We have heard from clients who have received mysterious lump sum deposits into their accounts from Social Security. Recent developments in the Social Security Administration’s Windfall Elimination Provision (WEP) have led to these lump-sum deposits appearing in the accounts of some retirees. While this unexpected windfall may seem like good news, it could have unintended…
It has been nearly five years since the VA rules for Aid & Attendance benefits changed drastically. Among other things, the new rule imposed a 3-year look back for transfers of assets, including gifts to persons, trusts or purchases of annuities, deny claims for up to 10 years due to transfer and exempt the value…
The ABC’s of MSP, QMB, SLMB and ALMB March 1, 2023 is the date when the Medicare Savings Program (“MSP”) income thresholds are updated. The figures are based on the federal poverty guidelines, which are adjusted every January based on inflation. Each State manages its own MSP standards. In Connecticut, you are eligible for MSP…
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level of care typically provided in a nursing home. Whether you are applying for nursing home coverage or through a Medicaid waiver program for coverage at home, you must meet the level-of-care…
WILSON’S UNABRIDGED DICTIONARY: THE ALPHABET SOUP OF THE MEDICARE SAVINGS PROGRAM Estate Planning Attorneys are known for loving acronyms. We like to shorten the names of the tools we use and sometimes throw the terms around, forgetting that not everyone speaks Alphabet Soup. POA, HCD, SNT, QTIP, QPRT, ILIT are just some of the terms…
