All hospitals must now give Medicare recipients notice when they are in the hospital under observation status. The notice requirement is part of a law enacted in 2015 but that just took effect. Signed by President Obama in August 2015, the law was intended to prevent surprises after a Medicare beneficiary spends days in
Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have a big impact on your family. 1. Alternate Beneficiaries One of the most important things your estate plan
By Caleb Harty Once the all-important question of “How much money should I plan to leave my child?” has been answered, the next step in special needs financial planning is to determine what assets will be used and when they will be passed on. Typically, special needs trusts (SNTs) are not funded until the parents'
Beware of a six-month look-back period and tax penalties By Mary Beth Franklin Many clients have chosen to enroll in health savings accounts (HSAs) because they like the triple tax savings that HSAs offer when paired with a high-deductible health insurance plan. But things can get very complicated when clients approach Medicare-eligibility age. The rules
Tax day, which is April 18th in 2017, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep
by Stanley M. Vasiliadis For nursing home residents, impoverishment is the price of admission into the Medicaid program. While most spend themselves broke, a savvy few manage to qualify for Medicaid without forfeiting their estate. One way to do that is with the “gift & annuity” strategy. Sadly, many nursing home residents actually do exhaust
by Stanley Vasiliadis Jim and Betty so adored their young grandchildren. Establishing a fund to financially assist in paying for their college education seemed like just the right thing to do. Of course, this is a common scenario. “Section 529” plans are perhaps the most popular vehicle to accomplish this goal. Under Section 529 of
When serving as the trustee of a special needs trust, it is crucial to be careful when making distributions for the benefit of the trust beneficiary. This is particularly true if the beneficiary receives Supplemental Security Income (SSI) because any distribution could potentially violate Social Security’s rules regarding unearned income for SSI recipients. If a
