If things stayed the same, keeping up with the law would be a breeze. Unfortunately, tax and Medicaid laws seem to change daily. Over the past year, there have been several developments. In this article, I’ll offer some of the highlights. As a result of the 2017 tax package, the federal estate tax exemption has […]
MEDICAID PLANNING
Gifts to Qualify for Medicaid In 2025, the rules adopted by the Deficit Reduction Act of 2005 still apply. Those rules are designed to restrict one’s ability to make gifts in order to qualify for nursing home Medicaid benefits. These new rules apply to any gift made on or after February 8, 2006, and within […]
PAYING FOR NURSING CARE – PROTECTING ASSETS
Contemplating a stay in a nursing home is certainly an unpleasant thought. On top of needing the care, you have the financial concern of having to pay the bill. Unless you have purchased private long-term care insurance, you may be faced with depleting the family’s resources in order to pay the nursing home costs. Once […]
PENNSYLVANIA INHERITANCE TAX
One of the first questions asked by those who prepare to plan their estates is “How will my property be taxed at the time of my death?” Many are pleased to know that they need not worry about federal estate tax since Uncle Sam imposes this levy in the year 2025 only if the estate […]
PAYING FOR NURSING CARE – PROTECTING INCOME
In a related article, I review Medicaid “resource assessment” rules that allow you to protect certain assets when your spouse enters a nursing home. These rules are designed to make sure that the spouse in the community is not rendered penniless by having to deplete all of the couple’s resources to pay for a nursing […]
SOCIAL SECURITY BENEFITS GET A BOOST IN 2025
Since inflation was still with us over the past year, Social Security benefits will jump 2.5% in 2025. Benefit recipients will see the raise beginning with the checks to be issued the first week of January 2025. Unfortunately, this increase will be offset by a rise in the Medicare Part B premium that is automatically […]
