spread I…
Traditionally, Medicaid has paid for long-term care in a nursing home, but because most individuals would rather be cared for at home and home care is cheaper, all 50 states now have Medicaid programs that offer at least some home care. In some states, even family members can get paid for providing care at home….
Q. After my mother has been living in a nursing home for a year, the nursing home just asked me to provide receipts for how I spend my mother’s $60 a month allotment from her Social Security check. They say it has always been a government requirement. I am her guardian and have never heard…
Q. If a property appraisal was never obtained when a parent died (2016), how can we determine the cost basis in order to calculate the capital gains taxes? Four siblings inherited the home and plan to sell it. A. When you sell property that you inherit, you need to determine how much the property was…
The rules differ so much from state to state that it can be difficult to advise you. In general, assuming your parents are 65 or older, if both are seeking Medicaid coverage, they must spend down their savings to $3,000 (this number may be different in some states). If only one is seeking coverage, the other may be able to keep all of the savings.
Having a loved one with dementia can be scary, but if you add in a firearm, it can also get dangerous. To prevent harm to both the individual with dementia and others, it is important to plan ahead for how to deal with any weapons.
This is the last year that spouses who are turning full retirement age can choose whether to take spousal benefits or to take benefits on their own record. The strategy, used by some couples to maximize their benefits, will not be available to people turning full retirement age after 2019.
