Timely Topics

Pre-Planned Funerals as Part of Medicaid Planning

Pre Planned Funerals as Part of Medicaid Planning

Posted By Richard A. Myers, Jr.
June 16, 2021 Category: Funerals

Joining us this week in our first of many guest interviews is Julie Graf-Skinner at Busch Funeral Homes. Today, she will be discussing the importance of pre-planning funerals as part of a Medicaid

The End of Step-up Basis?

The End of Step up Basis

Posted By Jacob Davidson
June 10, 2021 Category: Tax, Step Up Basis, Upcoming Changes Of Law, Grantor Trust, Intentionally Defective Grantor Trust

The Possible Loss of Step-up Basis   A step-up in basis, or more accurately, a basis adjustment, has been a cornerstone of many estate plans throughout the years. Let’s take a look at what a basis adjustment is, how a step-up in basis works, and some recent news about its possible demise. The basis of property is a tax term and it is the amount that someone paid for it. If that property is later sold, capital gains or losses must be reported. This would be an amount taxed on the difference of the original basis amount and the amount of the sales price. However, a basis adjustment occurs when the property is inherited. Meaning, the beneficiary of that property receives it with a basis of its current fair market value instead of its original purchase price. Let’s look at an example. Nancy bought stock in XYZ Corp. in 1970. She paid $100,000 for it. It is now worth $500,000. If she sold it this year, she would have to pay capital gains tax on the $400,000 profit. Instead, if Nancy died this year and her son inherited the property, he would take the property with a basis of $500,000. He received a step-up in basis. Nancy’s son could then sell the property at its fair market value of $500,000 with no capital gains tax due. A basis adjustment can even be preserved in irrevocable trust planning. In our intentionally defective grantor trust, a basis adjustment is achieved via reserving a limited power of appointment. Per Treasury Regulation

Essential Services Beyond Legal Elder Care Planning

Essential Services Beyond Legal Elder Care Planning

Posted By Richard A. Myers, Jr.
June 09, 2021 Category: Elder Care

In the next four weeks, we will be posting a mini-series of guests who can help those who are taking care of a loved one. Check out our guest lineup in this

What are Federal Benefits for Veterans, Dependents and Survivors?

What are Federal Benefits for Veterans, Dependents and Survivors

Posted By Jacob Davidson
June 08, 2021 Category: General

What are Federal Benefits for Veterans, Dependents and

New Medicaid Case Law from New Jersey

New Medicaid Case Law from New Jersey

Posted By Jacob Davidson
June 01, 2021 Category: Medicaid House Exception Transfer Child Care

New Case Law: How to Transfer your Home Without Penalty   Qualifying for long-term care Medicaid can be tricky. There are strict asset and income limits. Elder law attorneys help clients get qualified for Medicaid using variety of strategies. Some of these strategies revolve around how to plan for the client’s home. In most states (Ohio), the home is an exempt asset if the client has an intent to return home. The home is also exempt if there is a community spouse, disabled or blind child, or child under the age of 21 still living in the home. However, planning is still sometimes sought in these situations to avoid estate recovery. One planning technique is to transfer the home to a child caretaker. This planning strategy is the result of 42 U.S.C. § 1396p(c)(2), which states:   42 U.S. Code § 2F1396p(c)(2): “(2)An individual shall not be ineligible for medical assistance by reason of paragraph (1) to the extent that— (A)the assets transferred were a home and title to the home was transferred to—                 … (iv)a son or daughter of such individual (other than a child described in clause (ii)) who was residing in such individual’s home for a period of at least two years immediately before the date the individual becomes an institutionalized individual, and who (as determined by the State) provided care to such individual which

Have a Question? Submit It!

Have a Question  Submit It!

Posted By Richard A. Myers, Jr.
April 27, 2021 Category: Submit A Question

If you have a question about Medicare, Medicaid, Estate Planning, or Veteran's benefits, contact us

More Mistakes to Avoid When Planning Your Estate

More Mistakes to Avoid When Planning Your Estate

Posted By Richard A. Myers, Jr.
April 21, 2021 Category: Estate Planning

Estate planning can seem like a big job, with lots of documents and moving parts. But it is so important to have one put together! We have a few blogs on our website about the most common estate planning mistakes, but here are a few

Top Mistakes of Estate Planning

Top Mistakes of Estate Planning

Posted By Richard A. Myers, Jr.
April 13, 2021 Category: Estate Planning

There are many mistakes that can be made when planning an estate, but the biggest mistake is not having a plan!

What is the Medicaid 5 Year Look Back?

