Q. I have been in a Registered Domestic Partnership for several years, and my partner may soon need to apply for a Medi-Cal nursing home subsidy. How will Medi-Cal treat our finances in that situation? A. The good news is that Medi-Cal will now evaluate your partner’s financial need for a subsidy based upon the Read Full Article
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With the New Tax Law, Does Your Trust Need a Tuneup?
Q. My wife and I had our Living Trust prepared about 8 years ago. I hear there’s a new tax law which just went into effect. Is it time to have our trust reviewed? A. You refer to the recently enacted “American Taxpayer Relief Act,” which has permanently enlarged the estate tax exemption to $5,250,000 Read Full Article
When Seniors Remarry: Revise Your Estate Plan
Q. My fiancé and I will soon marry. This will be the second marriage for each of us and we both have children from previous marriages. We want to arrange our estate plan to make sure that the survivor of us is financially secure, but we also want to leave something to our own children. Read Full Article
When Seniors Remarry: Consider a “Prenup”
Q. My fiancé and I plan to marry. This is the second marriage for each of us, and we both have children from previous marriages. I have heard something about a “Pre-Nuptial Agreement” for couples in our situation. Does that sound like a good idea? A. Probably, yes. In its simplest form, a Prenuptial Agreement Read Full Article
End of Year Tax Planning: More Important This Year
Q. I hear that tax laws may change dramatically on January 1, 2013. Are there tax strategies that I should consider before year end? A. Bush-era tax reductions are slated to end on January 1st, unless Congress and the President agree on a way to avoid the “fiscal cliff” before then. Absent such agreement, tax Read Full Article
How to Get the Most From Medicare’s Limited Nursing Home Coverage
Q. My wife and I do not have long-term care insurance. We hear that Medicare coverage for nursing homes is limited. Do you have any tips on how to make the most of it? A. Sure. Medicare coverage for nursing home stays is really designed for short-term convalescence following a hospital stay. But if you Read Full Article
New SSI and Spousal Impoverishment Numbers Effective 01/01/2013, Per CMS
On November 16, 2012, the folks at ElderLawAnswers.com reported that the Center for Medicare and Medicaid Services just announced the “2013 SSI and Spousal Impoverishment Standards”, effective January 01, 2013. If things are the same as last year, it will probably be a few weeks before CMS posts this on its website or in a location that is “citable”. Likewise, it will likely be a Read Full Article
How the Medi-Cal Look Back Works
Q. Prompted by the temporary increase in the gift tax exemption, my wife and I recently made gifts of $50,000 apiece to each of our 3 sons. Shortly thereafter my wife had a stroke and now needs full-time care in a nursing home. The cost is running about $7,500 per month and I need to Read Full Article
How Would Paul Ryan Change Medicare?
Last year, it was reported that House Budget Committee Chairman Paul Ryan (R-WI) proposed a budget that would radically reshape Medicare and shift more costs to seniors and the disabled. At the time, we noted that “the plan may well become the Republican Party’s de factoplatform in 2012.”Little did anyone know that the plan’s architect would Read Full Article
How Work Affects Social Security Retirement Benefits
Q. I will soon be 66 and at full retirement age. I have the option of continuing to work for my present employer for long as I wish. How would my continuing to work affect my Social Security retirement benefits? A. The connection between work and Social Security Benefits involves the following considerations: (1) The Read Full Article