Giving Gifts in the Biden Administration
Gifting sounds pretty simple, but there are many ways to do it, and several tax ramifications to be aware of as well.
Ethan Huizenga
January 11, 2021
Gifting and Your Estate Plan
Gifting sounds pretty simple, but there are many ways to do it. There are also several tax ramifications to be aware of.
Ethan Huizenga
December 3, 2020
What’s the Best Way to Do a Intrafamily Loan?
As parents, we often want to help our adult children who need a financial boost. Many times, this assistance comes in the form of a loan.
Ethan Huizenga
November 12, 2020
Do I Need to Be Wealthy to Set Up a Trust?
If you’ve heard of trust funds but don’t know what they are or how they work, you’re not alone. Many people know just one key fact about trust funds: they’re set up by the ultra-wealthy as a way to protect passing on significant sums of money to family, friends or entities (charities, for example) after they pass away.
Ethan Huizenga
April 30, 2020
Why Is Estate Planning So Important?
Having an estate plan is among the most important things you can do for your loved ones. It is, however, a task many of us dread and put off dealing with until later in life. If there is one thing we can recommend, it is that it is never too early to start planning. However, it can be too late. Do you have an estate plan that will provide for your loved ones, in the event of death or upon incapacity?
Ethan Huizenga
April 1, 2020
Watch Your Language: Gifting Power
QUOTE Effective long-term care planning can require gifting assets to a spouse or child. In Medicaid cases, assets must be transferred to the community spouse
Ethan Huizenga
February 12, 2019
Watch Your Language: Lookback Period
If you’ve heard anything about Medicaid, you’ve probably heard about the lookback period. In Iowa, the lookback period is the period of time starting with the day you apply for Medicaid and extending back through time for sixty months. We break that definition down after the jump. [Read More]
Ethan Huizenga
July 19, 2016
Devils, Details, and Deadlines: Calculating the Penalty Period
If you can’t prove you didn’t make a transfer to get on Medicaid, that transfer becomes a disallowed transfer. And that’s bad because a disallowed transfer means a penalty period will be imposed, delaying the time you are allowed to receive Medicaid coverage for the nursing home. The real question becomes: how do you calculate the penalty period? [Read More]
The length of the penalty period depends on the value of the assets transferred.
Ethan Huizenga
July 14, 2016
Watch Your Language: Penalty Period
A transfer occurs anytime you sell, trade, or give away money or property. Sometimes a transfer is for fair value, such as when you trade in your car or buy groceries. Sometimes, though, you make a transfer without expecting anything in return – like a birthday or Christmas gift. This is called a disallowed transfer, and it means you will not be eligible for Medicaid for a certain period of time called the penalty period. [Read More]
Ethan Huizenga
July 12, 2016
Watch Your Language: Transfer
Seems obvious, right? In daily life, a transfer happens when property changes hands. You can transfer money between bank accounts or transfer germs between school children. In grilling and smoking, “transfer” means removing food from the grill or smoker. Unfortunately, it’s not that simple in the Medicaid world. [Read More]
Ethan Huizenga
July 7, 2016
