One of the cornerstones of asset preservation planning is getting assets out of your name and out of harms way, which often leads to the question, “Will I have to pay gift tax?” This is a valid question. As part of the planning, assets may be moved into a trust, which is a great way […]
Alzheimer’s and Nursing Home Care: If You’re Single, You’re Ready To Plan
Alzheimer’s and nursing home care seem to inevitably go hand in hand. Whether you are facing this diagnosis for yourself or for a family member, there is some legal planning that needs to be done. And if you are single with Alzheimer’s, the time to plan is now. It’s essential to do the planning early […]
Married Couples and Medicaid: How Much Income Can the Community Spouse Have?
For a married couple applying for Medicaid, there are bound to be concerns regarding income and particularly how much income the community spouse (the one who isn’t in the nursing home) gets to keep. In Illinois, the base number is a set number that applies in all situations and that is $2,739. In Missouri, however, it […]
Married Couples and Medicaid: Cars, Trucks and Other Vehicles
The Medicaid rules regarding cars, trucks and other vehicles are different for a married couple than they are for a single person. A single person is only allowed to have one vehicle in Illinois that is limited to $4500 in value (unless it is used or equipped for medical transportation), in Missouri without that particular […]
Married Couples and Medicaid: What Happens If the “Well Spouse” Dies First?
We can be very successful through various planning means in protecting assets for a married couple through the well spouse, or the one who is not in the nursing home (known in Medicaid-speak as the community spouse). But, what if that spouse happens to be the one who dies first? Most married couples have what […]
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