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January 2023

How Does Medicaid Treat Spouses of Nursing Home Residents?

Medicaid is the only public benefit program that pays for long-term nursing home care. Medicare and private health insurance don’t. But in order for Medicaid to pay you’ve got to be broke. Worse yet, if you’re married, your spouse, referred to as a “community spouse” must also be broke – almost. Spouses may keep a

“ABLE” Account -Financial Savings Tool for Special Needs Persons

An ABLE (Achieving a Better Life Experience) account is a must-have savings tool for persons with special needs. It supplements but does not replace needed public benefits while often providing greater flexibility than available under a supplemental needs trust. The maximum amount that can be contributed each year to an ABLE account for a person

How to Avoid Income Tax on Capital Gains

Generally, when you sell an asset, its appreciation in value from its acquisition cost is a “capital gain” that is subject to federal and state income taxation. Conversely, if the asset’s value at the time it is sold is less than what it cost to buy, the owner realizes a “capital loss” that often generates