Timely Topics

VA Eligibility

VA Eligibility

Posted By Richard A. Myers, Jr.
August 04, 2021 Category: Veteran Benefits

If you are a veteran looking into eligibility for the VA we recommend talking to an elder attorney who can help walk you through the process and make sure that you get the benefits they are entitled

Medicaid Patient Liability

Medicaid Patient Liability

Posted By Richard A. Myers, Jr.
July 27, 2021 Category: Medicaid

“After I go into a nursing home and I’ve qualified for Medicaid, what happens to my income?” A large portion of your income has to be used to pay for care at the nursing home, like a copay. This is called the consumer

Should I Record My Will or Trust?

Should I Record My Will or Trust

Posted By Richard A. Myers, Jr.
July 22, 2021 Category: Wills And Trusts

In short, it is not necessary to record your will or trust these days due to our ability to preserve a copy for you.

How to Choose the Best Assisted Living or Care Community?

How to Choose the Best Assisted Living or Care Community

Posted By Richard A. Myers, Jr.
June 30, 2021 Category: Elder Care, Senior Care Advocacy

Care Patrol helps families find those locations and those new homes for their parents, whether it be home care or assisted living. During these difficult times, people like Anthony offer their services to help ease the stress and confusion when it comes to making those important decisions.

Senior Care Advocacy in Northeast Ohio

Senior Care Advocacy in Northeast Ohio

Posted By Richard A. Myers, Jr.
June 23, 2021 Category: Elder Care, Senior Care Advocacy

So often, when people are placing their loved ones, there's a lot of uncertainty. When there's uncertainty, there can be conflict, and Mark Molnar is here to talk about how his company, Senior Care Authority, can help the family in Northeast Ohio care for their loved ones.

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.

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