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In some cases, due to the amount of assets you have or gifts you have given prior to needing Medicaid coverage for long-term care at a nursing home, you may have to pay for your care costs out of pocket until the disqualification period ends. Many people worry about what [...]

Because Medicaid is need based, there are fairly strict guidelines regarding your assets and how they can be handled. The purpose of these guidelines is to prevent people from giving their estate away so that they qualify. The federal law requires the state to recover the costs of services whenever [...]

It is natural to worry about your assets if you need to use Medicaid to cover long-term care, especially if you have a spouse or dependent children to provide for as well. Federal law requires that the state that provided your Medicaid must try to recover the cost of the [...]

There is often a lot of confusion regarding the difference between Medicaid and Medicare when people first begin planning for long-term care needs, or are unexpectedly faced with needing nursing home care for an extended period of time. Medicaid and Medicare are both run by the state, but are very [...]

ax time is here, which often leaves people thinking about how taxes with effect their retirement and estate planning. Let's take a closer look at some general and common questions regarding estate planning and taxes. Gifts, Inheritance and Income Taxes Gifts and inheritances do not count as income by IRS [...]

We are often asked if giving away all of your possessions and assets prior to dying will help avoid the state and federal taxes on your estate. The answer is yes, and no. Timing is crucial if you plan to gift your assets to your loved ones before the time [...]

Federal estate taxes are often a big concern we hear addressed when estate planning. A Living Trust may be a benefit, if federal estate taxes are a concern. While a Living Trust will not automatically avoid federal estate taxes, when properly drafted, a Living Trust can help with estate taxes, [...]

You might think that once you have a Living Trust in place, its a fix it and forget it situation that will not require any more work when you die. This is not true. While a Living Trust will generally help avoid probate, it still has to be administered properly. [...]