When counseling our clients regarding Medicaid planning and uncompensated transfers, we often say that nursing homes are unlikely to sue residents' adult children or others to recover gifts that were made. However, we should also be advising our clients to review any...
Elder Law
Raising Medicare Copays Increases Cost of Care Overall
One option for lowering Medicare costs has been to raise the copays that Medicare recipients must pay in order to receive treatment. However, a study recently published in the New England Journal of Medicine reports that raising copays led Medicare recipients to delay...
Medicaid 101: Transfer Doesn’t Count Until You Make It
Grandma owned savings bonds, and named Mom or one of the kids as the joint owner. In 2001, Grandma handed the bonds over to Mom for safekeeping. However, the bonds weren't cashed in until 2005. In addition, when the bonds were cashed in, the proceeds were deposited in...
Is New York Taxing Out the Elderly?
My evidence for this is completely anecdotal, but it seems like more and more of my clients these days are considering moving out of state for estate tax reasons. New York has an unlimited marital deduction for estate taxes, which means that assets passing from one...