明星黑料

My mother has a Medicaid Asset Protection Trust and her house has been owned by this trust for 6 years. She purchased the house in 1980 for $30,000. It鈥檚 now worth $400,000. What will be the tax consequences if she sells the house while she is alive? What if we sell it after her death?

We are frequently asked whether it is a good idea to disinherit your spouse due to the possibility of nursing home care in the future. While updating your estate planning documents is a good idea, simply disinheriting your spouse may not protect your estate in the event s/he needs to go to a nursing facility.

My husband may require care in a Nursing facility. I was considering applying for Medicaid but I have heard that we could lose everything if we accept assistance through the Medicaid program. Is this correct?

The Consumer Directed Personal Assistance Program (CDPAP) is a Medicaid program that allows a Medicaid applicant, or their representative, to choose the individual (or individuals) to provide care at home rather than using an aide from a home health agency.

Question: My wife suffers from Alzheimer鈥檚. Currently, I am her primary caregiver, but I am worried that if I predecease her, she will need to go to a nursing facility. One of my friends suggested executing a new Last Will & Testament that disinherits my wife and leaves my estate to my children. Should I do this?

Gifting and Medicaid planning is commonly misunderstood. We often see clients who believe that the gifting rules for Medicaid are the same as the IRS gifting regulations.

My mother has been in a rehabilitation facility for the last 6 weeks and will be discharged any day now. She is unable to care for herself and we desperately need help at home. I want to apply for Medicaid to help pay for the care, but I heard this can take months. Is there a way to get the care in place faster?

Question: I have created a Medicaid Qualifying Irrevocable Trust and I am attempting to transfer my home to my trust. The bank which holds my mortgage has advised that they do not allow transfers to Irrevocable Trusts. Can they prevent me from protecting my house? What can they do?

When someone enters a nursing facility, an application for Chronic Medicaid may be appropriate. The average cost of a nursing facility on Long Island is $15,000.00 per month. This type of cost would exhaust assets very quickly in most cases. Chronic Medicaid is the program that covers nursing home care.

Question: I鈥檓 currently enrolled in a Medicare Advantage Plan and was told that I should switch to traditional Medicare, I am getting overwhelmed with all of the choices and options.