Financial Crisis Testimony From Secretary Geithner March 3, 2009
U.S. Treasury Secretary Tim Geithner Written Testimony -- As prepared for delivery House Ways and Means Committee Hearing March 3, 2009
Chairman Rangel, Ranking Member Camp, members of the Committee, thank you for providing me the opportunity to appear before you today to discuss the President's…
Stock, Medicaid Pay For Nursing Home
Elder care costs continue to rise. Families who need to pay for nursing home care may look to Medicaid but other assets such as stock may also need to be used. If you transfer assets within five years of a parent going to a nursing home, the Medicaid look back rule may take effect and require you to…
Selling Home Could Affect Medicaid
When you hold the title to a home it's considered your asset and Medicaid will take that into account when determining your benefits. What can you do to avoid Medicaid putting a lien on a home that you own but don't live in? How can you ensure that a family member can continue to live there and…
Capital Gains Tax Or Inheritance Tax On Home Transfer
It's important to consider the tax implications of giving your home to your children. If you give your children your home while you're alive, they'll receive the home at the cost basis for which you bought the home originally. If you wait to give the home to your children upon your death they'll…
Early Estate Planning May Protect Home From Medicaid
Many older people worry about their home being sold to pay for nursing care or Medicaid. To protect a home from being subject to the Medicaid lookback period, a family should do estate planning ahead of time and perhaps set up a life estate. A life estate will allow an elderly parent to live in a…
Quit Claim Deed And Medicaid Lookback Rule
If an elderly relative owns a home and quit claims it to you before going into a nursing home the home may be at risk for the Medicaid lookback rule. The Medicaid lookback rule may allow the government to try to recover medical costs by selling an asset such as a home. How does Medicaid treat quit…
Estate Planning May Include Quit Claim Deed Reversal
When you sign a quit claim deed to give a property to your children, your children will have the original cost basis of the property. The original cost basis may result in your children having to pay higher taxes when they go to sell the property. If your children want to sell your home and give you…
Quit Claim Deed Transfers Cost Basis
Whenever a home owner transfers all or part of the ownership of a property using a quit claim deed, the person who they're transferring ownership to receives the property interest at the same cost basis that the home owner bought it for. While the percentage of ownership may vary, the cost basis…
Medicaid Lookback Period Could Reverse Home Transfer
A daughter asks about her father's eligibility for Medicaid after he transfers his home to her. Will his eligibility for Medicaid be affected by the transfer of his real estate wealth? Find out about eligibility for Medicaid and the Medicaid lookback period.
The Medicaid lookback period is 5 years. Any changes made to assets within 5 years of applying for Medicaid could come back to haunt you. Medicaid creditors are able to look at any transfers of property made during that time.
New Website For Helpful Elder Law Advice
I've discovered a great new website with updated information on issues relating to elder law, such as wills, trusts, power of attorney for health care and financial matters, Medicaid. Check out www.elderlawanswers.com.
Another great place to go is www.AARP.org.
If you're looking for an estate attorney…
Paying For Long Term Care With Property
A trust can be used to shelter assets and give ownership to the trustees of the property, or other assets. However, if the previous owner goes into nursing home care soon after the trust is set up, it can be undone by the state to pay for the original owner's care. While using cash or other assets…
Financial Planning Includes Elder Care
As your parents age you may find yourself having to decide how to care for them. Part of choosing the right elder care solution for your family is financial planning including looking at what assets are available to pay for the care and whether the family member is eligible for Medicaid. It's…
