Welcome clients, family members and friends to our monthly e-newsletter!
Please pay particular attention to this month’s articles regarding the law changes regarding Medicaid Transfer Rules. For any client and/or family members that are hoping to qualify for Title XIX, these changes will make a significant difference in the spenddown of your assets and gifting, which can greatly effect your qualification for benefits.
As in our past newsletter you will find helpful tips for your planning and care needs as well as links to other helpful online articles and resources. And remember, please take the time to look over this month’s articles; we believe they will prove to be very beneficial to you and your family.
Please contact our office if you have any questions or concerns regarding the Medicaid Transfer Rule changes or for any other planning needs.
This Month's Articles:
Law Restricting Medicaid Transfers Is in Legal and Legislative Limbo
New Reports Suggest Asset Transfer Changes Won't Ease Pressure on Medicaid LTC Services
BOOK REVIEW: IRAs, 401(k)s & Other Retirement Plans
Watch Out for Rising Long-Term Care Insurance Premiums
Learn the Ins and Outs of Being an Executor or Trustee
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| Law Restricting Medicaid Transfers Is in Legal and Legislative Limbo |
| Is the Deficit Reduction Act of 2005 (DRA) really a law yet? The Act, which among other things imposes severe new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care, was signed by the president on February 8. The version signed, however, was passed by the Senate but not the House, which approved a slightly different version.
Democrats in the House are pressing to have the two differing versions of the DRA reconciled and voted on again, while House Republicans – who were barely able to muster enough votes needed for passage -- would like to avoid another vote. Meanwhile, an Alabama elder law attorney has filed a lawsuit in federal court challenging the law's constitutionality.
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| New Reports Suggest Asset Transfer Changes Won't Ease Pressure on Medicaid LTC Services |
| Supporters of the Deficit Reduction Act of 2005 contend that it will prompt many more seniors to purchase long-term care insurance, thus alleviating reliance on Medicaid. But two new studies by the Kaiser Family Foundation cast doubt on this assumption.
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| BOOK REVIEW: IRAs, 401(k)s & Other Retirement Plans |
 You’ve worked hard and saved your money in a retirement plan, and now you are getting ready to retire. How do you make the most of the money you have saved? A new book describes in plain English how to decipher your IRA or 401(k). |
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| Watch Out for Rising Long-Term Care Insurance Premiums |
| Long-term care insurance can be the best solution to pay for long-term care costs. But many who purchase the insurance aren't aware that the premiums can rise significantly. Policyholder Jim McDevitt was one.
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| Learn the Ins and Outs of Being an Executor or Trustee |
| Taking on the job of executor or trustee is not a role to be taken lightly. If you ignore certain problem signs, you could be setting yourself up for aggravation, red tape, years of work, angry battles with family members and even lawsuits. |
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