Medicaid Planning for Single or Widowed People

-
There are many ways assets can be protected for the spouse of a nursing home resident when applying for Medicaid benefits. When it comes to a widowed person or an individual single person who never married, without a spouse to give assets to under the spousal protection rules, can anything be done to protect assets? The short answer is yes. There are several ways to avoid spending everything down for the purpose of receiving nursing home care when planning long-term health care through Medicaid. For more information click here. elder care attorney nj, elder care lawyers in nj

Options are available to individuals planning their long-term health care. They include exempt transfers, purchase exempt assets, and gifting. For a discussion of all available options, call New Jersey Elder Law Attorney at (201) 690-1642 For more information click here. elder law new jersey, elder law attorney new jersey

What is Gifting?

Gifting is a present or something given willingly to someone else without payment. The Internal Revenue Code places a limit on gifts to one person in a given year to $14,000. Such limitation is a tax rule and does not apply to Medicaid benefits. There is no legal limit on the amount of money a person can give away for Medicaid planning purposes. For more information click here. elder law attorney nj, elder care attorney near me

 What is a Purchase Exempt Asset?

 There are a number of assets that are not counted or considered for Medicaid spend-down purposes. They include buying irrevocable burial reserves, medical equipment, and a car. The benefit of these assets can be used by either the nursing home resident, or his or her family. For more information click here. elder care lawyers near me, Elder Care Law Firm

What is an Exempt Transfer?

An exempt transfer occurs when money or assets are given away without the penalties that apply to gifting during the five-year look-back period prior to filing a Medicaid application. For more information click here. Asset Protection Lawyers near me, child custody Lawyers nj

What is the Medicaid Look Back Period?

 When an individual applies for Medicaid, any gifts or transfers of assets made within five years or 60 months of the date of the application are subject to penalties. Any gifts or transfers made more than five years of the date of the application are not subject to penalties.

Distinguish Medicaid from Medicare

 It is important to note that many people confuse Medicaid and Medicare. Medicaid is a social welfare program that provides medical benefits to individuals based on financial need. Medicare is an entitlement program paid for through payroll withholding. Medicaid is designed to pay for long-term care once an individual’s funds and assets are depleted.

 Do You Need Medicaid Planning? Contact a New Jersey Elder Lawyer to Start Planning for Your Long-Term Health Care Needs

No matter your marital status, options to avoid spending everything down when Medicaid is part of your long-term medical care plan need to be properly reviewed and examined by an experienced elder law attorney. Every state has different rules for how Medicaid is awarded.

The Giro Law Firm is a New Jersey and New York law firm located in Hackensack, NJ that handles a wide range of legal matters that affect the elderly and disabled populations, including retirement, guardianship, health care, long term care planning, Social Security, Medicare/Medicaid, among other legal services. To request a consultation, click here or call (201) 690-1642.

Comments

Post a Comment

Popular posts from this blog

New Jersey Wills and Probate Lawyers in Hackensack, New Jersey

-
Image
  Contesting a Will When individuals contest a will, more often than not, they believe the will does not reflect the actual intent of their deceased loved one. The party who made the will is called a testator. The party who receives property or a gift through a will is called a beneficiary. A will may be challenged by a beneficiary in its entirety or in part. Wills in New Jersey The New Jersey State Legislature and the New Jersey Probate Courts are motivated by a strong principal that the final wishes of a deceased person should be honored without compelling evidence to the contrary. A decision to gift or not to gift is personal. The true motivations and reasons why an individual gives his or her property to someone else will never be truly known. Sometimes even the stated reasons are incorrect. For purposes of interpretation of the testator’s intent, New Jersey Probate Courts can only rely on the contents of the will to ensure that the testator’s final wishes a...
Read more

Changes in the Estate Tax Under the Tax Cut and Jobs Act

-
Image
As part of the sweeping overhaul of the tax code, the threshold for the estate tax has been effectively doubled. The estate tax is levied upon assets that are transferred upon death, for this reason it is colloquially referred to as the “death tax.” For practical purposes, most taxpayers will never pay the estate tax because the tax only applies to large estates and because careful estate planning can help large estates largely avoid the tax. The Estate Tax In 2017, the death tax only applied if the estate was valued at over $5.49 million for single-filers and 10.98 million for married couples filing jointly. At this threshold, the tax was unlikely to apply to a large portion of Americans. According to the New York Times , 2.6 million people died in the United States in 2016. During that same year, only 5,219 estate taxes were filed with the Internal Revenue Service, representing a tax that touched upon only 0.2% of deaths during the year. While the estate tax does ...
Read more

Ask Lawyers in Hackensack, NJ: Where do You Probate a Will in New Jersey?

-
Image
Probate is not always required after someone dies. The requirement to probate a will in New Jersey depends on what assets the deceased person owned. If a will needs to be probated, the deceased person’s will must be filed in the county in which the deceased person resided at the time of death. The county clerk will verify that the county of residence contained in the death certificate matches the court where the will is being filed for probate.  For more information click here .  elder lawyers hackensack nj , elder care lawyers in nj , Asset Protection Lawyers near me , Alimony Lawyers near me , Veterans Attorney New Jersey                                                                                           How to Determine the Residence o...
Read more