Articles

What Documents Are Required for a Medicaid Application?

Medicare and health insurance don’t pay for long-term nursing home care. Medicaid, does, but impoverishment is the price of admission to the Medicaid program. Proper planning enables one to qualify for Medicaid benefits while protecting substantial assets for spouse and family. In order to qualify, applicants must prove that they have limited income and assets.

Annual Contribution Ceiling for ABLE Accounts Rises and More States Add Programs

The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022.  The figure, which is tied to the inflation-adjusted value of the IRS’s gift tax annual exclusion, had been stuck at $15,000 since 2018.  Pennsylvania and 45 other states offer ABLE

How Long Does an Executor’s Job Take?

Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. While a simple estate can take a few months and not require a huge time commitment, if there are problems, the job can drag on for years. An executor is the person responsible for managing

Claiming Social Security Benefits at Age 70

If you are about to turn 70, congratulations on reaching a big milestone.  And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group -- only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three score and ten, the age

If You Don’t Want an IRA Distribution, You Can Donate It to Charity

Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction. You are required to begin taking distributions from your tax-deferred IRA when you reach age 72 (70 ½ if you turned

You Can ‘Cure’ a Medicaid Penalty Period by Returning a Gift

Anyone who gifted assets within five years prior to applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a

Medicaid’s “Snapshot” Date and Its Crucial Impact on a Couple’s Financial Picture

When a married person applies for Medicaid, the Medicaid agency must analyze the income and assets of the applicant and the applicant’s spouse as of a particular date to determine eligibility. Elder Law attorneys refer to this as the “snapshot” date.  It can have a major impact on a couple’s financial future. In order to

Why You May Need a Trust in Addition to a Power of Attorney

By Stanley M. Vasiliadis, Esq., CELA While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable general power of attorney allows you to appoint someone you

Annual Gift Tax and Estate Tax Exclusions Are Increasing in 2022

The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. The IRS’s announcement that the annual gift exclusion will rise for calendar year 2022 means