What a mess we have in the tax laws for 2010! For one year only, 2010, there is a law that applies to “stepped-up basis” for estates of individuals who died in 2010. Why do you care? Well, the heirs of someone who dies in 2010 can save thousands of dollars in taxes if they…
DetailsWhat happens if you fall down or are in a car accident and you can no longer handle your affairs due to mental or physical limitations? Who will handle your affairs? Of course, this will never happen to you, but what if? Recently I had a client fall in the shower, ending up in the…
Details“Last week, over the objections of New York State’s medical society, Gov. David A. Paterson signed into law a bill – the New York Palliative Care Information Act – requiring physicians who treat patients with a terminal illness or condition to offer them or their representatives information about prognosis and options for end-of-life care, including…
DetailsWhat if you have excess non-exempt assets? To meet the asset test it is often necessary to “spend down” excess non-exempt assets before applying for Medicaid. How can a single or married person “spend down” or make the excess non-exempt assets go away? There are four methods: 1.Pay the bills for the Medicaid applicant, and…
DetailsLast week we discussed what it takes to meet the Income Test to qualify for Medicaid. This week we will address what it takes to meet the Asset Tests to be able to obtain Medicaid benefits. There are two types of assets: Exempt and Non-exempt assets. The Idaho Department of Health and Welfare refer to…
DetailsMedicaid is a State of Idaho and Federal government program that helps people with long-term care costs. The laws and regulations in this area change often so this article will just cover the high points of what it takes to qualify for Medicaid to have the government program pay for long term nursing home care…
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