When Protecting Assets Beware of Capital Gains Tax (Part 3)
The last two weeks I have been explaining the danger of ignoring a potential capital gains tax while focusing on the avoidance of estate tax and asset protection from the cost of long term care. Mom wants to protect her $600,000 home from being lost to the cost of
When Protecting Assets Beware of Capital Gains Tax (Part 2)
Last week I told you that when protecting assets from the cost of long term care or from an estate tax when you pass away, there is another tax – capital gains tax – to be aware of and I explained how the tax is calculated. This week let’s
When Protecting Assets Beware of Capital Gains
When we get calls with questions about how to protect assets from being spent towards long term care #longtermcareplan or how to protect an estate by minimizing or eliminating an estate tax the focus is limited to the value of the asset. In the case of asset protection a typical
Origins of Memorial Day
At some point in time, Memorial Day has become a holiday that signifies the unofficial beginning of summer. Of course, it is a much more important day than that. It is a time to honor those who fought and died in the service of the United States of America.
Can Family Pay for Private Room When Loved One is Receiving Medicaid? #Medicaid
It’s a question that I’ve been asked numerous times over the years. It’s also one that has caused a lot of confusion. I’ve spoken with some nursing homes who have told me their belief that it violates Medicaid rules. That is incorrect. Here’s the scenario. Mom receives Medicaid, which
A Most Unusual Support System
A recent story that made the news and spread quickly via the Internet reminds us of the importance of having a support system in place because you just never know when you might need it. In this case it came from a very unlikely source. A Domino’s Pizza shop
What Happens When You Don’t File for Medicaid When You Should (Part 2) #Medicaid
Last week I was telling you about the call I received from Shelly. Her mom was sued by the nursing home where her husband resided for the last 4 months of his life. She failed to file a Medicaid application which would have covered the cost of that care.
What Happens When You Don’t File for Medicaid When You Should #Medicaid
Shelly called to ask the following questions, “Does my mom have to tell the nursing home where her bank accounts are located?” In order to answer the question, I had to dig a bit deeper to find out what exactly was going on. This is what I learned. Shelly’s dad had
Retirement Account Changes for 2016 #retirementaccount
As the population continues to age and we see the next generation of seniors coming through our office there are differences in the profile of an aging senior today vs. what we saw 15 or 20 years ago. One change is in the amount of retirement assets that we
Nursing Home Resident with Personal Injury Claim (Part 2) #Medicaid
Last week I was telling you about Mary who received a personal injury settlement while on Medicaid. Because she is over age 65 she can’t protect the money by placing it in a special needs trust #SpecialNeedsTrust for her own benefit. What other option does she have? What we examine