When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. The date that the agency chooses for this analysis is called the “snapshot” date and it can have a major impact on a couple’s financial future. Medicaid Eligibility for Couples…
Given the current seller’s market, I thought it would be helpful to bring back an article that I posted three years ago. It is about how capital gains relate to real estate sales, but this time with a twist! Does The Capital Gains Tax Law Still Exist? How many of you have heard that you…
Most couples have what I call “I Love You” Wills, which state that all of their assets pass to the surviving spouse. Moreover, many couples own all of their assets jointly, so the assets pass to the surviving joint owner even without a Will. This is usually the outcome that couples want, but there are…
Many families mistakenly believe that receiving an inherited property is as simple as listening to a reading of the Will and then that property magically belongs to you and you can do whatever you want with it. Sorry to burst that bubble, but a reading of the will is not a real thing – that’s…
Part of my estate planning practice includes asset protection planning, especially for Medicaid. Many of my clients are interested in protecting their assets for their children. They know, either through personal experience or their own research, that the cost of long-term care could deplete their estates. The average cost of a nursing home in Connecticut…
The federal government has expanded access to protections for the non-borrowing spouse of a reverse mortgage holder who is not named in the loan document, allowing more such spouses the ability to stay in their home if the borrowing spouse dies or moves to a care facility. Reverse Mortgage Protection Prior To 2014 A reverse…
