· Prohibits new Medicaid restrictions on transfers of assets from going into effect before October 1, 2009.

·  New rules to create a 5-year look-back on all transfers, will be phased-in after October 1, 2009.  The current 3-year look-back period will continue to apply to transfers not involving trusts before that date. 

·  Rules enacted on or after October 1, 2009 cannot be applied to estate planning and asset protection transactions taken before then.  Clients can rely on current law, even when their Medicaid application is made after new rules are in effect.

·  Most clients will automatically be protected from harsh penalties resulting from small gifts to charities and family members, when those are less than $1,200 per year.

·  State officials will not be permitted to penalize the portions of transferred assets that have been returned to the Medicaid beneficiary.   

Mary gave her grandson $10,000 on May 1, 2009 as he graduated from high school and prepared to enter college.  She also gave daughter $16,500 to prevent foreclosure on her daughter's home.   Six months later she had a stroke and had to enter a nursing home.   By March, 2010, her other assets were exhausted, including $5,000 that her daughter had been able to return to her. 

 

What happens when she later needs Medicaid?
Read on

 

Seniors who fear losing their homes and life savings to nursing home costs should consider taking action now, during a rare "window of opportunity" before new Medicaid restrictions are enacted.  For the first time in over three years, the law has been made clear.  Clients who make gifts, purchase real estate or annuities or create trusts that comply with current Medicaid rules will be safe from being denied Medicaid in the future, even though  new, more restrictive transfer of assets rules may go into effect at that time. Read on

 

  

The financial crisis, coupled with possible changes in the estate tax law, make now a good time to review your estate plan. The future of the estate tax will likely be up for debate in Congress soon because one of the priorities of the Obama administration is making the estate tax permanent. Given the uncertain climate, it is important to make sure your estate plan does what you want it to do. Read on

Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones, and such accounts are sometimes referred to as "the common person's estate plan." But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to a bank account can affect Medicaid planning as well as expose your account to the loved one's creditors.  Read on

Nursing Home Residents May Keep $250 Stimulus Payment 

 

Just about everyone who gets Social Security, Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), or a Railroad Retirement or Veterans Administration disability pension, will receive a one-time payment from the U.S. government of $250 as part of the American Recovery and Reinvestment Act of 2009 (aka the stimulus bill). The extra payment is scheduled to arrive by the end of May the same way you receive your usual benefit.  Read on

A new report by the Center for Retirement Research at Boston College finds that nearly two-thirds of U.S. households are at risk of being unable to maintain their standard of living in retirement when possible long-term care costs are taken into consideration. Read on

 

National Organization on Disability Announces Indianapolis, IN as 2009 Winner For Disability-Friendly City: Mayor to accept $25,000 Accessible America Award on behalf of Indianapolis

The National Organization on Disability's announced that Indianapolis is the winner of its 8th Annual Accessible America Competition.  CIted as a model of a disability-friendly city, Indianapolis was lauded for best practices in accessibility and for the inclusive ways in which we incorporate people with disabilities into our community.