What is the Medicaid 5 Year Look Back

Posted By Richard A. Myers, Jr.
April 08, 2021 Category: Medicaid

The 5 year lookback is simply a 5 audit of your assets and what has been given away. To be eligible for Medicaid, the individual can't have assets over the limit that Medicaid

Medicaid Eligibility When You Have a Spouse in a Nursing Home

Medicaid Eligibility When You Have a Spouse in a Nursing Home

Posted By Richard A. Myers, Jr.
March 30, 2021 Category: Medicaid

If you are married, and either you or your spouse have to move into a nursing home, Medicaid eligibility can become hard to manage. There are so many moving parts within Medicaid, especially for a married couple.

Qualified Income Trust "The Silliest Rule of Medicaid"

Qualified Income Trust The Silliest Rule of Medicaid

Posted By Richard A. Myers, Jr.
March 24, 2021 Category: Medicaid

There are so many rules involved with Medicaid eligibility. Our team is here to help individuals struggling to meet these requirements to keep their aid, apply for aid, and

Changing Medicaid Laws

Changing Medicaid Laws

Posted By Richard A. Myers, Jr.
March 17, 2021 Category: Medicaid

If you are in a nursing home and you give away assets, you are penalized by Medicaid. We were able to fight for our client's rights in many cases, and in some, we helped change the laws

Stimulus Checks for Medicaid Recipients

Stimulus Checks for Medicaid Recipients

Posted By Richard A. Myers, Jr.
March 12, 2021 Category: Medicaid

There is good news for individuals who are on Medicaid and eligible for the most recent stimulus check! Learn more in our latest

4 Common Medicaid Mistakes

4 Common Medicaid Mistakes

Posted By Richard A. Myers, Jr.
January 14, 2021 Category: Medicaid

Applying for Medicaid can be a difficult process, but our team at Richard A. Myers, Jr. and Associates is here to help, starting with the 4 most common Medicaid planning

What is the Difference between Medicaid and Medicare?

What is the Difference between Medicaid and Medicare

Posted By Richard A. Myers, Jr.
January 08, 2021 Category: Medicaid, Medicare

What's the difference between Medicare and Medicaid? These two programs can be confusing and often mistaken for each other. So today, we wanted to talk about what each program is and who it is for.

Why Choose Richard A. Myers, Jr. and Associates?

Why Choose Richard A. Myers, Jr. and Associates

Posted By Richard A. Myers, Jr.
December 30, 2020 Category: Medicaid

When it comes to elder law, estate planning, veteran benefits, and Medicaid planning, Richard A. Myers, Jr. and Associates is here to help you and your loved ones get the care and benefits you are entitled to. We not only help our clients get these essential benefits, but we have also helped change the laws for all Ohioans in many court

Are Attorney Fees Allowed as a Part of a Medicaid Application?

Are Attorney Fees Allowed as a Part of a Medicaid Application

Posted By Richard A. Myers, Jr.
December 23, 2020 Category: Medicaid

Reasonable attorney fees are allowed under the statute. Allowing those attorney fees is a benefit to you because it makes it easier for you and the caseworker reviewing your application. It's our job to make sure we organize that file correctly to tell your story to the

Trust-Based Estate Planning

Trust Based Estate Planning

Posted By Richard A. Myers, Jr.
December 17, 2020 Category: Estate Planning

In one of our last videos, we talked about the difference between a will-based plan and a trust-based plan as part of estate planning. In this video, we wanted to go into a little bit more detail about trusts and how they can help protect your

Pending Medicaid Appeals: What You Need to Know

Pending Medicaid Appeals: What You Need to Know

Posted By Richard A. Myers, Jr.
December 09, 2020 Category: Medicaid

At Richard A. Myers Jr. and Associates, we are here to help our clients by providing them with the knowledge they need for Medicaid planning and more.

Medicare Appeals

Medicare Appeals

Posted By Richard A. Myers, Jr.
December 02, 2020 Category: Medicare

What is Involved in a Medicare Appeal? If you have received a Medicare denial letter after the 20 days, there are ways to appeal that denial. You do not have to accept their decision. There should be a number you can call on the denial letter. Make the call to set up your appeal.  Get Your Records from Your Nursing Home You want to make sure that you secure the records from the nursing home and review them.  Then ask the nursing home to clarify their notes; it is not uncommon that there was something missed in their notes.  Learn More About Medicare Appeals  Our goal is to extend your Medicare coverage to full 100 days! If you have any questions about your Medicare benefits, Richard A. Myers Jr. and Associates is here to help you. Call today to set up a free

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